Changes to Reward and Ultimate Reward Accounts

rb10

eaustin wrote: »

I have a Halifax credit card which is paid directly from my reward account. Will this count as one of the two direct debits required to meet the new t&c's from 1 May or do they both have to be from third parties?

The T&Cs don't put any restrictions on the companies that set up the DDs on your account - so any direct debits, including those to Halifax, will count.

sabretoothtigger

charliehell wrote: »

That's 'set up' and not actually paid out..isn't it..or is it?

Does it ever have to use the DD as I have lots setup for credit cards that are never used

KTF

Yes, you need 2 active DD per account per month.

sabretoothtigger

:think: but in the month of april its ok just to be setup for the moment

Ferris

looks like i'll be losing my £5 a month. nice while it lasted, i suppose.

also, i transferred in my £1000 for march on friday (29th march), but it seems to show up on the statement with a date of 2nd April (as the banks were closed). anyone else in this position? does this mean i'm not going to get the final £5 i was due?

System

It won't show until tomorrow as today is the 1st business day of the month

The last time you can get the fiver is actually next month as the rules change on 1st of next month, the £5 would be paid for crediting £1000 in April.

Ferris wrote: »

looks like i'll be losing my £5 a month. nice while it lasted, i suppose.

also, i transferred in my £1000 for march on friday (29th march), but it seems to show up on the statement with a date of 2nd April (as the banks were closed). anyone else in this position? does this mean i'm not going to get the final £5 i was due?

Moneygrabber24

Is there a date we have to switch the DDs by in order to qualify for the £5 reward every month, or can I say, switch the DDs in June and start earning the reward from then onwards?

Cheers

10_66

Moneygrabber24 wrote: »

Is there a date we have to switch the DDs by in order to qualify for the £5 reward every month, or can I say, switch the DDs in June and start earning the reward from then onwards?

Cheers

According to the letter I received the DDs have to be set up by 14 April (don't know if the payments have to be taken by then as well, or this is just the date by which the DDs have to set up).

YorkshireBoy

Moneygrabber24 wrote: »

can I say, switch the DDs in June and start earning the reward from then onwards?

Have you read the Notice of Variation?

You need 2 DDs set up on the account to maintain it as a Reward account.

These DDs then need to be paid to generate the fiver (obviously you'll need to meet the other conditions as well).

Whether you get away with it will depend on their definition of "from time to time", and also if the 60 days notice of a migration to a Standard Current Account can be rescinded once it's started.

Zorz_2

innovate wrote: »

Up to now, I have never received any notification from Halifax about the T&C changes. I have more than one account with them, too.

Out of curiosity: Did you meet already the new requirements? Of course, even in this case they still ought to inform you about the changes...


BTW, I just logged in and got this message:

Dear Moneysaver

In January, we told you about some important changes to your Reward Current Account which will take effect on 1st May 2013. Here’s a reminder about what’s changing and to make sure you know what to do next.
Set up at least two different direct debits by 14th April 2013
If you want to remain in the Reward Current Account, you need to make sure you have at least two different direct debits set up by 14th April 2013, otherwise you’ll be moved onto our Current Account on 2nd May 2013.
If you haven’t got two different direct debits set up, it’s easy to do. Simply switch them from another account by using our online form or you can set up new ones by contacting each company directly. If you need any help, just call our dedicated team on 0845 300 0031.
What else is changing?
The Reward Current Account is designed to be your main bank account and from 1st May 2013, you'll receive a £5 reward each month you use it as your main bank account and remain in credit. By main bank account we mean an account you use to pay in your salary or other credits (minimum of £750 per month) and pay out at least two different direct debits, each calendar month.
From 1st May 2013, your fee-free overdraft buffer is also increasing from £10 to £50. This means you'll pay no planned or unplanned overdraft fees if you go overdrawn by up to £50.

I 've had already opened a Tesco Bank savings account with a Direct Debit and a DD with the Red Cross, about 10 days ago.

The Tesco DD already appears in my Halifax e-banking, the Red Cross not yet. Both will take their first payment next week.

Fingers crossed that those fivers will keep on coming!