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

King_Of_Fools

JustAnotherSaver said:

So so if you had 12% interest rate then you wouldn’t get 12% each month, you only get 1% for a total of 12%?

I think many on here would welcome a savings account that pays 12% each month. That would be an AER of almost 390%

JustAnotherSaver

Wasn’t aware that a post count was relative to anything. 

Anyway, I always thought the rate was what you got each day. So if something is advertised as 5% then it’s just 5% throughout, day after day. 
Move ... ok why on earth does my phone autocorrect I’ve to move???
anyway, I’ve seen AER & APR, I’ve never bothered looking in to it all, I just look at the number and if that number is bigger than that number then I go for it because it’ll give me more money. 

crumpet_man

This has got to be a windup.
You thought 5% interest meant 5% PER DAY?

surreysaver

crumpet_man said:

This has got to be a windup.
You thought 5% interest meant 5% PER DAY?

Next question will be why the OP hasn't doubled their money after 17 days!

colsten

surreysaver said:

Next question will be why the OP hasn't doubled their money after 17 days!

Probably a conspiracy by dem banks.  Again. 😂

manzo180

For those noting the June vs July differences... I made my selection today using the letter given and I noticed the phone number on the letter (June) vs the website (July) is different so that might reflect the 2 groups. Time will tell!

where_are_we

The equivalent AER for the new Halifax Reward Current Account if you keep £5000 in for a year and follow all the conditions is more than 1.2%. If you deposit the £5 reward each month in an interest bearing account the extra interest earned (about 30p) brings you up to about 1.206%!

MACKEM99

I have opted for the £500 debit card out a month.  I first tried a £5 payment to PO saver a little while ago and it worked ok.  Today I tried to make a payment to get into the monthly habit but got this on the PO site: 
"Requests to the server have been blocked by an extension2
???
Tried calling them but having to wait ages?

colsten

May be they did you a favour by not letting you deposit any more. You are a very brave person, planning on depositing £500 into a PO savings account each month. Have you worked out how you would be able, reliably and instantly, to withdraw your cash from the account?

derrick

colsten said:

May be they did you a favour by not letting you deposit any more. You are a very brave person, planning on depositing £500 into a PO savings account each month. Have you worked out how you would be able, reliably and instantly, to withdraw your cash from the account?

I did it last week.

£500.00 Halifax to PO on Friday, they don't do FP so had the weekend to wait.

It was in PO Tuesday. Moved it back, it was in Halifax Wednesday.