Halifax reduce interest rate on HICA

rb10

This week Halifax reduced the interest rate on the "High Interest" (!!) current account to just 1.5%. It would appear that they want to get people over to the Reward account instead of this one.

The student account also now pays just 0.1%.

http://www.halifax.co.uk/bankaccounts/interestrates.asp#interest

opinions4u

Are they running any competitions to give the account a more appropriate name yet?

Sharon87

opinions4u wrote: »

Are they running any competitions to give the account a more appropriate name yet?

Halifax Slightly Higher Interest Account

There's my entry!

I wont be transferring that account to the Reward one just yet. I'm afraid they will change my regular current account too! And I'll be using my overdraft for a short while soon!

10_66

opinions4u wrote: »

Are they running any competitions to give the account a more appropriate name yet?

How about High Interest Currently Absent?

ShelfStacker_3

Given that the base rate is currently 1%, the name is quite appropriate IMHO, even if the rate isn't as high as it once was. I take more of an issue with RBS' bog standard one being called an "Interest Paying Current Account" (yeah, 2p a month is it?).

Mikeyorks

'Slightly Higher Interest Terminated' ....... so long as they don't deal in acronyms?

mrs.way

Hey Mikey I work at Hfax but I did find that funny!
They have stopped the HICA's now anyway, it's OK if you have got one but the only ones you can apply for now are the URCA and Reward one and the student & cardcash, easycash etc, so I think they are trying to phase the HICA out!

Mikeyorks

mrs.way wrote: »

so I think they are trying to phase the HICA out!

I'm helping them. Just converted our joint and singleton accounts across to Reward.

As I reduced my average balance from close to £2.5k when they were paying 6% ...... down to around £200 now - it makes sense to take the £6.25 gross / month?

mrs.way

Haha fair enough!
Makes sense really doesn't it, your gonna be better off interest wise! That is until they change the monthly £5 to about £1.50, wouldn't surprise me!!!!

Compound_2

Do we know the date the interest rate changed?

mrs.way

Well in about May it went from the 6% to 5%. But the latest rate change of it being 1.5% has been quite recently, sorry I don't know the exact date but it has only been the past few months......anyone know? (i know i should know really!!!!!! but it tells us on screen when customers ask in branch!)