Changes to Reward and Ultimate Reward Accounts

ses6jwg

This change came in around 2 months after I renamed my reward account online to "Rinsing Halifax for a 5er a month account"

Co-incidence?

Gromitt

ses6jwg wrote: »

Co-incidence?

Although I like your style, I think not. This was hinted at last year by an apparent employee of Halifax when they started the £100 switching offer and everyone was setting up fake DDs to grab it. They didn't mention DDs specifically, but they were talking about bringing something in to stop people using the account just for the £5/month.

However, the Halifax failed in their objective. People are just setting up DDs to savings accounts (and charities).

rb10

Gromitt wrote: »

However, the Halifax failed in their objective. People are just setting up DDs to savings accounts (and charities).

I disagree.

I expect that most people will not want the extra hassle that this will bring, and so will forego their Reward on any additional accounts they hold.

Remember that this forum is by no means representative of the population as a whole.

Yes, there will be a substantial number of people collecting Rewards on accounts that are not their main account. But it'll be massively reduced compared to where it was.

Whilst it's a pain for us, I think they have made a sensible move. And I think it will work very well for them.

innovate

Yep, RB10 is probably right. Especially since people have been told the changes are "a blow" and a "kick in the teeth" by a well-known money-saving website, many of the baggers will be giving up.

I am not so sure there's all too many doing it at the moment just for the free fiver. It's only a feeling I have but I think the vast majority of people aren't at ease with the concept of having several current accounts.

But Gromitt has a valid point, too - the 2 DDs won't deter the determined baggers :cool:

mrchagle

I'm thinking of pulling £2.50 with a Tesco eSaver and a further £2.50 with YBS saver - Both direct debits.

I have 3 Halifax reward aco!!!!s - So I think that'll work.

YorkshireBoy

innovate wrote: »

the 2 DDs won't deter the determined baggers :cool:

I probably fall into that category

However, I was ready for giving up when it was first announced because (as I've posted before) abusing the Charity DDs doesn't sit well with me, and I wasn't prepared to switch 2 of my utility bills etc DDs to each Reward account...and have all the extra admin associated with having to have the right money in the right place at the right time every month.

Thankfully Tesco and YBS (via my old Egg Savings account) came to the rescue.

rb10

innovate wrote: »

I am not so sure there's all too many doing it at the moment just for the free fiver. It's only a feeling I have but I think the vast majority of people aren't at ease with the concept of having several current accounts.

I saw a lot of them when I used to work in a Halifax branch. There are probably more than it seems.

And I think that most of them wouldn't want the additional hassle that this new system brings.

myth123

From reading this thread and the multiple DD thread, I see the Egg savings account (now with YBS) allows multiple DDs in. Is this available to new customers? Or is there a YBS equivalent?

innovate

The Egg account is only for old Egg customers.

I have a feeling that YBS don't allow DDs on their other savings accounts but I could be wrong. They do have the "Cash Transactor" account, though, which allows DDs, and I am fairly certain it allows multiple DDs. You must go into a Branch to open it, which is a PITA.

YorkshireBoy

innovate wrote: »

I have a feeling that YBS don't allow DDs on their other savings accounts but I could be wrong.

They certainly don't on their Internet Saver (original, ie not the new Issue 2, anyway).

They do have the "Cash Transactor" account, though, which allows DDs, and I am fairly certain it allows multiple DDs.

Correct. The offset savings account linked to my mortgage is a 'Cash Transactor', and it has the option (down the left hand side online) for "regular deposits", as the old Egg Savings account does. This option is not shown for the Internet Saver.