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  • FIRST POST
    Der52
    Changes to Reward and Ultimate Reward Accounts
    • #1
    • 14th Dec 12, 2:18 PM
    Changes to Reward and Ultimate Reward Accounts 14th Dec 12 at 2:18 PM
    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.
    Last edited by Der52; 14-12-2012 at 2:42 PM.
Page 2
    • myth123
    • By myth123 15th Dec 12, 12:21 PM
    • 302 Posts
    • 904 Thanks
    myth123
    A tad inconvenient but nothing that can't be worked around.

    As mentioned above Tesco saving with a DD set up and is it a nationwide MySave that allows DD too?

    I'm just going to set up a DD to two of my lesser used credit cards and make sure I get lunch on them once a month!
    • YorkshireBoy
    • By YorkshireBoy 15th Dec 12, 12:29 PM
    • 31,051 Posts
    • 19,067 Thanks
    YorkshireBoy
    I'm just going to set up a DD to two of my lesser used credit cards and make sure I get lunch on them once a month!
    Originally posted by myth123
    I'm all for making a bit of money, but it has to be easy money!

    I wouldn't faff around having to transfer enough in each month to cover what I'd spent.

    If I can't do it with the savings account DDs (and I think I can), or charity DDs, then I'll be closing 3 of my 4 Reward accounts next July.
    • myth123
    • By myth123 15th Dec 12, 12:54 PM
    • 302 Posts
    • 904 Thanks
    myth123
    I'm all for making a bit of money, but it has to be easy money!

    I wouldn't faff around having to transfer enough in each month to cover what I'd spent.

    If I can't do it with the savings account DDs (and I think I can), or charity DDs, then I'll be closing 3 of my 4 Reward accounts next July.
    Originally posted by YorkshireBoy
    I totally agree I wouldn't want to ffaf too much, but since I have to transfer in 750 per month, I could just transfer out 745, so I'd be leaving 5 to cover the necessary DD's.

    I've just switched one of my tesco savers over to the account, think I will set up some money out to macmillan by DD if they allow because on second thoughts my lunch Credit card spending might need a bit more monitoring/effort as my lunch spend can get a bit silly sometimes

    I guess it's all down to individuals whether they can be bothered, I know some friends who couldn't even be bothered transferring in 1000 and then out once per month to get the 5 as it is now.
    • Gromitt
    • By Gromitt 15th Dec 12, 1:14 PM
    • 4,981 Posts
    • 2,384 Thanks
    Gromitt
    I totally agree I wouldn't want to ffaf too much, but since I have to transfer in 750 per month, I could just transfer out 745, so I'd be leaving 5 to cover the necessary DD's.
    Originally posted by myth123
    and leaving the 5 reward in the account? I'm just going to leave my 1K/1K out and setup 2 DDs for 2.50 each to my savings accounts. If they refuse them because they are not utility payments, I'll just close the account when its converted as its not worth the hassle.
  • Marcusp
    its not worth the hassle.
    Sad, isn't it, when 5 a month isn't worth the hassle?

    I agree with you though, I will be closing mine as well.
    • jennifernil
    • By jennifernil 15th Dec 12, 7:15 PM
    • 5,167 Posts
    • 2,174 Thanks
    jennifernil
    Yep, I doubt we have enough DDs to satisfy the 6 Reward accounts we have, so looks like we will go down to one. I cannot be bothered with any hassle.

    Oh well, it has been good while it lasted!
  • innovate
    Keep your powder dry, folks. These new rules are just a slight nuisance, easily dealt with if you cba about earning an additional 60+ a year.

    I know 60 a year doesn't sound a lot, but I see it as 60 here, 60 there, and a few 60s or so all over the place - adding up to a really nice sum every year for me.

    Those that cba - fair enough, but please stop spreading doom and gloom when the sun's still shining bright!

    http://forums.moneysavingexpert.com/showthread.php?t=4168667
    • Milarky
    • By Milarky 15th Dec 12, 8:00 PM
    • 6,299 Posts
    • 2,210 Thanks
    Milarky
    Credit card accounts one already holds (including dormant accounts outside their promo periods but not actually closed yet) would be a good source of new direct debits if not already set up?

    Also noticed this (if anyone uses their overdraft 'intraday' currently):

    Ensure that you do not have a debit balance (planned or unplanned) at the end
    of any day
    during the calendar month.
    Bad/unfortunate draftsmanship here though:

    To have a Reward Current Account you must set up a minimum of two different
    direct debit mandates on the account.

    Special Conditions – Halifax Reward Current Account

    (f) Reward Current Accounts must have at least two different direct debit mandates set up on the account.

    (g) We may review your account from time to time and if you have not kept a minimum of two
    different direct debit mandates on your account at all times
    , we may change your account
    somewhat contradicts/is not enitrely consistent with:

    The changes are detailed in the ‘Reward payments, interest and account fees’
    leaflet. The new criteria is set out in the table overleaf.

    • have a minimum of two different direct debit mandates paid from your Reward Current Account each calendar month
    Last edited by Milarky; 15-12-2012 at 8:11 PM.
    .....under construction....
    • IJP20
    • By IJP20 15th Dec 12, 8:31 PM
    • 34 Posts
    • 13 Thanks
    IJP20
    Halifax Reward Requirements
    I think Halifax mean you need two direct debits set up to stop the account being downgraded but in addition they need to be actually paid to get the 5 reward in a particular month.
    • ffacoffipawb
    • By ffacoffipawb 15th Dec 12, 8:40 PM
    • 2,987 Posts
    • 2,130 Thanks
    ffacoffipawb
    Credit card accounts one already holds (including dormant accounts outside their promo periods but not actually closed yet) would be a good source of new direct debits if not already set up?

