MSE News: HBOS 'High Interest' customers to earn zero interest

scratch339

Thanks Jimmy, have been having a good read on the Reward Account. having a 6mth old baby means i have been a bit slack on reading MSE this year so seems i missed a trick. already have a HICA and another dormant current account with halifax so going to apply for a new RA, then convert the other 2 to RA's too. read most of the 7 page thread on the RA, assume theyhave not recently closed the loophole? Got a spare £1200 in a rubbish Abbey saving account (baby dont forget!) that i can bat around the system... :T

10_66

scratch339 wrote: »

..already have a HICA and another dormant current account with halifax so going to apply for a new RA, then convert the other 2 to RA's too. read most of the 7 page thread on the RA, assume theyhave not recently closed the loophole? ...

Halifax are now saying that you can have one Reward account in sole name and one in joint names.

rb10

As long as you open/upgrade all of them by 5th December, you will be under the 'old' T&Cs, and so will be able to apply for up to three.

From 6th December onwards, you'll only be able to have one in your sole name and one in joint names. They won't, however (yet) change this for existing accounts.

noh

rb10 wrote: »

As long as you open/upgrade all of them by 5th December, you will be under the 'old' T&Cs, and so will be able to apply for up to three.

From 6th December onwards, you'll only be able to have one in your sole name and one in joint names. They won't, however (yet) change this for existing accounts.

I believe the new T+Cs for the Reward account come into force on 1st of November.

6th of December is when the new charging regime comes in for all the other accounts

rb10

noh wrote: »

I believe the new T+Cs for the Reward account come into force on 1st of November.

6th of December is when the new charging regime comes in for all the other accounts

Thanks for pointing that out

Ok, then as my previous post, but to be opened by 31st October instead.

chambta

stoneman wrote: »

I second that. I have 3 Halifax Saver reward accounts, bounce £1,000 around them during a month, and get £18.75 ( £6.25 as a non tax payer). My OH does the same, so in one month for bouncing £1,000 around 6 accounts we get £37.50 "rewards". Thats £450 a year for lending 1K of our money out for 10 days a month.

Personally I think that's taking things too far.

WeeWillsMum

This is surely the result of the banks charging fiasco. Now it is the middle of the road customers who were perhaps never outside their overdraft who have to pay these insane charges. I maybe dip into my arranged overdraft once every three of four months by tiny amounts and yet I will be charged £1 to do this. I think its definitely time to ditch the halifax and move on.

opinions4u

WeeWillsMum wrote: »

This is surely the result of the banks charging fiasco.

Absolutely right.

Now it is the middle of the road customers who were perhaps never outside their overdraft who have to pay these insane charges.

Well I prefer that to being charged for each direct debit, cash withdrawal, cheque deposit or debit card transaction.

I maybe dip into my arranged overdraft once every three of four months by tiny amounts and yet I will be charged £1 to do this. I think its definitely time to ditch the halifax and move on.

While I agree that you should review your account to get the best value, either from Halifax or elsewhere, you should consider ways to get value out of it.

- if you fund your account with £1,000 a month or more (or you can fund it with this amount) ask them to change your account to a Reward current account. This will pay you £5 a month.

- if you only go overdrawn by nominal amounts for short periods of time then you probably do so through laziness. I'm not intending to be rude - it's exactly how I have managed my current account. But the simple solution to save you £1 every 3 or 4 months is to stay in credit. Even if going overdrawn does cost you £1 every now and then £60 a year in 'Rewards' should more than cover this.

- if you can't make a combination of the points above work then move elsewhere. But before you jump it may be worth waiting until other banks have put their new charging structures in place.

butterfly72

I've got the HICA and 2 reward CAs. I popped into Halifax yesterday and converted the HICA to a reward account. It took all of 5 mins. I'll keep the same account details, sort code etc.

I still like Halifax. I like the online set up and have my ISA with them. I've found over the years they have had some good savings products and have benefitted from some good rates - the 10% RS for example. I still have a 6.25% account to which I add every spare penny. As I don't use the OD facility i think I'll stick with them for a while.

Thats £15 a month then!:T

cheggers

Great marketing HBOS, your letter has just given a customer of 20 years the final kick in the teath time to move on.

1st they get rid of my moneyback then move me to the high interest account a joke with that name when its interest rate has just gone down the pan.

As I live in my overdraft I am not pay £1 a day, when at the moment the fee is about £1.50 to £2.50 a month.

At least next time I go to the counter at the HBOS and they try and sell me some uncompetative financial products and they ask is there anything else I can do to help? I can say yes close my account:T:T