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

Rewardac

this is a suggestion in this year and at current times, how is it easy to close account online or by email. No need to visit branch or send letters and chance of the virus infection with banks only open for few hours. Secondly there is no email facility of banks or even management, should the banking regulator review the process in detail. Letter date is March 2020 with effect from 15 May 2020

colsten

Rewardac said:

this is a suggestion in this year and at current times, how is it easy to close account online or by email. No need to visit branch or send letters and chance of the virus infection with banks only open for few hours. Secondly there is no email facility of banks or even management, should the banking regulator review the process in detail. Letter date is March 2020 with effect from 15 May 2020

If you are asking how you can close your Halifax Reward account: the easiest is to use CASS to switch to  a current account with a different bank.

Wheres_My_Cashback

Will be interesting come 01 Jul when the first Reward payments start rolling in to see what's working and what's not as there is possibly a way it can be done with only losing the reins on that Monkey for just a few minutes 
No 2-3 days getting it stuck in processing tried, tested and worked twice now.

TempUsername03052020

Hi All,

I'm new to to the forum so Hi :-)

Just wondering if I am correct in thinking I can purchase £500 in premium bonds or paying into my S&S iSA via my debit card and be eligible for the £5 cashback?

Also has anyone had any further luck with the automated Halifax number to register?

Thank You

purplestar133

I am ashamed of myself for not reading this letter and just leaving it on the 'to read later' pile. I've just seen the email reminder and it's the first I've heard of it because I haven't got to the letter yet 
There's no way I will spend £500 a month on my debit card, unless there is some way to use to it to pay somewhere and then put it straight back in. 
I could try and keep £5000 in but if I need to drop below that level, I would obviously lose the reward but would I also incur the £3 charge? And could I decide at that point to switch to a normal current account? I don't know whether I can definitely keep £5000 in every month as I just don't know what's going to happen

Really you would need to leave more than £5000 in to take account of DDs etc unless you want to top up your balance every day wouldn't you?

TOP_CAT

The £3 fee applys to depositing £1500 per month terms and conds and the spending £500 min on your debit card gets the fiver.
Thats how I understand it .
Otherwise if you choose 5000 savings ......as a backstop  you could just shuffle 1500 per month between accounts and if your balance drops below £5000 you wont get a £3 fee ..or the fiver if that  5000 savings reward extra choice is made 
Mention has been made of no fee in the first months while you get used to the new terms .

I see in a previous post Xinc99 is doing it this month of May ?
Good luck with that Sherlock !

where_are_we

bumbaclart1 said:

Hi All,

I'm new to to the forum so Hi :-)

Just wondering if I am correct in thinking I can purchase £500 in premium bonds or paying into my S&S iSA via my debit card and be eligible for the £5 cashback?

Also has anyone had any further luck with the automated Halifax number to register?

Thank You

I will be drip feeding my S&S ISA with £500 a month using my Halifax Reward Debit Card starting in June. Whether it will be eligible for £5 cashback we will find out at the beginning of July! I have registered my preferences and hoping for confirmation before this month is out.

colsten

purplestar133 said:

Really you would need to leave more than £5000 in to take account of DDs etc unless you want to top up your balance every day wouldn't you?

There is no DD requirement in the new scheme. Thus a steady £5k would suffice. However, as long as there are 1.2% savings accounts, there seems little point in faffing about with a Reward account for the equivalent of 1.2% interest. You might as well put your money into a Marcus or RCI account, who will pay you interest on whatever your balance is. As and if they drop their interest rates, you can still consider upgrading to a Reward account at that time.

And could I decide at that point to switch to a normal current account? 

They haven't explicitly said that you can change from a Reward to a standard account any time you like, but I would think it is possible. In any case, you could switch, or otherwise close, a Reward account any time you like.

sparkiemalarkie

I haven't been able to get through on any of the phone numbers. The line just cuts off.
Any other ideas on how to register?
tia
sx

soulsaver

sparkiemalarkie said:

I haven't been able to get through on any of the phone numbers. The line just cuts off.
Any other ideas on how to register?
tia
sx

I got through no prob at 00:45 last night (well, technically this morning) ...