Halifax/ Bank of Scotland: a guide to account changes.

Cash_Flow

Lady_K wrote: »

Hope I have done the right thing but I rang Halifax and asked them to confirm a few of the questions I asked above and after doing so have requested to be changed over to the Reward Current account now rather than wait until December.

It seems that all the difference will be is I will get the £5 credit a month from Halifax, no other changes. I don't have any overdrafts anyway and don't want any so I thought whats the point waiting till December.

She did say if I had not put in a request to change it I would just stay on the Standard current account without the £5 credit.

She said anyone can request to change at any time from now and after December to any of the accounts and I can move back if I want to.

She also confirmed that if I fall below £1000 a month all that will happen is that I won't get the £5 credit

She also said that it can be funding from anywhere including transfers between accounts

I hope there are no catches

Pity my other account is a cardcash one that they have never allowed me to upgrade because it does not have any wages paid into it each month even though I have always had money it in. I might try again to swap it over, my daughter has 2 accounts both current so I don't know why mine has to remain as cardcash.

Are you sure????????:rolleyes:

noh

She also confirmed that if I fall below £1000 a month all that will happen is that I won't get the £5 credit

Cash_Flow wrote: »

Are you sure????????:rolleyes:

Yes that is the case.

I have received the "Notice of Condition Changes" booklet this morning along which contains the new account fees and reward payments.

If you don't pay in £1000 in a calendar month you simply do not receive the £5 no other consequence.


There is the new condition:-

"Reward Current Accounts opened after 6th December 2009 must be funded with £1000 per calendar month"

but no mention of what happens if you don't.

So if you have a reward account opened before 6th December you are ok to fund it with less than £1000 pm
If you open one after 6th December and don't fund it with £1000 pm you are breaking one of the conditions of opening the account but no consequence is stated.

supersavor

once the standard account is launched if you fail to pay 1 grand a moanth into a reward account it will be reverted to a standard account.

the same thing happened if you had a hica and failed to fund it like that it would then be a standard account

suffolkpaul

removed to keep ppl happy.

YorkshireBoy

suffolkpaul wrote: »

any advice?

You've made this post twice now in threads not really relevant to your specific needs, which are debt management and budgeting.

At the risk of making the same post a third time, I suggest starting your own thread where I'm sure you'll get lots of help.

But yes, moving your DD's back will help...although possibly not if they're for interest-bearing debt repayments.

As I say, best to start your own thread.

suffolkpaul

Sorry, I posted in the other thread and then thought that maybe there was a thread specific to the new charges. I thought this was it. clearly not.

lex20000

i think it stinks what they are doing, another kick in the teeth for people who are skint:mad:

jambosans

supersavor wrote: »

once the standard account is launched if you fail to pay 1 grand a moanth into a reward account it will be reverted to a standard account.

I think you are mistaken, when you did not deposit the minimum funding for a H.I.C.A., all that happened was the loss of the preferential interest rate for three months (I think). The account type did not change, and I suspect HBOS are not planning to completely re-designate an account when minimum funding is not met. The most they will do is not issue the £5 Reward, without this, the Reward Current Account is basically a Standard Current Account.

I would also note that HBOS have not stipulated a penalty for not meeting the minimum funding requirement. If the account was to change type, (i.e. loss of £5 potential Reward) they would be required to inform customers two months in advanced (from November 1st). All that effort, when they can just have the account remain a Reward, and not pay out £5. Makes sense to me. Unless someone has read something different under the new Reward Terms & Conditions?

noh

Yes I agree with that.
There is nothing in the T+Cs to suggest that the account will be "downgraded" to a current account if £1000 is not paid in.

With the HICA if you didn't pay in £1000 for two consecutive months the higer interest rate was lost along with the lower overdraft rate.
These were reinstated when you had paid in £1000 for three consecutive months.
The account wasn't downgraded.

jambosans

noh wrote: »

With the HICA if you didn't pay in £1000 for two consecutive months the higer interest rate was lost along with the lower overdraft rate.
These were reinstated when you had paid in £1000 for three consecutive months.
The account wasn't downgraded.

Cheers, I knew it was something to do with suspension of the interest rate for a period, just couldn't remember how long.