Money, investing, mutuals etc
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planteria
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by planteria » Sat Mar 28 2020 1:38pm
with you, yes Sarah. i'm open to someone pointing out a loophole, but all i can see doing with the HR accounts is letting them convert to Current Accounts and leaving them alone..
or potentially just stramlining, moving the DDs elsewhere, and closing them. i'm kind of minded to just cut down to 2 current accounts, with HSBC and Lloyds. they're the accounts I use/want most: M&S and Nationwide no longer have useful attached RSs, RBS and TSB don't offer anything useful really, and Halifax aren't going to be.
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parchedpeas
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by parchedpeas » Sat Mar 28 2020 3:55pm
Sarah wrote: ↑Sat Mar 28 2020 8:45am
I meant test how well they've implemented exclusions on the type of that £500 spending -- if they pay £5 for a £500 deposit into a savings account or a bill payment (e.g. towards credit card) then it becomes a worthwhile 1% cashback, but not hopeful of that working.
planteria wrote: ↑Sat Mar 28 2020 7:32am
they're telling me that all 4 accounts will transfer to being "Current Accounts", but perhaps they will look to close 1 or more
I don't expect they'll be closing any accounts at the start on 1st July - they'll be mass converted to the fee-free account with no rewards but presumably then impose the limits (1 solo + 1 joint) when customers attempt to opt back into the rewards. So whilst I currently have 3 from the original T&Cs, once they become the new 'Current Account' it will probably only be possible for me to upgrade 1 of them to the new 'Reward Current Account' and the other 2 remain stuck as 'Current Account' without the rewards element (or perhaps it'll be possible to do 1 for Halifax plus 1 for Bank of Scotland if they don't join up the limits across their brands).
There will be some loopholes that will work, but fiddly and time consuming for a fiver. Overpaying energy and asking for a refund is likely one. Ratesetter / S+S ISA like Nutmeg likely another (but 30 days before you can churn the cash usually making it more of a pain in the bum. Maybe payments into Monese / Revolut and then out via Faster Payments could work. Using Curve card to 'disguise' the true destination if you're paying off CC.
All possibilities. The question is - can you be bothered anymore?
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planteria
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by planteria » Sun Mar 29 2020 10:04am
The answer is - re any of those angles, no.
i think we're better off forgetting 'Rewards' from Halifax.
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Sarah
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by Sarah » Sun Mar 29 2020 10:50am
I'm certainly minded to drastically reduce my number of current accounts, not just because of declining benefits but also the more elaborate security features that most have introduced recently prevent them from working correctly with accountunity anymore, making it a lot more trouble to monitor and manage so many accounts. I could switch over to 'Open Banking' instead but that too has plenty of hurdles to jump.
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planteria
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by planteria » Sun Mar 29 2020 3:05pm
yes with you.. i access 3 current accounts via apps on my phone, and then the others i just access once/month when i do my round robin. i was thinking along the lines of retaining accounts in order to be able to transfer them as & when there are deals to be had, but there haven't been any appealing deals for a long time now.
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Luke_PieStalker
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by Luke_PieStalker » Thu Apr 23 2020 5:39pm
Noticed my halifax statement today said i am getting deducted £6 tax from my £30 yearly rewards bonus brininging it down to £2 a month (£24).
How come they are deducting tax?
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kevinchess1
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by kevinchess1 » Thu Apr 23 2020 5:45pm
Is it because unemployable benefits are now taxed?
Politically incorrect since 69
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BeautifulSunshine
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by BeautifulSunshine » Thu Apr 23 2020 9:17pm
Luke_PieStalker wrote: ↑Thu Apr 23 2020 5:39pm
Noticed my halifax statement today said i am getting deducted £6 tax from my £30 yearly rewards bonus brininging it down to £2 a month (£24).
How come they are deducting tax?
Now you have more time on your hands you are seeing the detail.
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