Changes to Reward and Ultimate Reward Accounts

notbritishgas

innovate wrote: »

To get the monthly fiver, your 2 DDs must each pay out monthly., i.e. every month. Most water and council tax DDs do not meet that criterion.

I think that for the new finacial year the government have decreed that Local Councils must offer a 12 month DD plan.
Whether the demands will still have the 10 monthly plan and you will have to apply for the 12 month one we will shortly know.

jonny2510

From reading the thread (and the DD thread) I noticed Britannia has been listed as accepting direct debits.

Has anyone successfully done this for a 'Britannia Direct Saver Reserve' account, and if so where?

I've logged in and had a look around, but can't find anything...

Edit: Just found the form doing a Google (http://www.britannia.co.uk/_site/pdfs/savings/non-product/direct-debit-mandate.pdf). It looks like you have to manually fill it in, and post it.

waterwatereverywhere

Hi,

I set up a Halifax Reward account for an elderly relative - she's not able to do online stuff but I "manage" the monthly move and out of the £1k for her, so she benefits from the £60 - and the account isn't used for anything else.

To satisfy the new DD requirement I need to set two up for her. For my own account I'm using Tesco Savings and probably Nationwide MySave but both of these had extra "hassle" factors of having to telephone to set up codes etc or post out forms for the DD.

Pls can anyone suggest any savings accts with the DD facility which would be easier/simpler for me to open/set up for a third person, which don't require phone calls and posting stuff? I have the relative's full authority but they're neither very good at online or sorting stuff out over the phone with banks and I don't want her to miss out on the £60 a year as it supplements the old (and miniscule!) pension!

innovate

If you have Power Of Attorney, there is no problem in talking to banks/Building Societies, or communicating by post, about the accounts of the respective person.

If you do not have Power Of Attorney, you have no right to open or manage another person's bank account.

chris1

So , received my letter this morning, but even though I have two DDs set up to savings accounts (set up some time ago), it says the Reward Current Account is designed to be used as a main bank account so I will be affected by the changes.

It sounds as though they are not going to accept DDs to savings accounts then?

YorkshireBoy

chris1 wrote: »

it says the Reward Current Account is designed to be used as a main bank account so I will be affected by the changes.

I'm not sure how you've drawn that conclusion?

Halifax have very clearly defined what they mean by "main bank account"...

From 1st May 2013, the Reward Current Account will only be available to customers who use it as their main bank account. To make sure you are doing this, you'll need to:
- have at least 2 different direct debits set up on the account and
- agree to fund the account with your salary or other credits (minimum £750 per month).

http://www.halifax.co.uk/bankaccounts/?WT.seg_3=Common/promotion/banking/hlinkb/bankin-bankaccn-lnkb-bankaccn00

And the official Notice of Variation goes into further detail (but sends the same message, namely £750 a month credit from anywhere and 2 DDs paid).

accyuklad

does this mean they getting rid of overdraft as i got £300 overdraft are they setting everyone now to £50 from when it starts or do we still get the overdraft that we given

also i only get £630 a month coming in will that bother them I not bothered about the reward so can they still take back the overdraft as i not putting a min £750

tobiascurious

accyuklad wrote: »

does this mean they getting rid of overdraft as i got £300 overdraft are they setting everyone now to £50 from when it starts or do we still get the overdraft that we given

also i only get £630 a month coming in will that bother them I not bothered about the reward so can they still take back the overdraft as i not putting a min £750

They won't amend the overdraft as part of these changes.
However why not increase your £630 to £635 by using the tips on this thread?

chris1

YorkshireBoy wrote: »

I'm not sure how you've drawn that conclusion?
Halifax have very clearly defined what they mean by "main bank account"...And the official Notice of Variation goes into further detail (but sends the same message, namely £750 a month credit from anywhere and 2 DDs paid).

Doc_N wrote: »

3 letters from Halifax today.
One (incorrectly) saying "Our records show that you already have two different direct debits set up, so all you need to do is keep them active".

One saying "You will need to have at least two different direct debits set up by 14 April".

And one saying much the same, but with the added words "....we'd like to talk to you personally about these changes".

Now curious to know what sparked their computer off to issue that last one!

I was referring to my individual letter - they're not all the same, see Doc N's post - which seems to indicate that my 2 savings DDs, set up some time ago, won't be enough, otherwise I would have recieved the same 'all is OK' letter as Doc N's first one...

innovate

chris1 wrote: »

..... - which seems to indicate that my 2 savings DDs, set up some time ago, won't be enough...

Seems to indicate, or says that the 2 DDs are not enough?

Banks often say they'd 'like to talk to you' - -- it's their sales people wanting to get some time with you, to see how they can contribute to their sales targets by selling you stuff you probably won't need.

I still remember NatWest leaving me several messages on my home answering machine back in the 80s, saying the Branch Manager "would like to talk to me". I was initially petrified, because I was naive back then when it came to financial matters, and bank managers were considered important people back then. When I finally plucked up the courage to call them, all they wanted was to sign me up to a current account that came with a monthly fee. That was the last time I was petrified of a bank branch manager.