Halifax Reward Account - Any Reason Not To? (apart from OD fees)

mr_fishbulb

I already have a Halifax current account. I'm fortunate enough not to go into my overdraft (haven't since university).

Is there any reason for me not to convert it to the Halifax Reward account?

From what I've read on other threads it should be easy enough to call or go into the branch to get it converted.

Cheers

ic

I'm in the same boat. Despite having £4,000 in my "High Interest Current Account" for most of December I raked in just £4 of interest for the month. I don't normally have that much money, so normally make a fraction of that - where as this new account will see me with £5 every month. I can't see any downfalls - I haven't touched my overdraft in years.

derrick

ic wrote: »

I'm in the same boat. Despite having £4,000 in my "High Interest Current Account" for most of December I raked in just £4 of interest for the month. I don't normally have that much money, so normally make a fraction of that - where as this new account will see me with £5 every month. I can't see any downfalls - I haven't touched my overdraft in years.

The HICA only pays 2.5% (?) gross on the first £2500, above that you get 0.01%, so you have £1500 sitting in a current account earning nothing! So your £4. (net), for a month is about right.

Mikeyorks

You need £15000 in the HICA account - to make the £6.25 gross / mth the Reward account pays. So if it's a question of 'interest' .... there's no contest.

However as it's a Current account .... wouldn't the OP (as previously) be better looking / posting on that forum!

mr_fishbulb

Mikeyorks wrote: »

However as it's a Current account .... wouldn't the OP (as previously) be better looking / posting on that forum!

Force of habbit really. Never venture into that forum, always in here.

ray123

CHANGE IT... 5 pound per month is a nice bonus!
Make sure you are transferred to the correct a/c, as there is also a halifax ULTIMATE reward current a/c with a monthly fee of 12.50.

What I plan to do is transfer my wages into my tesco saver (to gain a little more interest) and leave the minimum balance to cover my DDs and standing orders.

My theory is that the 5 pound bonus will be removed in a year's time?

Mikeyorks

mr_fishbulb wrote: »

Force of habbit really. Never venture into that forum, always in here.

So the fact that there's at least a dozen threads on this account .... and your questions are answered many times over .... doesn't influence? How odd ...... and thoughtless to people who trouble to respond!

mr_fishbulb

Mikeyorks wrote: »

So the fact that there's at least a dozen threads on this account .... and your questions are answered many times over .... doesn't influence? How odd ...... and thoughtless to people who trouble to respond!

Not really sure what you are getting at here. Are you having a dig at me for asking the question in this forum rather than the Current Accounts one? Or the fact that there are already threads about this account and I created a new one?

I've read through the Halifax Reward threads which contain a lot of information about opening the account, overdraft fees etc but couldn't see any reason why I wouldn't open the account in my situation so I asked that question directly.

bristolleedsfan

mr_fishbulb wrote: »

I've read through the Halifax Reward threads which contain a lot of information about opening the account, overdraft fees etc but couldn't see any reason why I wouldn't open the account in my situation so I asked that question directly.

quote=mr-fishbulb,188888861)

"Force of habbit really. Never venture into that forum, always in here."


:rotfl:

mr_fishbulb

bristolleedsfan wrote: »

quote=mr-fishbulb,188888861)

"Force of habbit really. Never venture into that forum, always in here."


:rotfl:

Search allows me to see the threads without going into the Current Accounts forum.

bristolleedsfan

mr_fishbulb wrote: »

Search allows me to see the threads without going into the Current Accounts forum.

Ive just done a test, searched Halifax Reward, read the posts as u describe, looked and saw that I was in Budgeting & Current Accounts sub-forum.

Back to your O/P, if some of us said dont do it, would you then not do it.