Halifax to shake up Ultimate Reward account fees - MSE News

Former_MSE_Naomi

Halifax is to change the fees it charges on its Ultimate Reward packaged bank account from November, MoneySavingExpert.com can reveal. If you spend a lot on your debit card or have a high account balance you could pay less, but many who don't meet the criteria will pay more - we've full info and analysis...

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'Halifax to shake up Ultimate Reward account fees - are you a winner or loser?'

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photome

Not worth it to me anymore, will be switching accounts


I only had it for the travel insurance but with pre existing conditions I can now get an annual policy for much less than the cost of the account

Marvel1

I only use it for breakdown assistance, found one on the comparison site for £37.80 annually!

Travel insurance, waste of time, I don't travel annually, last time was 5 years ago.

Mobile phone cover - seems a waste, only on a sim only, cheaper to buy a second phone of the same model.

Further investigations, I may as well close my account altogether and go else where.

Gordon_the_Moron

It's only worth it if you'll use enough of the features for it to be worth £144 a year.

For me it currently isn't but for some it may be.

If you know what you're doing the change are a good thing.

If you currently pay in over 750 but under 1500 simply open another account with online access elsewhere (if you don't have one already) and transfer some money there and straight back each month to meet the 1500 requirement.

I've contacted Halifax regarding the £500 payment requirement. They tell me ANY card transaction apart from cash withdrawals count.

If you use a cashback credit card simply pay your monthly bill using your Halifax debit card. Alternatively buy £500 of premium bonds each month then cash them straight out. Open a building society account that allows debit card payments in, pay in and withdraw. Easy to beat that. I wonder if Curve cash withdrawals will count? :cool:

Gordon_the_Moron

The other option to having to have DDs of having a daily balance of 5k or more is horse !!!!, you'd earn over a fiver a month with 5k in a top savings account.

I wonder if they'll replace the £2 a month reward on the standard reward account with this?

chanz4

They wont count paying your credit card with your debit card

jonesMUFCforever

chanz4 wrote: »

They wont count paying your credit card with your debit card

Haven't they already put a stop to this?
Online now it states you can pay cash with a statement (or cheque) at a branch or online by doing a faster payment (or direct debit of course) - no mention of being able to pay by debit card.

PRAISETHESUN

jonesMUFCforever wrote: »

Haven't they already put a stop to this?
Online now it states you can pay cash with a statement (or cheque) at a branch or online by doing a faster payment (or direct debit of course) - no mention of being able to pay by debit card.

I think it was generally pay off ANY credit card with your Halifax debit card - plenty of mainstream providers allow this. I also used to do something similar with TSB when they ran their cashback promotion where they paid £5/month for making 20 card transaction... just paid 20x £1 to my credit card every month

King_Of_Fools

Gordon_the_Moron wrote: »

I wonder if they'll replace the £2 a month reward on the standard reward account with this?

I was wondering what would happen to the standard Reward Current Account but it does not say anything on their website.

For Ultimate Reward:
https://static.halifax.co.uk/assets/pdf/bankaccounts/ultimate-reward-current-account-guide-to-changes.pdf

koru

Gordon_the_Moron wrote: »

I've contacted Halifax regarding the £500 payment requirement. They tell me ANY card transaction apart from cash withdrawals count.

If you use a cashback credit card simply pay your monthly bill using your Halifax debit card.

Am I right in thinking you can't set up the credit card to automatically charge the full balance to the debit card? You'd need to remember to log on to the credit card website and pay it manually? I'm not sure I'd trust myself.

pinkdalek

Marvel1 wrote: »

I only use it for breakdown assistance, found one on the comparison site for £37.80 annually!

Travel insurance, waste of time, I don't travel annually, last time was 5 years ago.

Mobile phone cover - seems a waste, only on a sim only, cheaper to buy a second phone of the same model.

Further investigations, I may as well close my account altogether and go else where.

You only use it for breakdown cover? You can get the full cover with AA/RAC for less than what you'd pay in the account fees in a year. Had it never crossed your mind?

It is what it is, the account won't suit everyone, my current lifestyle it suits me, travel a lot, I like the protection of home emergency which I have used a few times for block drain, burst pipe and faulty boiler. Car is pretty reliable but you never know and I would have this anyway, the only thing I think is a waste is the phone insurance, I mean an excess of £100, - which you pay upfront seems hardly worth it.

Shame they are not offering better rates or better deals if you take out further products with them, not everyone will spend £500 a month on debit cards, not everyone will be able to keep £5000 in there all the time, quite honestly I don't like the idea of having that much money in a current account anyway.