Halifax Reward Account changing to £3 charge with “lifestyle rewards”

General_Grant

YorkshireBoy said:

JustAnotherSaver said:

Has anyone worked out exactly what that would translate to in interest on the £5k?

I know on the opening page it said about 1.2%. Is that pretty accurate or is about 1.2% actually 1.5% or maybe 0.9% or what?

Not overly interested in the cinema tickets as i already get 24 through Lloyds which see me right for the year.

£5 per month would be ok but it depends what that works out as. If the money would be better sat elsewhere then i may as well say goodbye to Halifax.

60 / 5000 x 100 = 1.2%

And that £5 is a payment made net of tax so, if you would otherwise pay tax on interest:
for standard rate tax payer (6.25 x 12) / 5000 x 100 = 1.5%

Honda750

I cant believe Halifax.  In the midst of Coronavirus crisis Halifax decide to change their Reward Account from giving you £2 a month to charging you £3 a month.  Not only that but you have to pay in £1500 now, it was only £750 in 2015.  Many customers are not that well off and this is a bit of a kick in teeth for loyal customers.  They should reconsider and hold off for 12 months to see what happens to the country when we are all supposed to be pulling together.

SpanishBlue

Honda750 said:

I cant believe Halifax.  In the midst of Coronavirus crisis Halifax decide to change their Reward Account from giving you £2 a month to charging you £3 a month.  Not only that but you have to pay in £1500 now, it was only £750 in 2015.  Many customers are not that well off and this is a bit of a kick in teeth for loyal customers.  They should reconsider and hold off for 12 months to see what happens to the country when we are all supposed to be pulling together.

I would imagine the decision was made way before the corona virus became a big news story.

They are giving you £5 a month now instead of £2 if you comply with their new conditions.

There is nothing to stop anyone paying in the same £750 twice to reach the £1500 minimum.

Katiehound

My letter only just arrived today....... together with another lettrer- changed T&Cs. Will have to think about the £5k funding, there's no way I would spend £500 on Debit card pm. Also the only 'perk' worth having is  a fiver.
Does seem a strange time to launch, but as others have said it will possibly have been in the pipeline for quite a while.

soulsaver

I think I'll be better off with a £5 a month, rather than £2. The work arounds are all mentioned in the thread, you just have to read it. 

phillw

veryintrigued said:

Devising weird and wonderful ways of moving the £500 out using a debit card could become a thread subject title on here before long!

Unless Halifax get payment processing fees for those weird and wonderful ways, then I can't see them counting towards the £500.

masonic

phillw said:

veryintrigued said:

Devising weird and wonderful ways of moving the £500 out using a debit card could become a thread subject title on here before long!

Unless Halifax get payment processing fees for those weird and wonderful ways, then I can't see them counting towards the £500.

The do get processing fees for the weird and wonderful ways so far mentioned.

colsten

soulsaver said:

I think I'll be better off with a £5 a month, rather than £2. 

I am tempted to agree with you 

Mrs_Arcanum

SpanishBlue said:

Honda750 said:

I cant believe Halifax.  In the midst of Coronavirus crisis Halifax decide to change their Reward Account from giving you £2 a month to charging you £3 a month.  Not only that but you have to pay in £1500 now, it was only £750 in 2015.  Many customers are not that well off and this is a bit of a kick in teeth for loyal customers.  They should reconsider and hold off for 12 months to see what happens to the country when we are all supposed to be pulling together.

I would imagine the decision was made way before the corona virus became a big news story.

They are giving you £5 a month now instead of £2 if you comply with their new conditions.

There is nothing to stop anyone paying in the same £750 twice to reach the £1500 minimum.

For those who cannot be bothered with such faff, looks like a search for a new account will be on the cards.

soulsaver

Mrs_Arcanum said:

For those who cannot be bothered with such faff, looks like a search for a new account will be on the cards.

How insightful.