Changes to Reward and Ultimate Reward Accounts

Dru2

Hi, I know I've been asking for advice on another thread but, I'm not used to this. Innovate and others have been helpful but, as you are all talking Halifax fivers, two of my Halifax Reward accounts have not paid out the fivers this month. I've been to the bank today. They say, I'm only allowed one Halifax Reward account and my other two have been downgraded to current accounts. How have some of you got your fivers on multiple accounts and I haven't? What can I say in branch to get re-instated?

10_66

Dru2 wrote: »

... two of my Halifax Reward accounts have not paid out the fivers this month. I've been to the bank today. They say, I'm only allowed one Halifax Reward account and my other two have been downgraded to current accounts. How have some of you got your fivers on multiple accounts and I haven't? What can I say in branch to get re-instated?

This has also happened to some other posters, there doesn't seem to be any explanation why some are downgraded and other aren't, if you've satisfied their conditions (ie £750 going into the account with 2 DDs taken from the account each month). I've got 3 sole and 1 joint and they're all still Reward (at the moment), I guess time will tell if they're going to downgrade all of us.

KTF

Allegedly they do an audit for people who have taken advantage.

Maybe you have been unlucky or maybe you contacted them recently and it got flagged up.

10_66

I do use the joint one as my main bank account, so don't know whether that has anything to do with not losing the Rewards. If they took my Reward fivers away from my other 3, I'd vote with my feet and move my main bank account to one of my other bank accounts. God knows I've got enough of them lately, as they're the only things that have a less than pathetic interest rate (albeit for 12 months on some of them).

bristolleedsfan

innovate wrote: »

Let us know once you have checked. It is important we know.

:rotfl: :rotfl: :rotfl:

I been paid x 3 :cool:

jennifernil

Just posted this on another thread, but think I should have put it here...........

My OH has had 2 sole Reward accounts since they were introduced, always got the £5s. He set up the required 2 DDs on both accounts in March, but on one account only one DD was taken in April. He got both the £5s in May.

In May both DDs were taken from both accounts and £750 paid into each, but he did not get the £5 on the account where the second DD was not taken in April.

I cannot see that he has not fulfilled the conditions.

Any opinions?

electric_comperella

Hi Guys

Been trying to pick my way through this thread, basically I suffer with depression and the brain fog makes sorting banking/paperwork related issues quite a task.

I haven't done anything with either of my Reward current accounts since I was notified of the changes and as I expected since May I haven't received any reward payments.

I noticed this evening when I checked my online banking that only 1 of my 2 reward accounts (1 with halifax, 1 with bank of scotland) was showing as a Reward account the other now just showing as "current account"

Can anyone advise what I should do next? Should I query it or just use the remaining one? Also (and thank you/apologies in advance as this has probably/definitely been asked already)....what would be the most efficient way of getting the £5 per month

I noticed that someone mentioned the Santander Esaver, I have this account - not sure if that helps at all.

Sorry for the long post

Best wishes to all - happy moneysaving!

innovate

I presume the one that says "current account" is the Halifax one? The T&Cs state they will downgrade the Reward to a current account if you don't meet the criteria. You could ask Halifax whether they will re-instate the Reward but then you obviously must meet the conditions every month.

AFAIK, the BoS Reward account does not require the 2 DDs so you should be getting the £5 there if you meet their other conditions (£1K deposit per month?)

Santander esaver: depends how long you have had that account but it is quite likely that it now pays pittance interest. You can check for the rates on old accounts here. You need to know exactly what esaver edition you have - should state this in your online banking.

crispy_chris

innovate wrote: »

AFAIK, the BoS Reward account does not require the 2 DDs so you should be getting the £5 there if you meet their other conditions (£1K deposit per month?)

BOS criteria mirrors the Halifax ones, full info can be found in the Reward PDF on their previous accounts page: http://www.bankofscotland.co.uk/bankaccounts/pdf/bb-reward-payments-interest-account-fees.pdf

electric_comperella

innovate wrote: »

I presume the one that says "current account" is the Halifax one? The T&Cs state they will downgrade the Reward to a current account if you don't meet the criteria. You could ask Halifax whether they will re-instate the Reward but then you obviously must meet the conditions every month.

AFAIK, the BoS Reward account does not require the 2 DDs so you should be getting the £5 there if you meet their other conditions (£1K deposit per month?)

Santander esaver: depends how long you have had that account but it is quite likely that it now pays pittance interest. You can check for the rates on old accounts here. You need to know exactly what esaver edition you have - should state this in your online banking.

Hi Innovate,

The downgraded account is indeed the Halifax one and not the BoS one.

My Esaver is a version 5 I believe and bonus rate ends Mid July.

Ella