LBG closing all my accounts on 18th May

pecunianonolet

Raddyantic07 said:

I opened an Al-Ryan account. Had it 1 year fixed term matured and they sent the money back with interest in April 24. I was refused a current bank account recently...baffled I did a CIFAS SAR and it stated: 'Al-Ryan Bank PLC undertook a search on 08 Apr 2024 using your details - please contact Al

Rayan Bank PLC for further information'

I have no idea why they have done this. I am lodging a complaint with them. I see some other people have had issues can you advise me how you have resolved? 

All Al Ryan did is a check if there are any markers. The info that a check was done is only visible to you but not to others. Unless you have an actual Cifas marker, there is nothing to worry about from Al Ryan perspective. Probably denied due to a commercial decision by LBG or perhaps any excessive use e.g. switching etc.by yourself. 

enterprising2016

Hi everyone, the Halifax Terms and Conditions say that it allows a maximum of 3 Reward current accounts in either sole or joint names. However, Lloyds Banking Group has issued life-time bans for some customers who have opened 3 Reward accounts to take advantage of three GBP 5 rewards per month. Wondering if anyone still has 3 Reward current accounts with Halifax? Thank you!

WillPS

enterprising2016 said:

Hi everyone, the Halifax Terms and Conditions say that it allows a maximum of 3 Reward current accounts in either sole or joint names. However, Lloyds Banking Group has issued life-time bans for some customers who have opened 3 Reward accounts to take advantage of three GBP 5 rewards per month.

Have they? News to me. So far as I can see LBG have issued bans for a number of reasons, such as opening an 'abnormal' number of accounts in a short period - bizarrely including Savings Accounts in that.

enterprising2016 said:

Wondering if anyone still has 3 Reward current accounts with Halifax? Thank you!

Yes, many people on and off this forum, myself and my wife included. There are some on here who have far more than 3 Reward accounts from back when there was no maximum number.

Having the number of Reward accounts explicitly allowed within the terms will not in and of itself cause a permaban to be issued, I'm quite sure. Opening 3 of them all on the same day might.

ForumUser7

enterprising2016 said:

Hi everyone, the Halifax Terms and Conditions say that it allows a maximum of 3 Reward current accounts in either sole or joint names. However, Lloyds Banking Group has issued life-time bans for some customers who have opened 3 Reward accounts to take advantage of three GBP 5 rewards per month. Wondering if anyone still has 3 Reward current accounts with Halifax? Thank you!

Have you got any evidence to support this? Will be concerning for many of us on the forum

trickydicky14

ForumUser7 said:

enterprising2016 said:

Hi everyone, the Halifax Terms and Conditions say that it allows a maximum of 3 Reward current accounts in either sole or joint names. However, Lloyds Banking Group has issued life-time bans for some customers who have opened 3 Reward accounts to take advantage of three GBP 5 rewards per month. Wondering if anyone still has 3 Reward current accounts with Halifax? Thank you!

Have you got any evidence to support this? Will be concerning for many of us on the forum

Yes please let us know what evidence you have, I have had 3 accounts for many years without issue.

PRAISETHESUN

I have also held 3 accounts for years without issue. Would definately like to hear if you know something that we don't!

ZeroSum

enterprising2016 said:

Hi everyone, the Halifax Terms and Conditions say that it allows a maximum of 3 Reward current accounts in either sole or joint names. However, Lloyds Banking Group has issued life-time bans for some customers who have opened 3 Reward accounts to take advantage of three GBP 5 rewards per month. Wondering if anyone still has 3 Reward current accounts with Halifax? Thank you!

If it's in the T&Cs why would they be banning people?
I've had 3 for years, even during the period when you were only allowed 1 as a legacy arrangement from when you could have 3 prior to that.

The people getting bans where when they opened a new account then switched it away in a short period of time to take advantage of switching bribes.

enterprising2016

Thank you all for kind insights! 

I don't have any evidence that having 3 rewards accounts will lead to closure. 
Must have misunderstood some stories in this forum and the "https://becleverwithyourcash.com/"
 community.

My apologies! Those stories indeed involved some forms of rapid multiple account opening.

I hold 1 Reward account with Halifax (opened in year 2014), 1 Lloyds and 3 bank of Scotland accounts (which used to offer quite high interest rates).

Those who hold 3 Reward Accounts, how long did you wait in between applications? Do you need to use the accounts regularly beyond £500 debit card and paying in £1500?

Thank you!!!

trickydicky14

enterprising2016 said:

Thank you all for kind insights! 

I don't have any evidence that having 3 rewards accounts will lead to closure. 
Must have misunderstood some stories in this forum and the "https://becleverwithyourcash.com/"
 community.

My apologies! Those stories indeed involved some forms of rapid multiple account opening.

I hold 1 Reward account with Halifax (opened in year 2014), 1 Lloyds and 3 bank of Scotland accounts (which used to offer quite high interest rates).

Those who hold 3 Reward Accounts, how long did you wait in between applications? Do you need to use the accounts regularly beyond £500 debit card and paying in £1500?

Thank you!!!

It's so long ago I can't remember the gap between opening my accounts, I use one of my accounts as my main bank account, the other two are only used to make me my £5 so £1500 in out each month and a £500 debit paid out and that's it job done.

PRAISETHESUN

@enterprising2016 I opened my first Reward account ages ago as a part of a switch incentive. The other two were opened some time later, but they were opened a week or two apart from memory. I have never used them as my main bank. I bounce £1500 in and out each month by standing order (automated so I never have to think about it), and separately I deposit £500 into each then make a £505 debit card transaction to meet the criteria and withdraw the previous month's reward