Halifax Rewards to be scrapped

[planteria]

the account is on the way out, cDecember.
the £5/m days were handy.. just £2/m nowadays, so not a huge loss, but still a shame.
apparently they are going to be offering something to 'reward loyalty' of account holders. we shall see.

[Sarah]

I wish that I'd switched more accounts to Santander earlier this year... fewer and fewer are worth keeping now!

Bring on the next big switch opportunity!

[planteria]

agreed Sarah. although i'm having challenges with approvals nowadays.. and i'm kind of tempted to scrap accounts and just run HSBC and Lloyds current accounts for simplicity.

[Sarah]

Are you sure this change isn't just for the fee-based Ultimate Reward account? It seems changes to that account were announced last month and apply from November for existing customers or December for new customers.

https://www.moneysavingexpert.com/news/ ... d-account/

Halifax are still advertising the £2 reward for new Halifax Reward customers right now, with no mention of it coming to an end and no published revisions to T&Cs since February.

https://www.halifax.co.uk/bankaccounts/ ... nt-account
https://www.halifax.co.uk/bankaccounts/ ... efault.asp

[planteria]

yes i'm sure. things might change, but that's the plan.

[planteria]

the ‘rewarding loyalty’ changes that I was told about are now en route..

https://static.halifax.co.uk/assets/pdf ... hanges.pdf

what do people here think? i can’t see that it makes sense to spend £500/m or keep £5k in the account, so these accounts will be on the way out for me i think. i can't see anything else to move them to... it's a shame Metro Bank or another provider aren't offering a good incentive to transfer. i may just close accounts and streamline.

[Sarah]

The replacement scheme is an easy £5 each month for a £500 debit card transaction. Savings or investment deposits such as Skipton, Post Office or Nutmeg are good options. I've just renewed both of mine for a second year.

[planteria]

good post Sarah.. can we recycle £500+ through each HR account>POB Online Saver and back again?
i have four accounts, so £20/m is a nice little taste, but it's no good if it's not "easy" and quick .

[Sarah]

Yes. Don't forget to choose the appropriate Reward Current Account options first and there are also a few other simple criteria to qualify (no direct debits needed anymore however each account does require £1500 paid in each month to avoid the £3 fee, just like Club Lloyds).

[planteria]

how quickly does money come back out of POBOS accounts? is it instant? i have always found them to be hopeless .