Halifax Reward Account

30
Found 27th Jul
Hi. I see the Halifax Reward Account bonus is dropping from £3 monthly to £2 monthly from the 1st October 2018. Not so long ago it used to be £5 monthly.

It’s almost getting to a point now where it’s not worth my while keeping the account open. Only just worth it now!

Any thoughts anyone on this or alternatives.

Thanks
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30 Comments
Hmmm it’s becoming worthless I’m with ultimate
Thanks for flagging this up. I didn't know that. Were you sent an email or letter? I get so much stuff from them about account changes, I never bother to read through all the literature.

I was already considering closing the account so will do so, as £2 a month is not worth the effort.
It's cuz they ain't hammering me with £1 a day overdraft now. Was crazy money but more sensible now
mutley133 m ago

Thanks for flagging this up. I didn't know that. Were you sent an email …Thanks for flagging this up. I didn't know that. Were you sent an email or letter? I get so much stuff from them about account changes, I never bother to read through all the literature.I was already considering closing the account so will do so, as £2 a month is not worth the effort.


No problem. Glad it helped. It was a message sent to my Halifax account inbox. No email or letter at all...so they are doing this as ‘quietly as possible’ as not everyone reads every message they send out (I don’t). I agree it’s not really worth the effort now but there aren’t many other alternatives out there...I’ve had/used up most of the ones I thought were ok (TSB, COOP everyday rewards etc).
wayners29 m ago

It's cuz they ain't hammering me with £1 a day overdraft now. Was crazy …It's cuz they ain't hammering me with £1 a day overdraft now. Was crazy money but more sensible now


Yes..they had a much needed change to the o/s £amounts they could charge recently didn’t they! Not before time...
Justsuperman41 m ago

Hmmm it’s becoming worthless I’m with ultimate


They increased the fee/mth for that also didn’t they!
Last year Santander upped their monthly fee from £2 to £5 whilst reducing the in credit interest rate from 5% to 1.5%..................................What can I say?
At that time I commented "Santander sucks".
I agree...the interest rates you get these days are mostly pitiful..and the steps you need to do to comply just do get a £small amount of money/month are often not worth the effort. I recently switched from COOP Everyday Rewards acc as they needed 4x d/debits just to get £4 (I couldn’t meet that as I have other commitments with other banks also).
Edited by: "steve765" 27th Jul
Banks are quite happy to take your money(deposits) which they use to their own benefit (i.e. lend out & obtain interest from another customer) but they don’t want to give you any return for doing so!
steve76541 m ago

No problem. Glad it helped. It was a message sent to my Halifax account …No problem. Glad it helped. It was a message sent to my Halifax account inbox. No email or letter at all...so they are doing this as ‘quietly as possible’ as not everyone reads every message they send out (I don’t). I agree it’s not really worth the effort now but there aren’t many other alternatives out there...I’ve had/used up most of the ones I thought were ok (TSB, COOP everyday rewards etc).


I received a letter about this today.
Trevormal2 m ago

I received a letter about this today.


Ok they might be sending letters also...I haven’t had mine yet though.
Just got letter today....banks are getting worse, watched a programme a few years ago about a guy called dave fishwick who tried to open a bank in burnley and between the other banks and fca they couldn’t have made it harder for him
Co-op bank current AC pays 4pounds permonth checktheir
rsb28 m ago

Co-op bank current AC pays 4pounds permonth checktheir



their what?
mutley15 h, 30 m ago

Thanks for flagging this up. I didn't know that. Were you sent an email …Thanks for flagging this up. I didn't know that. Were you sent an email or letter? I get so much stuff from them about account changes, I never bother to read through all the literature.I was already considering closing the account so will do so, as £2 a month is not worth the effort.



chocci1 h, 40 m ago

CheersWill be switching as I'll get £5.50 per month …CheersWill be switching as I'll get £5.50 per month nowhttps://www.co-operativebank.co.uk/currentaccounts/everyday-rewards


You get £4pm for paying in £800pm and having 4x d/debits. To get the extra £1.50pm you need to use your debit card 30x in a month (each time you do you get 5p back as a reward - how very generous of them !! )

I switched from COOP to Double Barclays Rewards (not available now) & will be getting £11pm (after £3 fee) for a year = £132
Edited by: "steve765" 28th Jul
I got my letter from Halifax yesterday saying it was going down to £2...think ill wait until other banks are offering cash to switch and ill do that, usually Xmas time according to Martin Lewis!
pink_elephant24 m ago

I got my letter from Halifax yesterday saying it was going down to …I got my letter from Halifax yesterday saying it was going down to £2...think ill wait until other banks are offering cash to switch and ill do that, usually Xmas time according to Martin Lewis!


