HBOS Moneyback account new terms

LuckyGirl78

rb10 wrote: »

If you don't like it, then switch accounts.

Give good account witch i can switch too then. I have already got platinum account with all benefits I just want to make some money when I have money on my account. And moneyback card gived this to me.

Prentiz

I shall be closing my Halifax Current Account and savings account and cancelling my Halifax credit card. When my home insurance is up for renewal, I'll shift that too. I've been with the bank for 30 years near enough, and this is a slap in the face. Very occasionally I run a small overdraft, which I've been reducing for a while. At the minute its £200. Now this costs me about £14pa, if I were overdrawn every day. Under the new account, this would cost me £365! The effective interest rate has gone from 7% to 183%!!!

I am thinking of trying the Alliance and Leicester account. If I can get them to give me a £1000 overdraft on the 12 month 0% I can pay off my Halifax credit card at the same time. Stuff them!

cloudstrife_2

DON79 wrote: »

eh... it is halifax extra's... not halifax exclusives.

it gives you extra 3 mths 0% int on top of your 9 month 0% deal on your cc

a discount on some mortgage rates worth about £500

a deal on home insurance and a better savings rate on the guaranteed saver reward.

I think the confusion came from the fact that BoS are calling it Bank of Scotland Exclusives and Hfx call it Halifax Extras!!

Cloud

winston909

Revengeissweet wrote: »

Could this mean that the banks are about to admit that the bank charges are wrong? Hope so, that way I could pay my overdraft off and be better off as I use my overdraft every month.:rolleyes:
One thought I had was to try to change all my direct debits to the end of the month, just before payday then when I do go into my overdraft it will just be for the last day of the month. Not sure how I'd go about it though, as it would be like putting payments off for nearly a month - worth a try though?
Any other ideas anyone??

you must of read my mind!!!! its like going back to the £30 a month charges !!! where it all started !!! dont think my landlord would go with it though !!! got to find a way out though mate, or you could be right about the bank charges case ? happy days if so :j :beer:

dgibby

So....... I've got nearly £100 in Cashback on this account (was due to mature Oct 2009) and don't want to carry on as a Halifax current account customer due to this change. If I contact Halifax and start the ball rolling to close the account and get all of the direct debits moved to my offset First Direct account - will they automatically pay the cashback I am owed? Or do I have to go through hoops for this?

tripled

Personally I'm looking forward to being changed to the new account and my £5 per month, although I'm not sure I would have been happy about it this time last year when I was £1000 in the red.

On the bright side, if several major banks do start a similar scheme it would be possible to get the equivalent of ~25% interest by washing £1000 through four banks - although in reality I expect they will close any loopholes pretty fast.

unphased

The main concern I have with the proposed fee structure from the Halifax is the fixed nature of the fee. For example, if you have a regular overdraft which varies in size then you pay interest on the amount borrowed so in effect the less you borrow the less you pay. So the incentive is there to keep chipping away at it. Now with the fee-per-day structure it will be the same amount irrespective of the amount in overdraft. Where is the incentive to pay it off? Any amount over £2500 will incur exactly the same fee. So has somebody worked out the optimum borrowing point where the fixed fee becomes cheaper than the interest bearing overdraft?

opinions4u

dgibby wrote: »

So....... I've got nearly £100 in Cashback on this account (was due to mature Oct 2009) and don't want to carry on as a Halifax current account customer due to this change. If I contact Halifax and start the ball rolling to close the account and get all of the direct debits moved to my offset First Direct account - will they automatically pay the cashback I am owed? Or do I have to go through hoops for this?

As I understand it, if you close before 8th Feb you will receive nothing.

Wait until after the change.