Halifax Rewards to be scrapped

[Luke_PieStalker]

So what savings accounts are people using to fund the £500?

Asking as my usual has "suspended debit card funding" but can still do a BACS transfer which as we know is no good for the Halifax reward.

[regulator]

Has anyone successfully done 2 x £100 for the switching offer? I got my £100 last week, and after logging in to my Halifax account the other day, I was bombarded with banner ads telling me I can get £100 for switching.

[jaytee]

Virgin Money have a current account paying 2.02% on 1st £1,000 and access to a Savings account paying 0.50%. No minimum monthly credit to current account, or direct debits required. Just pay in £1,000 in and leave it there. Interest paid monthly on current account, so log on and transfer interest to linked savings each month, where interest paid quarterly, so some other account paying more than 0.5%.

Additionally, if you use you Virgin Money debit card abroad, there are zero transaction fees.

https://uk.virginmoney.com/current-accounts

[Sarah]

Has anyone successfully done 2 x £100 for the switching offer? I got my £100 last week, and after logging in to my Halifax account the other day, I was bombarded with banner ads telling me I can get £100 for switching.

Not me, I didn't get £100 for my second switch. The T&Cs would appear to preclude it; although it seemed worth a try anyway!

[Sarah]

This change takes effect tomorrow; although I doubt they'll be collecting anything more from 123 Lite customers until their next monthly fee is due. I closed (switched) my 123 Lite account already and opened their free current account instead...

Santander seem unable to leave their 123 customers in peace for long... they've now announced changes to 123 Lite accounts that apply from 27 October 2020. The fee will be increasing from £1 to £2 per month and they're swapping most of the 1% and 3% cashback categories, so that mobile and home phone bills, broadband and paid-for TV packages cashback drops from 3% to 1%, whilst cashback on water bills increases from 1% to become the only 3% item!

[Sarah]

Bank Of Scotland Reward Current Account is being scrapped from 6 May 2021. Instead of going with the replacement Halifax scheme, introduced last year, they're converting all affected accounts to Classic Vantage accounts. These will then earn tiered interest at the same rates as other existing Bank Of Scotland Classic Vantage accounts (which is currently also the same as the Club Lloyds rates) and the same existing T&Cs shall apply.

[Sarah]

Halifax Rewards renewed... good to see the £5 scheme continue for another year.

[planteria]

continue? i thought it dropped 5>3>2>0 last July.

[Sarah]

continue? i thought it dropped 5>3>2>0 last July.

The replacement scheme:
https://www.halifax.co.uk/bankaccounts/ ... count.html

It has to be renewed each year since there are options to choose (earn £5/month for spending £500 on a debit card being the most attractive for stoozers).

[planteria]

oh i see. spending £500/m rather than channeling spending via a credit card for cashback? that would be a strange choice, unless someone has a business and they want to put it through their own till to play the system, for example. i've got 4 paying no bonus, but i'm not wasting time messing either.