Changes to Reward and Ultimate Reward Accounts

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Der52
Der52 Posts: 5 Forumite
edited 14 December 2012 at 3:42PM in Budgeting & bank accounts
New terms and conditions will go live from 1 May 2013, to make a clearer distinction between main banking customers and non-main banking customers.

Summary is:

• Reward Current Account customers need to have a minimum of two direct debits set up on their account by 14 April 2013. Any account, regardless of the amount the account is funded with, that doesn't have two direct debits will be converted to a Current Account on 2 May 2013

• From 1 May 2013, to receive your £5 reward/discount on URCA fee, customers need to:
• Fund their account with £750 PCM (down from £1k)
• Pay two direct debits to different organisations each month
• Remain in credit all month

The 'buffer' limit is also being increased from £10 to £50 for all main banking customers. This means you will not pay planned or unplanned fees on the first £50 you are in debit.
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Comments

  • raysouthern42
    raysouthern42 Posts: 13 Forumite
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    Where did u get this information from, can't find anything on halifax website.
  • stclair
    stclair Posts: 6,844 Forumite
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    You can read the notice of variation here:

    http://www.halifax.co.uk/bankaccounts/pdf/130501-bank-account-changes.pdf
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 14 December 2012 at 10:32PM
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    Der52 wrote: »
    Any account, regardless of the amount the account is funded with, that doesn't have two direct debits will be converted to a Current Account on 2 May 2013.
    More accurately, the accounts may be converted, and if they decide to do so they'll give at least 2 months notice...making it early July (so time to take any remedial action and reverse their decision?).

    My first thought was "oh well, it was good while it lasted...the £1,000 I'll have made by then has been put to good use".

    However, all is not lost. I'll simply do like I did for the LTSB 4% Vantage offer...namely set up 2 more Tesco DDs* - one for £3 and the other for £2, which will take care of the £5 Reward payments and save me the trouble of syphoning off the money manually each month.


    * And if two Tesco DDs (one to an Internet Saver and one to an Instant Access Savings Account) don't count as "different DD mandates" I'll find another savings account accepting deposits by DD and set one up there as well.
  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
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    I assume they've finally cottoned on to all the people taking their free fivers every month then...
  • innovate
    innovate Posts: 16,217 Forumite
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    Brilliant spot, thanks Der52, gives me loads of time to set up all those additional DDs :-)

    Dont think I cba to change my SOs from £1K to £750, unless it has to come from an external source now.
  • huw01
    huw01 Posts: 338 Forumite
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    Mmmmm interesting. I have a bank of Scotland branded reward account (now a withdrawn product) I wonder if they are changing the BOS branded reward accounts as well?
  • [Deleted User]
    [Deleted User] Posts: 2,175 Forumite
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    innovate wrote: »
    Dont think I cba to change my SOs from £1K to £750, unless it has to come from an external source now.

    Does it have to come from outside now?
  • innovate
    innovate Posts: 16,217 Forumite
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    billbennett wrote: »
    Does it have to come from outside now?

    hope not, haven't read the new T&Cs yet myself
  • innovate
    innovate Posts: 16,217 Forumite
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    huw01 wrote: »
    Mmmmm interesting. I have a bank of Scotland branded reward account (now a withdrawn product) I wonder if they are changing the BOS branded reward accounts as well?

    ooooh - - didn't realise BoS do reward accounts too. Must investigate whether I can get one or two
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    Didn't we have to switch 2 DDs to get the switching bonus? That's sorted then. Glad I didn't switch them to Lloyds for the 4%, or I'd have to switch them back now. That would be the 4th switch in just over a year. (and then the 5th would be to Santander for the cashback). The council and the water board might be getting a bit fed up of competition in the current account market.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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