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

portenio

Hi everyone, first post here!

I have been on MSE for many years but for some reason never registered on the forum.

Thank God I read MSE weekly email Tuesday night as I got to know about the changes and the deadline!

I had no idea as I am away from home and usually don't check my inbox on Halifax Online.

OK so, I read the 60 pages of the thread, each and every message, and today at 3am I called the automated number ending 33, no issues at that time with lines busy of course!

Accidentally I made my choice for my 3 Halifax accounts, despite 1 being an Easycash and all 3 were accepted. There is no rejecting from the automated voice to say "this account doesn't qualify". As is there no user validation like many commented.

It will be fun if eventually it is also converted to new scheme. But realistically I don't think it will. They are not that silly at the Halifax (or maybe they are, we shall see).

Cheers.

Wheres_My_Cashback

JustAnotherSaver said:

TempUsername03052020 said:

Wow, no need to be a d*ck about it. I can't believe you made the effort to post that. So so sad.

Also i have read the thread, but was wondering if anyone has received anything since the last time it was posted.

I know. The time they spend going on about reading threads and searching, they could spend the same time either answering the question or saving that time and just ignoring it if the person daring to ask has put them out in such a bad way.

NOTE: That isn't directed at anyone in particular in this thread, it's just a general comment that applies to all forums.

But anyway, i've come back to this thread as i've had notification the Marcus account is dropping its rate again to what would be 1.19% for me.

I'm checking to see if £25k-£30k would be better in the Marcus account at that rate or across 5-6 Halifax accounts at £5k each. From what i've understood (and i didn't necessarily understand correctly) i would now get more money (£30 off of the Halifax accounts vs whatever per month off the Marcus) with the Halifax accounts than the Marcus account?

Don't feed the trolls !

Rollinghome

It's an underwhelming offer so I was going to ignore it but decided to opt in this morning as a sort of backstop.  Moving money in and out by debit-card for £5 a throw is too much faff for someone as lazy as me when I could be doing something more important (like pondering whether I've too much ear-wax or something) so opted for leaving £5k in the account for a fixed 1.2% net. Won't know if that's worthwhile until the bottom for interest rates this year is apparent.

I'm sure it's been covered somewhere in the 60 pages of this thread, so apologies in advance, but does anyone know whether plonkng £5k in today will get the fiver next month, during June, or whether it doesn't need to be there until 1 June with the first 'reward' being paid in July?

General_Grant

Rollinghome said:

It's an underwhelming offer so I was going to ignore it but decided to opt in this morning as a sort of backstop.  Moving money in and out by debit-card for £5 a throw is too much faff for someone as lazy as me when I could be doing something more important (like pondering whether I've too much ear-wax or something) so opted for leaving £5k in the account for a fixed 1.2% net. Won't know if that's worthwhile until the bottom for interest rates this year is apparent.

I'm sure it's been covered somewhere in the 60 pages of this thread, so apologies in advance, but does anyone know whether plonkng £5k in today will get the fiver next month, during June, or whether it doesn't need to be there until 1 June with the first 'reward' being paid in July?

I'm sure you will be taking responsibility for yourself reading the terms as given to you by Halifax but are only seeking confirmation of your own understanding.
My understanding is that, as they say the account operates from 1 June, they won't pay anything until July.
Also putting in £5K half way through a month isn't ever going to get you anything unless the balance has always been £5K or more for the whole of the month.

soulsaver

Rollinghome said:

...but does anyone know whether plonkng £5k in today will get the fiver next month, during June, or whether it doesn't need to be there until 1 June with the first 'reward' being paid in July?

You can form your opinion from the terms words:
" If you have met the conditions for your chosen Offer, the payment will be made into your account or you will receive the lifestyle benefit during the following month. Your account must remain open for any chosen Offer to be provided to you; for example, if you have chosen the cash Monthly Reward and you meet the Offer conditions in April but close your account in May before the payment is made, you won’t receive April’s payment."

Rollinghome

Rollinghome said:

... does anyone know whether plonkng £5k in today will get the fiver next month, during June, or whether it doesn't need to be there until 1 June with the first 'reward' being paid in July?

To answer my own question: I rang Halifax and they had to confer and still didn't seem too sure but they seemed to think the offer starts from 1 June and so there's no point of paying £5k in before.  I assume that you also won't get anything for that first month unless the £5k hits the account on the 1st of the month.

What made me wonder was the para in the T&Cs: "The Offer starts on the day you select it and lasts for a minimum of 12 full months. For example, if you select the Offer on 10th November 2020, it will end on 30th November 2021. If you keep a balance of £5,000 or more in your account from 10th - 30th November 2020, you will receive the Offer for that month."

Quite why they give an example randomly choosing November 2020 instead of  May 2020  which might be more relevant to many I'm not sure.

Thanks for replies.

soulsaver

And this:
So Earn a Monthly Reward by keeping £5,000 or more in your account • In order to qualify for the Monthly Reward in any calendar month, you must keep a balance of £5,000 or more in your account every day.
• The Offer starts on the day you select it and lasts for a minimum of 12 full months. For example, if you select the Offer on 10th November 2020, it will end on 30th November 2021. If you keep a balance of £5,000 or more in your account from 10th - 30th November 2020, you will receive the Offer for that month.

Rollinghome

soulsaver said:

And this:
So Earn a Monthly Reward by keeping £5,000 or more in your account • In order to qualify for the Monthly Reward in any calendar month, you must keep a balance of £5,000 or more in your account every day.
• The Offer starts on the day you select it and lasts for a minimum of 12 full months. For example, if you select the Offer on 10th November 2020, it will end on 30th November 2021. If you keep a balance of £5,000 or more in your account from 10th - 30th November 2020, you will receive the Offer for that month.

Indeed. So what conclusion do you arrive at for if "you select the Offer on" 15th May 2020?

soulsaver

From (my) above it's (pretty) clear that you qualify in launch month for reward in following month as Rewards  do now. The question is do you qualify in the month prior to launch, May, to be paid Rewards Extra payment in the launch month, June ? 

The DC spend option is easy (assuming you have the funds); you qualify for either £2 reward in June or £5 just by adjusting the May short term funding to £1500, £500 DC spend and keeping your DDs in place - then que sera will be...

Similarly the £5k, £1500 s.t. funding and 2 DDs will (should) still get at least £2 reward but you could miss out on 16 days (15th -31st) interest on your £5k (£2.63 @ say 1.2%). 

Then IIRC there was talk of a concession for launch month whereby they'll waive the qualifying rquirements?

colsten

Rollinghome said:

soulsaver said:

And this:
So Earn a Monthly Reward by keeping £5,000 or more in your account • In order to qualify for the Monthly Reward in any calendar month, you must keep a balance of £5,000 or more in your account every day.
• The Offer starts on the day you select it and lasts for a minimum of 12 full months. For example, if you select the Offer on 10th November 2020, it will end on 30th November 2021. If you keep a balance of £5,000 or more in your account from 10th - 30th November 2020, you will receive the Offer for that month.

Indeed. So what conclusion do you arrive at for if "you select the Offer on" 15th May 2020?

As the offer doesn’t start until June 1 2020, there’s not much point in an example with a date in May 2020