MSE News: Halifax offers longest interest-free overdraft + £100

beetwaste

Oh, BTW. Just read the MSE article. In May, Halifax are introducing a £50 overdraft buffer, if you keep within your arranged overdraft by £50 you won't pay the £1/day charge. But not while May!! And if you use the o/d, you'll lose the £5 reward. If not, you'll only need to put in £750 to get it.

Basically, a Halifax account is great for people in credit, and crap for people in an overdraft!

Gordon_the_Moron

Basil1234 wrote: »

agree with grumbler here like this section of the story:

The deal applies to switchers to the both the Current Account and the Reward Current Account. The latter also pays customers £5 a month, but requires a minimum £1,000 monthly deposit.

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then found this on halifax website saying about changes to way it pays £5 reward from 1st may 2013 which seems clever old MSE have checked ALL the info available which would effect a same reward people will miss in certain circumstances like being in credit come MSE get all the facts checked first:

Important changes to our range from 1st May 2013


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).
We’re also changing the way you qualify for the £5 reward on the Reward Current Account and the lower monthly fee on the Ultimate Reward Current Account. We'll give you a £5 reward/lower monthly fee each month if you:
- use it as your main account (fund with at least £750 and pay at least 2 different direct debits) and
- remain in credit.
If you don't do all of these things then you won't receive the £5 reward/reduced fee, but you’ll retain use of the other features of the account.
We are also increasing the fee free overdraft buffer on these accounts to £50. This means you will not pay any planned or unplanned overdraft fees on the first £50 you go into debit.

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it would seem MSE has got this wrong or published too early at the least.
but my bit is direct off halifax website just now!

basil

This will still be easy to get a free fiver from

At present I pay my salary (over £1000) into Halifax and then just draw it out the same day leaving a balance of £0.00.

All that will change is:

I'll set up two direct debits (my two smallest ones that don't change, which add up to less than £70 between them)

On pay day I will draw my salary out as usual except I'll leave enough to cover the direct debits + £1 (it says you have to stay in credit, not sure if £0 counts as in credit so I'll leave £1 in to be sure)