Halifax reward account online now, and the old accounts....

aliasojo

Mrs7ones wrote: »

When I questioned their actions, apparently I wasn't using the accounts 'in the spirit of things'..... TBH, I'm glad to be rid of the Halifax.

With all sympathy to you, I sincerely hope there is more to it that that otherwise all of us on here will be likely similarly affected. Most of us who have 3 reward accounts only have them to cycle money through so we get the fivers. :rolleyes: Although I have actually started using mine to keep certain direct debits separate from the main account, it helps simplify things.

aliasojo

EASTERNTHUNDERUK wrote: »

that says it all above really??????????

You could argue that Halifax have been a little naive by offering 3 Reward Accounts and for not attaching certain terms and conditions which would have prohibited customers from doing just what they are allowed to do.

Halifax set up the process, you can't blame people for utilising it fully.

gelato_cat

LOL, sounds like the MPs... "what I did was within the rules..."

Suze

aliasojo wrote: »

You could argue that Halifax have been a little naive by offering 3 Reward Accounts and for not attaching certain terms and conditions which would have prohibited customers from doing just what they are allowed to do.

Halifax set up the process, you can't blame people for utilising it fully.

COOLTRIKERCHICK

EASTERNTHUNDERUK wrote: »

Of course it affects your credit rating:rolleyes:

The people playing this open as many Halifax/BOS accounts as possible game are actually in dodgy teritory as far as credit scoring goes, obviously if theyre A+ thatll be fine and theyll be accepted however judging by the vast number of people who are a)simply being rejected for the accounts outright and b) the fact HBOS group are now VERY wise to the games being played re the £5 deal and people trying to simply gain the money for doing nothing and NOT earning them any profit well obviously your credit ratings are going to be cack

HSBC opened no problem for me, so obviously it didnt effect my credit rating......

and yes i do have a very good credit rating now....


i am sorry to hear that someone has had all their bank accounts closed,

but at the end of the day, its a loophole that was there for the taking, and its the halifax's fault for not putting stronger t&c's to stop the loophole.

same as other loopholes in the passed with other banks...halifax and BOS might start to get tuffer, but hay it will not be long before htere is another bank that offers another nice little loophole to make some extra pennies.

once my ISA is maxed i am going to take a look at the Halifax savings accounts...so yes in the near future Halifax will make money from me...

So i would still recommend people still go for this account even if its purely for the £5 a month, but dont be too greedy and try and open too many accounts, as it could backlash on you.

whats the saying, dont bite the hand that feeds you

aliasojo

Suzey wrote: »

LOL, sounds like the MPs... "what I did was within the rules..."

Suze

Hardly. Halifax said...pay in £1000, we give you a fiver. You can have 3 of these accounts and do this 3 times.

So we did. Did they say where the £1000 had to come from or how long it had to remain in the account? No. So why be surprised or disproving when people use the process exactly the way it was offered? (That was a general comment btw and not meant to you Suzey.)

Not quite the same thing as being told you can claim for necessary expenses and trying to pass a £150 lamp off as necessary. :rotfl:

gelato_cat

Trying, and having it signed off.

Anyway, with any account with any bank, the institution reserves the right to close it, sometimes without giving no reason. This is no different. IMO it's implicit that you will actually use the account rather than just recycle £1k through it... I don't know why people are so upset when Halifax stops them doing it.

Suze

aliasojo wrote: »

Not quite the same thing as being told you can claim for necessary expenses and trying to pass a £150 lamp off as necessary. :rotfl:

rb10

EASTERNTHUNDERUK wrote: »

Agreed suzey, i believe we will see this Reward product disappearing very soon and the t's and c's of said account being drastically changed, they may even come up with another version of it, perhaps giving away a free holiday , are people going to open 30 of these just to get some FREE holiday, it wouldnt surprise me:rolleyes:

I don't expect it will disappear in the near future. They have put a lot into promoting it, and still have posters up in the branches advertising it - they wouldn't do that if it had a limited lifetime.

It will be a tiny minority of people who are playing the system. Compare that to the much larger numbers who will see it for what it is - a very good deal - and just have one/two accounts, run in a 'normal' way.

You say this is a 'gimmick' ... erm, how? Presumably, by the same logic, any current or savings account with a good interest rate also is just a gimmick?

flyingscotno1

Been thinking of applying for this account, but slightly concerned about credit check status- I opened a couple of Abbey accounts at the same time in February (with no issues and they offered me a fair old overdraft)- but obviously don't want my credit record to indicate that I am going 'credit crazy' with searches then having issues with it. Is there a recommended time to hold off on current account searching?

COOLTRIKERCHICK

EASTERNTHUNDERUK wrote: »

although i am a shareholder in the main group(happy with performance) but i bank,personally, with Wetherbys. And NO, they dont offer gimicks like HBOS lol

ooo right this explains your posts, being anti- loophole....

you are afraid it will spoil your dividends...in the future....lol....

at the end of the day people who have opened accounts have done nothing wrong, its the Halifax promotion account department havent looked out for hte possible loophole...

so as i said to anyone who wants to open accounts go for it, but just go mad and try and open loads of accounts...

apt

Lloyds/HBOS could soon be running many more millions of current accounts. Unfortunately most of the new accounts will be Vantage accounts run as 4% interest savings accounts and Reward accounts with £1,000 shuffled in and out for a free fiver. Still, as has been said above, they are unlikely to stop the free fiver in the next few months because of all the advertising.