Good idea as £2 is better than £0 (only slightly). I would switch to M&S but don’t want vouchers.
Some banks have also reduced the ‘cash bonuses’ available upfront for switching accounts to them...maybe they don’t want or need our custom as much as they used to?
Or maybe they don’t value us as customers & think we will simply put up with whatever they give us....
Edited by: "steve765" 28th Jul
steve7651 h, 39 m ago

You get £4pm for paying in £800pm and having 4x d/debits. To get the extra …You get £4pm for paying in £800pm and having 4x d/debits. To get the extra £1.50pm you need to use your debit card 30x in a month (each time you do you get 5p back as a reward - how very generous of them !! )I switched from COOP to Double Barclays Rewards (not available now) & will be getting £11pm (after £3 fee) for a year = £132



Good thing withco-op rewards is that it is on going, so long as youmeet their criteria. whichis not limited to one year which most banks give you as switching incentive
rsb10 m ago

Good thing withco-op rewards is that it is on going, so long as youmeet …Good thing withco-op rewards is that it is on going, so long as youmeet their criteria. whichis not limited to one year which most banks give you as switching incentive


Ok. Fair point I will give you that. Thing is I decided that £132 / £5.50 = 24 months (2 years worth of COOP rewards). I never ever got the full £5.50 anyway.
Everybody has different reasons for choosing a particular account don’t they...whatever account suits your needs best is the way to go.
steve7652 h, 23 m ago

You get £4pm for paying in £800pm and having 4x d/debits. To get the extra …You get £4pm for paying in £800pm and having 4x d/debits. To get the extra £1.50pm you need to use your debit card 30x in a month (each time you do you get 5p back as a reward - how very generous of them !! )I switched from COOP to Double Barclays Rewards (not available now) & will be getting £11pm (after £3 fee) for a year = £132


Nationwide's FlexPlus account offers worldwide family travel insurance, family smartphone insurance and UK and European breakdown cover. You can also get 3% AER variable interest on up to £2,500.

This rate is fixed for the first year you hold the account. Though do be aware that it drops to 1% from year two. You may want to look around then to see if it can be beaten.

More offers at the following as well.

moneysavingexpert.com/news/banking/2018/07/halifax-to-slash-current-account-rewards

moneysavingexpert.com/banking/compare-best-bank-accounts/

savingschampion.co.uk/best-buys/personal/high-interest-current-account/
Edited by: "LemonHead" 28th Jul
LemonHead10 m ago

Nationwide's FlexPlus account offers worldwide family travel insurance, …Nationwide's FlexPlus account offers worldwide family travel insurance, family smartphone insurance and UK and European breakdown cover. You can also get 3% AER variable interest on up to £2,500.More offers at the following as well.https://www.moneysavingexpert.com/news/banking/2018/07/halifax-to-slash-current-account-rewards#otherrewardshttps://www.moneysavingexpert.com/banking/compare-best-bank-accounts/


Nationwide Flex Plus account has a £13/monthly fee though. Not for me. Good if you ‘need/will use’ the benefits it comes with. Thanks.
Edited by: "steve765" 28th Jul
LemonHead12 m ago

Nationwide's FlexPlus account offers worldwide family travel insurance, …Nationwide's FlexPlus account offers worldwide family travel insurance, family smartphone insurance and UK and European breakdown cover. You can also get 3% AER variable interest on up to £2,500.More offers at the following as well.https://www.moneysavingexpert.com/news/banking/2018/07/halifax-to-slash-current-account-rewards#otherrewardshttps://www.moneysavingexpert.com/banking/compare-best-bank-accounts/



unfortuantely, the flexplus costs £13 per month
I’m just going to keep it open till a decent switch offer comes along. Won’t be out of pocket by doing so as I will still be getting £2/mth.

The number of d/debits you have kind of limits the no of qualifying accounts you can have open at any one time in my opinion.
chocci13 m ago

unfortuantely, the flexplus costs £13 per month


Yeah, just noticed that too.

The FlexDirect account may be better do you think?

nationwide.co.uk/pro…fts
LemonHead11 m ago

Yeah, just noticed that too. The FlexDirect account may be better do you …Yeah, just noticed that too. The FlexDirect account may be better do you think?https://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts


Good yes but once again you are limited to 12 months & you can’t open another one once you have had one previously. It used to be you could open another one after a 12 month gap but they stopped that (so I believe).
T&C’s are slightly different if you open an acc in joint names.

There may still be a way round this (so I’ve heard) but I’m not 100% sure what it it is (anyone who knows please post here).
Edited by: "steve765" 28th Jul
LemonHead6 m ago

Yeah, just noticed that too. The FlexDirect account may be better do you …Yeah, just noticed that too. The FlexDirect account may be better do you think?https://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts



it is unless you need the travel insurance etc anyway. I'm going for the co-op £4 cashback each month.
leejay14 h, 14 m ago

Just got letter today....banks are getting worse, watched a programme a …Just got letter today....banks are getting worse, watched a programme a few years ago about a guy called dave fishwick who tried to open a bank in burnley and between the other banks and fca they couldn’t have made it harder for him


There are lots of newly opened banks. It sounds like Dave Fishwink from Burnley didn't try hard enough.
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