Halifax Rewards to be scrapped

Money, investing, mutuals etc
blythburgh
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Re: Halifax Rewards to be scrapped

Post by blythburgh » Wed Jan 15, 2020 9:35 am

Could all be down to the new overdraft rules. Makes it harder for banks to make money from them but a huge help for people who through no fault of their own end up with an overdraft.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

parchedpeas
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Re: Halifax Rewards to be scrapped

Post by parchedpeas » Wed Jan 15, 2020 10:29 am

Competition in the banking market is almost dead, now. TSB will be the next ones to drop their 3% current account - what's the point in them being SO far ahead of the rest? 1.5% would be enough to keep people on board.

A shame, because it was good while it lasted, but at least it might mean I can get rid of a chunk of my 20 bank accounts and 25 credit cards!
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planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Wed Jan 15, 2020 10:42 am

parchedpeas wrote:
Wed Jan 15, 2020 10:29 am
Competition in the banking market is almost dead, now. TSB will be the next ones to drop their 3% current account - what's the point in them being SO far ahead of the rest? 1.5% would be enough to keep people on board.
i agree. fwiw i'd probably not leave £1540 in my account each month [the £40 to cover DDs], but overall the existing customer base would accept the drop. that said, i don't know how useful the 3% would be deemed in terms of enticing new customers across.
parchedpeas wrote:
Wed Jan 15, 2020 10:29 am
A shame, because it was good while it lasted, but at least it might mean I can get rid of a chunk of my 20 bank accounts and 25 credit cards!
that's quite a haul. i maxed at 24. currently 10 & 4. if there was a good incentive and ability to transfer, i'd move 4 of my 10 current accounts.
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rayf
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Re: Halifax Rewards to be scrapped

Post by rayf » Wed Jan 15, 2020 12:58 pm

planteria wrote:
Tue Jan 14, 2020 8:32 pm
i'm not with Santander, but if i was i'd be on the way out..
I am and I am ;)
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Luke_PieStalker
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Re: Halifax Rewards to be scrapped

Post by Luke_PieStalker » Wed Jan 15, 2020 6:00 pm

Savings rates are abysmal across the board, it suits the banks so i dont know when it will change. 10 years and counting?

Might as well invest your money in frozen pork pies and mushy pies.
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planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Thu Jan 16, 2020 12:55 am

I see ii are offering up to 2.25%, and I’m getting similar from one of my local Co-ops.
We need to be looking outside the normal sphere to get anything useful from cash nowadays, especially with the demise of good rates from regular savers.
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blythburgh
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Re: Halifax Rewards to be scrapped

Post by blythburgh » Thu Jan 16, 2020 8:53 am

Luke_PieStalker wrote:
Wed Jan 15, 2020 6:00 pm
Savings rates are abysmal across the board, it suits the banks so i dont know when it will change. 10 years and counting?

Might as well invest your money in frozen pork pies and mushy pies.
Maybe when the Bank of England has interest rates far higher than at present and I cannot see that happening for quite a while.
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

blythburgh
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Re: Halifax Rewards to be scrapped

Post by blythburgh » Thu Jan 16, 2020 8:58 am

planteria wrote:
Thu Jan 16, 2020 12:55 am
I see ii are offering up to 2.25%, and I’m getting similar from one of my local Co-ops.
We need to be looking outside the normal sphere to get anything useful from cash nowadays, especially with the demise of good rates from regular savers.
I can buy from my nearest Central England Co-op stores and get 1% cashback which is not available instantly.

If I go to the next village or a nearby town I can get 1% on branded goods and 5% on Co-op branded goods and the money is available for me to have off my next shop. I tend to do my Co-op shopping at the nationally owned ones and stock up on stuff like coffee when I am in the village/town with the "right" Co-op Store.

Better rate of return at both types of Co-op than I most savings accounts
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: Halifax Rewards to be scrapped

Post by cccashbacklover » Thu Jan 16, 2020 8:59 am

Ironic that both Halifax Rewards £2.00 per month and this thread both live on.
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AAAlphaThunder
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Re: Halifax Rewards to be scrapped

Post by AAAlphaThunder » Thu Jan 16, 2020 9:33 am

planteria wrote:
Thu Jan 16, 2020 12:55 am
I see ii are offering up to 2.25%, and I’m getting similar from one of my local Co-ops.
We need to be looking outside the normal sphere to get anything useful from cash nowadays, especially with the demise of good rates from regular savers.
It was a bygone era you could make double-digit profit from your saving.
[Secretary] imutual Cashback Investment Club

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