Halifax Reward payment being cut

SuiDreams

Will be keeping mine - very disappointed with them, but still £24 free money a year is better than £0. I get the Barclays rewards and the Co-op ones as well. Maybe Halifax are hoping to ditch everyone who only uses the account for the reward?


Its starting to get annoying though the money merry go round is definitely getting less profitable.

JuicyJesus

SuiDreams wrote: »

Will be keeping mine - very disappointed with them, but still £24 free money a year is better than £0. I get the Barclays rewards and the Co-op ones as well. Maybe Halifax are hoping to ditch everyone who only uses the account for the reward?

More likely, it's just getting less and less profitable in an era of low interest rates and customers that object to paying for anything at all to hand out free money to customers who meet ridiculously easy requirements, many of whom are gaming the system.

In my view these sorts of payments have always been a bit of an aberration that don't really make much economic sense.

colsten

Ah well. I cba to cancel my DDs and adjust my SO merry-go- round, so I'll keep mine for a bit longer. Disappointing though.

Yorkshire_Pud

Hook em in with a fiver, chop it down to £3 I mean £2. Close account.
Wait. Or if enough people keep the account getting £2, reduce it again in a years time to £1.

latinaid

pochisoldi wrote: »

You wouldn't mind, but if they structured the payment correctly, they wouldn't have to deduct income tax at source. Barclays made the change, why can't Halifax?

Yes, I was looking at that. Why do they deduct tax? Is it because it's a reward but not interest? How do Barclays do it?

Ed-1

latinaid wrote: »

Yes, I was looking at that. Why do they deduct tax? Is it because it's a reward but not interest? How do Barclays do it?

Barclays classify their reward as cashback which are tax free. Coop and Halifax classify theirs as annual payments which are subject to income tax.

Ed-1

JuicyJesus wrote: »

More likely, it's just getting less and less profitable in an era of low interest rates and customers that object to paying for anything at all to hand out free money to customers who meet ridiculously easy requirements, many of whom are gaming the system.

In my view these sorts of payments have always been a bit of an aberration that don't really make much economic sense.

Has George Osborne taken on a role at LBG? They've suddenly become hooked on cuts! What's next - cut Club Lloyds cinema tickets from 6 to 3?

xylophone

Has George Osborne taken on a roll at LBG?

On the breadline?

Ed-1

xylophone wrote: »

On the breadline?

Edited....

aj23_2

Looks like another Switch in September. Will wait to see how other banks react, don't want to be hasty.