MSE News: Halifax launches Premium Bond-style savings draw - is it any good?

Consumerist

opinions4u wrote: »

Don't know.

Nor me.

The bank has already carried out security checks on its customers so why does an undisclosed third party company have to do it again?

There may be a good reason but I just can't think of one.

King_Of_Fools

Is there a list of qualifying accounts anywhere? I could not find one and I am wondering if my 3% Web Saver opened in April will qualify as it is not offered any more.

opinions4u

King_Of_Fools wrote: »

Is there a list of qualifying accounts anywhere? I could not find one and I am wondering if my 3% Web Saver opened in April will qualify as it is not offered any more.

Yes, it will be included.

Here's a link to the rules.

http://www.halifax.co.uk/savings/pdf/FINAL-T&Cs-for-Online-190911.pdf

Consumerist

King_Of_Fools wrote: »

Is there a list of qualifying accounts anywhere? I could not find one and I am wondering if my 3% Web Saver opened in April will qualify as it is not offered any more.

Web Saver is a qualifying account.

You can see the savings accounts which don't qualify in Section 5.1 of the rules which you can download <here>.

Old_Wrinkly

Originally Posted by Consumerist
One misgiving I have is that the "third party company" referred to in the rules is undisclosed and so I am unable to check their privacy policy.

So an undisclosed third-party (gaming) company would know my name and address and be aware that I have at least £5,000 in savings.

By my (cynical ) reading, they would know of ALL your qualifying accounts and the total amount in them - not just that you are a qualifying customer (i.e. have at least £5000 in savings).

As Consumerist says, there is no indication of the company actually operating the Draw, or the (possibly different) company that is involved in this data collection exercise.

opinions4u wrote: »

The T&Cs state:

Each monthly draw will be monitored by KPMG LLP (“the adjudicator”) ... By registering for the Draw, you agree that we may share your name, address and details of your accounts with the adjudicator – this is to verify that the Draw has been carried out in line with these rules.

Accountants. Not undisclosed. Not a gaming company (although I'm sure we could play on the words if we wanted to).

No. KPMG are only there to 'monitor' the Draw, not to operate it.
And in fact I don't really see why KPMG need the 'details of your accounts'. Don't they only need to know that you are a 'qualifying customer'?

My guess is that the Draw will be operated by an existing company already in that business ...

The data-sharing permission extends to a third-party company that the Lloyds Group intends to pass your information on to, as part of the data-gathering exercise.

We will use a third party company to help us collect certain details of customers who wish to register for the Draw, so, by applying to register, you agree to share those details with them. (You are responsible for ensuring that your details are correct.)

Interesting use of the Bold, there ... (Cynic's hat on again )
The only other place it is used in the Rules is in Rule 16 ...

To make sure you don’t miss out, it’s important that you tell us as soon as possible if you change your address.

So this isn't primarily a data-harvesting/transferring exercise? ... :think:

Consumerist

Not quite sure how I would confirm that an undisclosed company holds the correct information about me.

bardsleyh

Mr_K wrote: »

So how many Halifax customers have got above £5k ? Suspect the majority haven't. Those that have will hopefully be too apathetic or suspicious to join. Just trying to increase my odds

Still v. slim odds and nothing to stop me leaving if there's a better interest rate elsewhere at the end of the ISA year. Customer retention/increased deposits is probably the main aim. £6m is nothing to Lloyds/Halifax - they lose more than that most days at the moment.

Telegraph article today in 'Your Money' section says that average balance in Halifax saving accounts is just under £6000 so more than you think. I would hazard a guess that this is due to ISA accounts in the main.

opinions4u

bardsleyh wrote: »

Telegraph article today in 'Your Money' section says that average balance in Halifax saving accounts is just under £6000 so more than you think

Sounds about right.

I would hazard a guess that this is due to ISA accounts in the main.

In the main, no. There will be more money in easy access and fixed term accounts. But ISAs will still be a significant part of their overall savings balances.

StephenM_2

bardsleyh wrote: »

Telegraph article today in 'Your Money' section says that average balance in Halifax saving accounts is just under £6000 so more than you think. I would hazard a guess that this is due to ISA accounts in the main.

That doesn't tell us anything about how many customers have more than £5000 in their account. A relatively small number of customers with very large balances would skew the average upwards.

atypical

StephenM wrote: »

That doesn't tell us anything about how many customers have more than £5000 in their account. A relatively small number of customers with very large balances would skew the average upwards.

The median balance would have been of more use. But even then, it's still guesswork judging how many will bother registering.