    Also noticed this (if anyone uses their overdraft 'intraday' currently):



    Bad/unfortunate draftsmanship here though:

    somewhat contradicts/is not enitrely consistent with:
    Originally posted by Milarky
    Perhaps .... 2 direct debits set up to be able to keep a reward account

    2 direct debits PAID OUT to receive the fiver?
    Retired: Financial Independence achieved in June 2019.

    Cofiwch Dryweryn
    • atlantis187
    • By atlantis187 15th Dec 12, 8:56 PM
    • 1,139 Posts
    • 478 Thanks
    atlantis187
    this is an absolute joke.
    Cant believe halifax are changing this.

    Can someone remeber when the reward account actually launched?
    I'm trying to work out how much money we have made from our 5 accounts.
  • mulronie
    this is an absolute joke.
    Cant believe halifax are changing this.

    Can someone remeber when the reward account actually launched?
    I'm trying to work out how much money we have made from our 5 accounts.
    Originally posted by atlantis187
    I don't think it's an absolute joke, and I can believe they are changing it. Actually I'm surprised it's taken them this long.

    I've been waiting for this since it was launched in February 2009 - they just aren't making any money out of my 3 otherwise-inactive current accounts (2 Halifax, one BoS). It's an annual cost of 75 per account to them (the monthly 5 is paid to us net, remember), for nothing in return - it's difficult to make a margin on a balance of 0.01.

    Anyone who genuinely uses the Reward account as their main account will not be affected at all, which is surely Halifax's point. It's only an inconvenience to us grubby MSE'ers and our ilk.
    • Gromitt
    • By Gromitt 16th Dec 12, 12:14 AM
    • 4,981 Posts
    • 2,384 Thanks
    Gromitt
    Anyone who genuinely uses the Reward account as their main account will not be affected at all
    Originally posted by mulronie
    I know some people who refuse to pay anything by DD (when they get the energy bill for example, they withdraw the cash and pay at the PO), but do have Halifax as their main account, so it will surely effect these people. I don't think they'll bother to move elsewhere however.
  • pqrdef
    I think Halifax mean you need two direct debits set up to stop the account being downgraded but in addition they need to be actually paid to get the 5 reward in a particular month.
    Originally posted by IJP20
    Well mine are 10 months/year and 8 months/year and I'm not doing anything about it. These silly rules can get too picky.

    I've got my own T&C, which say that the price of my custom is 5/month 12 months/year. If they don't comply, I will close my accounts and they can kiss goodbye to their chances of flogging me a Clarity card.
  • StephenM
    I've used the Halifax as my main current account since well before the Reward Account was introduced. My account used to be called a High Interest account and I converted it to the Reward Account when they revamped their account range.

    I've lots of direct debits on it so these changes won't affect me at all.
    • a&akay
    • By a&akay 16th Dec 12, 8:08 AM
    • 524 Posts
    • 189 Thanks
    a&akay
    Glad I kept our AA, Egg, BM and West Brom(WB) savers accounts dormant with 1 in them for the last few years. It's taken me about an hour to change the DDs, though WB has to be by post. Had to set up a Post Office saver for one of them which will have to process through the set up time. Still worth the 240 per year for an hour's work, plus the time it will take to recycle the money in future, though SOs may remove even some of that once I've researched which accounts allow it (Egg only at the moment, as only single withdrawals allowed from the others. Not sure about PO one).
    Last edited by a&akay; 16-12-2012 at 8:46 AM. Reason: research
    • raysouthern42
    • By raysouthern42 16th Dec 12, 8:34 AM
    • 13 Posts
    • 4 Thanks
    raysouthern42
    Dd's sorted, just set up post office account and tesco account as somebody said previously there are ways around the terms and conditions.
  • choc_mouse
    Does anyone know if you need a "Reward Current Account" to keep the "Reward Clarity Credit Card"? Can't remember the conditions for the Reward credit card (also 5/month) which doesn't appear on their website anymore.

    Anyway, 60/year is still free money. I have just switched my Halifax CC (max 300ish/month) and phone (15/month) direct debits to my Halifax account, so the new conditions are not a problem. I just need to remember to keep some money in my account when I circulate 1000 (750) on the 1st of each month.

    I now have 4 "main accounts" with different banks I need to keep on top of. There will come a point where it won't be worth my while but not yet
    • YorkshireBoy
    • By YorkshireBoy 16th Dec 12, 11:15 AM
    • 31,051 Posts
    • 19,067 Thanks
    YorkshireBoy
    Does anyone know if you need a "Reward Current Account" to keep the "Reward Clarity Credit Card"? Can't remember the conditions for the Reward credit card (also 5/month) which doesn't appear on their website anymore.
    Originally posted by choc_mouse
    The conditions are laid out in your credit agreement/T&Cs. If you've mislaid them there's a copy on their website...

    http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/terms/ (see section 11)
  • choc_mouse
    The conditions are laid out in your credit agreement/T&Cs. If you've mislaid them there's a copy on their website...

    http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/terms/ (see section 11)
    Originally posted by YorkshireBoy
    Thanks! So basically, no impact for existing credit card holders.
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