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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 3
    • YorkshireBoy
    • By YorkshireBoy 16th Dec 12, 11:32 AM
    • 31,062 Posts
    • 19,077 Thanks
    YorkshireBoy
    Thanks! So basically, no impact for existing credit card holders.
    Originally posted by choc_mouse
    Condition 11.2 seems to say you don't even need to keep the current account open to get the Clarity Reward payment...merely hold one "at the time you enter into this agreement".

    I wouldn't risk closing the current account myself though...just in case! Which brings me onto...

    On a related issue, did you note the requirement for the £1K current account credit? Anyone dropping down to £750 a month from next May could fall foul of the Clarity Reward conditions. Something to bear in mind.
    • jonmcclelland
    • By jonmcclelland 16th Dec 12, 4:11 PM
    • 107 Posts
    • 936 Thanks
    jonmcclelland
    my halifax account has two debits set up to Orange and to Paypal, which I use to purchase off ebay.

    Obviously Paypal doesn't come out every month...only if there is a balnce on there.

    Does this still qualify?
    • rb10
    • By rb10 16th Dec 12, 4:20 PM
    • 6,304 Posts
    • 3,827 Thanks
    rb10
    my halifax account has two debits set up to Orange and to Paypal, which I use to purchase off ebay.

    Obviously Paypal doesn't come out every month...only if there is a balnce on there.

    Does this still qualify?
    Originally posted by jonmcclelland
    From my reading of the new conditions, your account will remain as a Reward account (as it has two DDs set up on it), but you will only receive the £5 reward in months where both DDs were paid.
    • Hominu
    • By Hominu 16th Dec 12, 5:29 PM
    • 1,651 Posts
    • 868 Thanks
    Hominu
    I was told yesterday that the new conditions from next May include the condition that £750/month must be deposited into the account to get the £5/month, and that this deposit must be a "direct credit" such as my salary or other benefits and that a transfer from another Halifax account will not qualify.

    Is this true, or are they telling me lies?
  • innovate
    Have not seen that in the T&Cs
    • billbennett
    • By billbennett 16th Dec 12, 6:44 PM
    • 2,270 Posts
    • 1,623 Thanks
    billbennett
    I was told yesterday that the new conditions from next May include the condition that £750/month must be deposited into the account to get the £5/month, and that this deposit must be a "direct credit" such as my salary or other benefits and that a transfer from another Halifax account will not qualify.

    Is this true, or are they telling me lies?
    Originally posted by Hominu
    Who told you this?
    In "Monopoly", what makes the "Super Tax" so super?
    • Gromitt
    • By Gromitt 16th Dec 12, 6:50 PM
    • 4,981 Posts
    • 2,384 Thanks
    Gromitt
    I see it says on the website: "agree to fund the account with your salary or other credits (minimum £750 per month)", but that doesn't say that transfers are not allowed. Maybe this is what the staff have been told?

    Then again, its suspiciously similar wording to the £100 offer, so maybe they'll randomly check and if you are using transfers, degrade your account. Who knows what'll happen until May.
    • ice_babe
    • By ice_babe 16th Dec 12, 7:39 PM
    • 331 Posts
    • 110 Thanks
    ice_babe
    Thats a shame there doing this. Me and my OH have 3 between us. Our main joint account and 1 account each we cycle £1000 through. I quite liked the extra £10 a month
    • latecomer
    • By latecomer 17th Dec 12, 1:11 PM
    • 4,626 Posts
    • 2,626 Thanks
    latecomer
    I'm amazed its taken this long to happen - I'm going to miss my free fivers but probably wont go the effort of shuffling DDs or setting up new accounts to get them.
    • sabretoothtigger
    • By sabretoothtigger 17th Dec 12, 1:46 PM
    • 10,027 Posts
    • 6,604 Thanks
    sabretoothtigger
    Can someone confirm the 5 (NET) equates to 6.25 gross

    Therefore 1.25 x 12 is claimable via R40 from HMRC per year for say a student for example

    Regarding DD I guess each external payment to the 2 outside accounts could be repeated on every reward account
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    Maybe this is one of those cases where you canít go home again,
    by Ben S. Bernanke, former Fed chairman
    • pinkdalek
    • By pinkdalek 17th Dec 12, 2:59 PM
    • 1,304 Posts
    • 779 Thanks
    pinkdalek
    Can someone confirm the 5 (NET) equates to 6.25 gross

