£50 cash available when opening Halifax Reward Account

oliverp_2

Hi,

I used to have a basic account with Halifax which I'd never bothered to change as I banked mainly with Lloyds TSB.

Anyway, went in on an unrelated matter today, and they said I could upgrade my account...

Changed my account to a Reward Account (current account basically). And if I agreed to their bank switching service which contacts your existing bank and moves your direct debits, payments etc to your new account. It costs nothing. By agreeing to this, they gave me £50 cash.

There is no minimum monthly deposit on the account, no monthly fee etc, just a normal account.

Apparently it isn't advertised...but it may be worth asking in branch!

456789

It is only in certain branches

opinions4u

oliverp wrote: »

Hi,

I used to have a basic account with Halifax which I'd never bothered to change as I banked mainly with Lloyds TSB.

Anyway, went in on an unrelated matter today, and they said I could upgrade my account...

Changed my account to a Reward Account (current account basically). And if I agreed to their bank switching service which contacts your existing bank and moves your direct debits, payments etc to your new account. It costs nothing. By agreeing to this, they gave me £50 cash.

Somebody in that organisation needs to get a grip.

So the Lloyds Banking Group subsidiary (Halifax) gave you £50 to transfer your account from another part of the bank?

Madness!

As a shareholder I object!

There is no minimum monthly deposit on the account, no monthly fee etc, just a normal account.

No, but make sure you understand the key charges for overdrafts and the need to fund with £1,000 a month to collect your fiver.

oliverp_2

opinions4u wrote: »

Somebody in that organisation needs to get a grip.

So the Lloyds Banking Group subsidiary (Halifax) gave you £50 to transfer your account from another part of the bank?

Madness!

As a shareholder I object!

No, but make sure you understand the key charges for overdrafts and the need to fund with £1,000 a month to collect your fiver.

Thanks, they explained the overdrafts etc, but I've never used one yet. They gave me a £1000 arranged overdraft interest free "incase not all your direct debit or payments get transferred" for 3 months. Not too fussed about the free fiver...0.5% interest rate

I really couldn't believe their generousity in the 'current climate'!

Mikeyorks

oliverp wrote: »

Not too fussed about the free fiver...0.5% interest rate

You would need to keep an average balance of £15,000 in the account before the £5 net (£6.25 gross / month) translated to 0.5%?

Mikeyorks

sofa_surfer wrote: »

.. how does everyone feel when seeing how many reward accounts are opened with no other objective rather that getting £60+ a year for depositing and bouncing around £1000 for an hour

But how many would that be?

The people who post on here are but a drop in the ocean of the Halifax customer base. And very few outside of these forums will have read the T&Cs in detail and realised Halifax (inadvertently or otherwise) have moved the goalposts as regards the number of this particular current account you can hold.

And it hasn't stopped Halifax going into full blooded advertising of the account ..... despite the significant activity they experienced around the 9th Feb.

bristolleedsfan

sofa_surfer wrote: »

V. interesting point, how does everyone feel when seeing how many reward accounts are opened with no other objective rather that getting £60+ a year for depositing and bouncing around £1000 for an hour

Fair to say that a lot of people were previously getting 100.00 a year from Halifax Moneyback account.;) A lot are getting declined from my reading of Bank Account sub-forum.

One has to assume that Halifax did the number crunching and believes it will come out on top from the new overdraft charges/ monthly 5.00 payment arrangements.

sofa_surfer

Don't get me wrong - no hard feelings, just musings.
As one of my favourite saying goes: It's not the one that eats the cake that is mad; it is the person that gave them the cake that is.