Halifax changes

IWantToBeFree_2

Has anyone heard anything about the potential changes to Halifax accounts? I was told by one of their employees that they were doing away with interest charges when overdrawn and instead charging you daily, and doinga way with interest on credit balances and for their high interest current account, simply giving you £5 a month every month you pay in more than £1,000.

Now for me, this would be good, I pay in more than £1,000 a month and don't tend to get £5 in interest, however, someone else with a Halifax current account lives in her overdraft, and under the new proposals would pay far far more in charges than she does in interest and I am worried about her financial predicament if they do make the changes...

Calchas

There is information in another thread here:

http://forums.moneysavingexpert.com/showthread.html?t=1351763

IWantToBeFree_2

Thanks for that, did look back a couple of pages and couldn't see anything!

Cheers

Mikeyorks

IWantToBeFree wrote: »

I was told by one of their employees that they were doing away with interest charges when overdrawn and instead charging you daily, and doinga way with interest on credit balances and for their high interest current account, simply giving you £5 a month every month you pay in more than £1,000.

Unfortunately their employees seem to be the worst ... when keeping up with their own products!

The new 'Reward' current account only takes over from their 'cashback' account initially (from 9th Feb). But it is 'expected' that the same philosophy will translate to their high interest account later in 2009.
If you want to move onto it earlier .... you will need to specifically apply. I'm in the same boat. After they reduced the 'high interest' to 2.5% .... I've reduced my running balance from close to £2k to more like £200, on average. On that basis - makes more sense to voluntarily move to the 'Reward' account earlier.
The press release and T&Cs are in the thread referred to by Calchas. I think - but it's not clear - that you simply 'upgrade' (ie your account number remains the same so that cheque book / DC and DDs are undisturbed. I was in their Ilkley Branch to pay in a small cheque - last week - and asked their 'financial adviser' that question. She wasn't even aware the account had been announced!

rb10

Mikeyorks wrote: »

The press release and T&Cs are in the thread referred to by Calchas. I think - but it's not clear - that you simply 'upgrade' (ie your account number remains the same so that cheque book / DC and DDs are undisturbed. I was in their Ilkley Branch to pay in a small cheque - last week - and asked their 'financial adviser' that question. She wasn't even aware the account had been announced!

Yes, that is all correct. It is simply a redesignation of the type of account, and as you say, the sort code and account number, DDs etc will all remain unchanged. The only thing that will change is the terms and conditions.

Kavanne

Can't wait to go in and sign up for my free tenner (I have 2 x current accounts) a month next week! lol Should I make an appt. at the branch or can I just do it at the cashier or information desk?

opinions4u

Kavanne wrote: »

Can't wait to go in and sign up for my free tenner (I have 2 x current accounts) a month next week! lol Should I make an appt. at the branch or can I just do it at the cashier or information desk?

They usually allow you to do that sort of thing at the reception desk.

They also allow you to upgrade to URCA online. Don't know if this will work with 'Reward' though.

Alternatively ring them on 0845 203040.

rb10

Kavanne wrote: »

Can't wait to go in and sign up for my free tenner (I have 2 x current accounts) a month next week! lol Should I make an appt. at the branch or can I just do it at the cashier or information desk?

You'll probably need an appointment, as the account has different T&Cs that need to be agreed before the change can take place.

Kavanne

opinions4u wrote: »

Alternatively ring them on 0845 203040.

Saynoto0870.com brings up this number for those, who like me,wanna pay to call the bank: 02891840312

opinions4u

rb10 wrote: »

You'll probably need an appointment, as the account has different T&Cs that need to be agreed before the change can take place.

Oh, don't spend time explaining it to the customer if you can earn some extra bonus out of them :rotfl:

rb10

Kavanne wrote: »

Saynoto0870.com brings up this number for those, who like me,wanna pay to call the bank: 02891840312

Better still (unless you have free minutes), they can call you http://www.halifax.co.uk/bankaccounts/callback.asp