Changes to Reward and Ultimate Reward Accounts

KTF

Of the 6 forms I sent to Santander to setup the DD to my e-saver, the 3x Halifax ones have been processed and are showing on Halifax online banking but the 3x BoS have not.

I suspect thats because I put down Halifax as the address on the BoS forms but no problem, will just send them again.

Katiehound

Thanks everyone.
Thanks to the helpful advice on here I now have 2 LloydsTSB Vantage accounts- three quarters of an hour in branch well spent, and no hassle! My £1K will now rotate between "sleeping" Halifax reward a/c (2 DDs in pipeline to meet the new conditions) and the 2x LTSB where my savings will be earning a smidgen more than they were in Halifax Reward saver.

paddy29

Halifax should have made a distinction between the reward and ultimate reward account when instigating this change. There is no way that £300 fee free o/d should have been removed from people like myself using this as their main account as opposed to using it to make £60 a year.

opinions4u

paddy29 wrote: »

Halifax should have made a distinction between the reward and ultimate reward account when instigating this change. There is no way that £300 fee free o/d should have been removed from people like myself using this as their main account as opposed to using it to make £60 a year.

I don't understand why such a distinction is needed.

They are treating both accounts the same way.

Seems fair and consistent to me. You still won't have to pay £1 a day.

GooliesOfFire

opinions4u wrote: »

I don't understand why such a distinction is needed.

They are treating both accounts the same way.

Seems fair and consistent to me. You still won't have to pay £1 a day.

Yes, but he still have to pay £5 more if he uses his OD even for a day.

You don't get it, do you?

They should no longer advertise is as £300 fee-free overdraft as this is not true.

paddy29

I said this in another thread. When Halifax brought in the account changes, and simplified their charging structure the deal was that they no longer paid credit interest on the account, a tradeoff to that is the £300 fee free o/d.

Now you have an account that you pay to use, you get no interest when in credit and you have to pay if you use the o/d. They are winning on all fronts.

innovate

GooliesOfFire wrote: »

Y
They should no longer advertise is as £300 fee-free overdraft as this is not true.

It is true, until end of April.

And the changes from May onwards are explained in great detail on their website, too.

innovate

paddy29 wrote: »

Now you have an account that you pay to use, you get no interest when in credit and you have to pay if you use the o/d. They are winning on all fronts.

As of May:

You do not have to pay to use a Reward or Ultimate Reward.

You do get a fiver a month if you are in credit all the way through the month, and have two DDs paid each month. This is equivalent to getting interest and can be a huge percentage if your balance is always low (which it probably would be since you are complaining about worse terms for your overdraft)

You do not have to pay if your overdraft is less than £50. This is less than URCA is now, and more for Reward.

I am quite puzzled that people make such a song and dance about overdrafts. Put that much effort into figuring out how you can create your own 'free' overdraft facility, and Halifax even pay you to have it! If you leave £300 in your account always, as your own "overdraft buffer", you get £60 a year in fivers. That is about 20% net interest.

Scrounger

innovate wrote: »

I am quite puzzled that people make such a song and dance about overdrafts. Put that much effort into figuring out how you can create your own 'free' overdraft facility, and Halifax even pay you to have it! If you leave £300 in your account always, as your own "overdraft buffer", you get £60 a year in fivers. That is about 20% net interest.

Excellent point, however for the 'free fivers' they would still need to cycle the £1000/£750 monthly through the account which may be problem for some.

Scrounger

Vortigern

Essenchill wrote: »

It appears the letters re the changes to the Reward accounts are slightly different depending on how Halifax has classed your account usage.. Top left hand corner, under the date there is a reference RCACustx ("Reward Current Account Customer x") How have you be classed by Halifax? Mine is 'RCACust5'

Knowing how you are classed and what this means about your account usage could be useful information.

I've had:

• RCACust6 on an account which has 2 DDs set up but only one has been used so far.
• RCACust5 on an account which has only one DD at the moment

Both say I am likely to be affected. RCACust5 suggests I might pop in to a branch or give them a call.

Both accounts will have 2 DDs active monthly very soon, subject to Santander getting it right.

My question: How do I control the Santander eSaver DD? I know I can cancel it via Halifax OLB, but how can I vary the amount?