Halifax Accounts - help me decide!

wiggly

I currently have the standard halifax current account with a £500 over draft on it (which gets used)

I've just been alerted to the moneyback account which, as I use my debit card laods, would suit me

but the ultimate reward account also looks interesting, there are a few things there that I would have (RAC, travel insurance, etc etc) that I don't have at the moment

is anyone aware of anything negative about either account? is there a better account at another bank?

I pay over £1500 into it every month

cheers
x

marcellep

The ultimate reward account is chargable at £10 per month

thumshie

wiggly wrote:

I currently have the standard halifax current account with a £500 over draft on it (which gets used)

Moneyback account with halifax has the lowest OD APR% of their accounts. How often and how much do you use your OD? Whats your average in credit balance(to work out differences earned/charged by both accounts.

wiggly wrote:

I've just been alerted to the moneyback account which, as I use my debit card laods, would suit me

If credit score no issue and you trust yourself you could get a cash back credit card - thus benefit from the consumer credit act (I.e. goods not turning up, companies folding etc) and the cash back.

Not totally helping, but the OD rate may be an important factor..

regularsaver1

The first £300 of an overdraft on the Ultimate Reward is interest free

do you use your card for debit card transactions a lot? - for the money back

Ultimate Reward - Pay £10 p/m for all the benefits. when in credit pays 6.17% AER up to £2500.

Overdrawn - First £300 0%, then 13.35% EAR

Moneyback - in credit 0.10% , but 1% cashback on debit card purchases

Overdrawn - 6.9% EAR

High Interest - 6.17% AER up to £2500

Overdrawn - 15.9% EAR

I got the info from this link:
http://www.halifax.co.uk/bankaccounts/interestrates.asp#Current_interest_rates_on_overdrawn_balances

wiggly

the OD rate will be important but only for another 6 months or so when I'll hopefully have paid it all off :cool:

I take what you say about cashback credit cards but if I'm honest, I really don't want to touch another credit card for frequent use - not after most of my debt was created by me over spending and underpaying back on CCs

I feel a bit put out the ultimate reward account has a fee attached, but the benefits are quite good for me

but then there is the A&L account, which also seems tempting

regularsaver1

well the benefits are not going to be free - the Halifax have just entered this market (this acount only came out on the 19th) - the market is dominated by Lloyds TSB and RBOS

from HBOS website:
QUOTE
"Best Value is the Ultimate Reward
[14-02-2007]

Halifax's new Ultimate Reward Current Account, believed to be the best value packaged current account from a major High Street bank, launches on Monday 19th February. The account will pay 6% Gross (6.17 AER) and offer benefits worth over £800 in total. Customers who switch banks to take out the Ultimate Reward Current Account, before 23rd March, will also receive a £100 switchers' bonus payment. (See Editors' Notes for conditions.)

The Account
The product will offer the highest credit interest rate available in the sector for new and existing customers. The new account, the Ultimate Reward Current Account, offers 6% Gross, on credit balances up to £2,500, and a £300 interest free overdraft but has no minimum monthly funding requirement. The account also offers a range of additional benefits, which could be worth more that £800 in total to account holders. Customers can receive all of this for a monthly fee of £10.

The new account will be available at all Halifax branches, online and via the telephone. Existing Halifax customers can transfer to the new account without the need to change their account number, or transfer any standing orders and direct debits, by completing a simple transfer form at their branch.




Bank
Product
Monthly Fee
Credit Interest

% Gross
Authorised O/D (based on £1000 OD facility)
Interest Free Overdraft

Halifax
Ultimate Reward
£10
6.00%

(balances up to £2,500)
13.35%
£300

Barclays
Additions
£11.50
0.10%
9.90%
£250

HSBC
Bank Account Plus
£12.95
2.5%

(balances up to £2,500)
13.90%
£0

Lloyds TSB
Gold Service
£10
0.10%
16.80%
£100

RBS
Royalties Gold
£12
0.15%
16.35%**
£250

Natwest
Advantage Gold
£12
0.25%
18.59%
£100

Source: banks own websites, offers for existing customers, other rates and deals may apply for new business **below £1,000
Value of Main Benefits
Customers who take the Ultimate Reward Current Account will automatically benefit from one of the best credit interest rates anywhere on the High Street and a £300 interest free overdraft (subject to status). They will also automatically receive Family Worldwide Multi-trip Travel Insurance with both golf and winter sports cover, RAC Car Breakdown Cover, 1% extra on the interest rate for both Halifax Guaranteed Saver and Halifax Instant Saver and bonus payments on new mortgages and loans:

Benefit
Typical Potential

Saving

Worldwide, Multi-trip Family Travel Insurance

RAC Car Breakdown Cover

Home Emergency Cover

Mobile Phone Insurance

Card Care Card Protection

American Express® Travellers Cheque Card

Extra Interest on Savings

Bonus Payment on Home Mover and First-time Buyer Mortgages

Bonus Payment on Unsecured Personal Loans

£300 Interest-free Overdraft

10% discount on new Car Insurance

15% discount on Home Insurance

Booklet of Discount Vouchers
£193.36

£29.99

£49.99

£51.00

£20.00

£20.00

£50.00

£120.00

£50.00

£40.05

£36.13

£47.85

£134.00

TOTAL VALUE:
£842.37

See Editor's Notes for details.
Customers who wish to make use of the discounted offers for leisure and travel will be issued with a book of discount vouchers that can be redeemed with each provider individually. In addition to those listed above, customers also have access to other benefits including commission free travel money, identity fraud helpline, travel accident cover and free use of LINK ATMs.

Paul Marriott-Clarke, head of banking for Halifax, said,

"Ultimate Reward offers better interest, better benefits and more reason to switch for less than other banks charge. If the great value wasn't enough to make you switch, we're also giving switchers a £100 welcome payment.

If you've already got a packaged account, why accept low interest and poor value when you can switch to Ultimate Reward?"

Ends.

Policy documents for insurance products and full Account Terms & Conditions are available from the Halifax Press Office. "

Moonbeam

All of them are quite good - If you are going to benefit from the extra's in the Ultimate Reward more than the annual cost of £120 then go for that one - the £300 0% overdraft will probably be a big help to you too.

If you don't feel you're going to get £120 worth of value in the first year then I would suggest opting for the moneyback account, particularly if you use your debit card a lot.

You can go into the branch and ask for a banking review and they will take you through the pro's and con's of each account and make a recommendation to you of which one would suit your needs best.

regularsaver1

Moonbeam - they can not recommend the Ultimate Reward because of the insurances (non-advised level of service) - but will give all the options for customer to make a decision