    Therefore 1.25 x 12 is claimable via R40 from HMRC per year for say a student for example

    Regarding DD I guess each external payment to the 2 outside accounts could be repeated on every reward account
    Originally posted by sabretoothtigger
    The bank deducts and pays the tax on the reward payment automatically and that rate is currently set at 20%. 20% of the gross amount (£6.25) is £1.25. Thus the £5 reward payment you receive has been tax deducted, as is interest paid to savings accounts (exception of cash ISAs). If you are a non-tax payer you can claim Gross Interest on savings by completing an "R85 Interest Without Tax Deducted" form however as the reward payment isn't interest and as stated is classed as a "Reward" you can claim it back via HMRC. The bank can issue you with a certificate to state you have paid tax on the reward as proof to HMRC for your claim.

    As for the DDs, why not set up two charity DDs and donate £1 each to them and be happy with £3 per month.
  • melbell
    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.
    Originally posted by pqrdef
    You sound stupid you know

    I bet Halifax will be glad to see the back of you and the rest that have just been leeching off them.
    • slush
    • By slush 19th Dec 12, 9:45 AM
    • 101 Posts
    • 44 Thanks
    slush
    Has anyone seen any specific reference to the BoS Reward account regarding such a change?
  • pqrdef
    I bet Halifax will be glad to see the back of you and the rest that have just been leeching off them.
    Originally posted by melbell
    12 months later they'll be offering me £100 to come back.
    • Gromitt
    • By Gromitt 19th Dec 12, 1:23 PM
    • 4,981 Posts
    • 2,384 Thanks
    Gromitt
    12 months later they'll be offering me £100 to come back.
    Originally posted by pqrdef
    Which is a better deal than the £75/year they are currently paying you to keep you as a customer as at least you won't be taxed on it!
    • Ryan101
    • By Ryan101 19th Dec 12, 1:26 PM
    • 244 Posts
    • 21 Thanks
    Ryan101
    Just got off the phone with the Halifax on a unrelated matter and asked about the changes and was told (Not sure if this is 100% true but its what she said):

    1) Direct debits minimum of two regular month to Utilities (Gas, Electric, Mobile phone) or Credit Card payments, must be for variable amounts and not fixed repayments.

    2) £750 credit must be by BACS payment only, not TFR (Internal) or FPI from another bank, so for example wages or benefit payments, interest payments are not included in the £750 total.

    She said my EDF Direct Debit and Home Insurance would be fine, but going to struggle on the BACS payments.

    She did sound knowledgeable, but I really don't know, would advise checking yourself to find out, but its one way of weeding everyone out.
  • innovate
    neither of these two statements are supported by their written T&Cs. I think they are both ridiculous, particularly number 1.
    • latecomer
    • By latecomer 19th Dec 12, 3:04 PM
    • 4,626 Posts
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    latecomer
    My utility and mobile DDs are fixed amounts......

    I guess like most of these things, most people dont know the full details and hence people get told a load of nonsense particularly before the change takes place.
    • YorkshireBoy
    • By YorkshireBoy 19th Dec 12, 5:09 PM
    • 31,062 Posts
    • 19,077 Thanks
    YorkshireBoy
    My utility and mobile DDs are fixed amounts......
    Originally posted by latecomer
    What does that matter? So long as they have different 'originator' reference numbers they'll satisfy the T&Cs.
    I guess like most of these things, most people dont know the full details
    All "most people" have to do is read the 4-page document (either online or the paper copy they'll send out in due course), which contains all the customer needs to know. Quite why people have to ring Halifax and ask is beyond me. For example, the requirement is to "pay in", ie credit the account with, £750 per calendar month. Since the T&Cs don't stipulate where it must come from, and the converse...where it must not come from, why are people asking Halifax call-centre staff to speculate?

    This thread is going to go the way of the LTSB Vantage thread, where people were trying to put their own slant on clearly written T&Cs.
    and hence people get told a load of nonsense particularly before the change takes place.
    See above...it's pure speculation/canteen gossip/group think!
    Last edited by YorkshireBoy; 19-12-2012 at 5:53 PM.
    • latecomer
    • By latecomer 19th Dec 12, 5:41 PM
    • 4,626 Posts
    • 2,626 Thanks
    latecomer
    What does that matter?
    Originally posted by YorkshireBoy
    Just making the point that utility bills etc are not necessarily varying amounts to counter the previous post

    In general people are just speculating about all aspects of it.
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