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

masonic

Yes, thank goodness the delete option has been re-introduced. It must be a fairly recent addition, I only noticed it this week.

Fingerbobs

King_Of_Fools said:

Fingerbobs said:

It is very relevant if you earn more than the PSA. It means the "effective" interest of 1.2% on that 5k won't be taxed, whereas if you had that £5k in a traditional savings account paying interest, it would be.

But the gross "effective" interest rate is 1.5% and it is taxed at 20% at source whether you are over your PSA or not.

I don't see what that's got to do with it. All I was saying was that the PSA is *NOT* irrelevant to anyone who earns more interest than the PSA, or would do if they saved that £5k in a normal savings account.

stehouk

I think i will just let them change the account and be grateful for the free banking while it last's because it looks like more banks will be introducing a fee for use of a current account.

quirkydeptless

colsten said:

In case anyone is wondering - TOP_CAT's post refers to a post which has since been deleted, and is spot on. Many thanks to the poster who took off their post 

Missed the orginal post, would be grateful if someone could PM me about it

masonic

stehouk said:

I think i will just let them change the account and be grateful for the free banking while it last's because it looks like more banks will be introducing a fee for use of a current account.

Are there any mainstream banks that do not provide a fee-free current account?

Wheres_My_Cashback

stehouk said:

 it looks like more banks will be introducing a fee for use of a current account.

I don't believe that comment has any basis or truth whatsoever unless you can enlighten me with some evidence of that ?

Katiehound

Slightly off subject- well not exactly!
Please would a kind person detail the claim form needed for HMRC to claim back the £1.25 that Halifax will be paying on our behalf?  A friend needs the info.

Many thanks
 

Wheres_My_Cashback

Poor_Leno said:

I'm trying to find a suitable account for making the £500 DC payment.

I did apply to YBS and had an email welcoming me to the bank but AFAIK I am waiting for whatever documentation they send first requesting for me to send proof of ID.  No idea why they can't just do that electronically with a soft search like most institutions?

Also, had a look at Skipton's e'saver which apparently accepts DC payments.  However, they do explicitly outline in the T&Cs this

[quote]6. Non Payment Account

6.1 This account is a savings account and must not be used for multiple monthly transactions like a current account. It isn’t a Payment Account for the purposes of the Payment Services Regulations 2017.[/quote]

Which I assume would mean I shouldn't really be using the account for the purpose that I would be pretty much abusing their service for.  Unless...I chuck £501 over each month and take out £500 so that it is at least growing like a normal savings account would and not being explicitly used against their terms of service (as above).   I had a Skipton account before and it did used to be a bit clunky with regards to the online offering e.g no app and they had some weird grid card thing.  I assume times changed since I had a Skipton account (which is 4 or 5 years ago) ?



Are there any other accounts?  I do have an NS&I Direct Saver which I could use for DC payment, but, its the slowest account going when it comes to accessing money.  I think its a full 14 days or something silly.  I did have a PO account previously but gave up on it cos it was a nightmare just trying to set up £1 DDs for my co-op account, whenever I tried to do anything with the account I got some stupid technical message.



Cheers!

Do you have a Paypal account ? If you do just add the DC.
I've tried and tested 500 through Paypal. It took 3 days altogether to request and then send the money back to HFX and shows as a DC payment on the statement.

soulsaver

@Poor_Leno @Wheres_My_Cashback @Fingerbobs
We're trying to avoid these options being clocked & blocked. Maybe prudent to delete these posts and discuss at: 
 https://forums.moneysavingexpert.com/discussion/6113944/debit-card-payments-into-your-own-accounts#latest

Poor_Leno

I'll delete my post above fingerbobs...guess we have to keep an eye on said/potential  'exclusions'.  Thanks for the link.