Halifax Rewards to be scrapped

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blythburgh
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Re: Halifax Rewards to be scrapped

Post by blythburgh » Thu Jan 16, 2020 10:20 am

AAAlphaThunder wrote:
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.
I can remember double digit interest rates along with terrible inflation so the interest was not a real gain in terms of what the money would buy
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 expressman33 » Thu Jan 16, 2020 11:52 am

blythburgh wrote:
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
But the Co-op tends to be more expensive than other supermarkets.
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AAAlphaThunder
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Re: Halifax Rewards to be scrapped

Post by AAAlphaThunder » Thu Jan 16, 2020 1:32 pm

expressman33 wrote:
Thu Jan 16, 2020 11:52 am
blythburgh wrote:
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
But the Co-op tends to be more expensive than other supermarkets.
My experience is also that our local Co-Op is more expensive than Asda, Lidl and Tesco.
[Secretary] imutual Cashback Investment Club

planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Thu Jan 16, 2020 9:12 pm

blythburgh wrote:
Thu Jan 16, 2020 8:58 am
I can buy from my nearest Central England Co-op stores and get 1% cashback which is not available instantly.
and they pay 2.25% on cash deposits.

blythburgh
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Re: Halifax Rewards to be scrapped

Post by blythburgh » Fri Jan 17, 2020 9:38 am

expressman33 wrote:
Thu Jan 16, 2020 11:52 am
blythburgh wrote:
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
But the Co-op tends to be more expensive than other supermarkets.
It all depends, sometimes the corner shop or the Co-op is cheaper than the big supermarkets. And remember to factor in cost of getting to the cheapest shop. We spread our shopping over more than one shop but tend not to go out of our way to go to a specific shop.

No idea whyI remember this conversation but I do. Quite a few years ago, Brenda, the then owner of our corner shop, told me how someone came in for a loaf of bread. Looked at the price and said Morrisons was cheaper so they would drive down there and get the bread there. About a mile there and back and you can bet they bought other stuff they did not really need whilst they were there. So much much dearer was the loaf of bread at the corner shop in the end?
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Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

AAAlphaThunder
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Re: Halifax Rewards to be scrapped

Post by AAAlphaThunder » Fri Jan 17, 2020 10:45 am

blythburgh wrote:
Fri Jan 17, 2020 9:38 am
expressman33 wrote:
Thu Jan 16, 2020 11:52 am
blythburgh wrote:
Thu Jan 16, 2020 8:58 am


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
But the Co-op tends to be more expensive than other supermarkets.
It all depends, sometimes the corner shop or the Co-op is cheaper than the big supermarkets. And remember to factor in cost of getting to the cheapest shop. We spread our shopping over more than one shop but tend not to go out of our way to go to a specific shop.

No idea whyI remember this conversation but I do. Quite a few years ago, Brenda, the then owner of our corner shop, told me how someone came in for a loaf of bread. Looked at the price and said Morrisons was cheaper so they would drive down there and get the bread there. About a mile there and back and you can bet they bought other stuff they did not really need whilst they were there. So much much dearer was the loaf of bread at the corner shop in the end?
Perhaps this mystery person has more money than they know what to do with?
[Secretary] imutual Cashback Investment Club

planteria
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Re: Halifax Rewards to be scrapped

Post by planteria » Fri Mar 27, 2020 8:15 pm

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.
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Sarah
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Re: Halifax Rewards to be scrapped

Post by Sarah » Fri Mar 27, 2020 8:42 pm

So it's equivalent to £5 interest per month on £5000 if we opt back into the reward scheme? I suppose that's not bad in the current climate, a bit over 1.2% AER which is pretty fair. No notice to withdraw but must be careful not to accidentally dip below £5000 and lose the reward. They presumably also get to enforce the lower number of accounts limit on everyone that already has too many for the current T&Cs. The required monthly credit doubles to £1500 too. I've only skimmed the document, so might well have missed or misread something. At first glance, seems like a lot of conditions for an unexciting outcome, probably more trouble than it's worth if someone has other options. However, it might be interesting to test the debit card exclusions.

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Re: Halifax Rewards to be scrapped

Post by planteria » Sat Mar 28, 2020 7:32 am

Sarah wrote:
Fri Mar 27, 2020 8:42 pm
At first glance, seems like a lot of conditions for an unexciting outcome
i agree. i've got 4 HR accounts. tieing up £20,000 for 1.2% would be crazy. i'm bagging 2.25% on short-term money, and there are investments 'going cheap' at the moment :angel:
Sarah wrote:
Fri Mar 27, 2020 8:42 pm
it might be interesting to test the debit card exclusions.
not sure what you mean.. you think they might kick out the £5/m without spending the full £500?

as you mention, the account limits are interesting too, 3 and 2.. they're telling me that all 4 accounts will transfer to being "Current Accounts", but perhaps they will look to close 1 or more :think:

one thing that they've got right is to transfer us out of Rewards unless we opt in.

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Re: Halifax Rewards to be scrapped

Post by Sarah » Sat Mar 28, 2020 8:45 am

planteria wrote:
Sat Mar 28, 2020 7:32 am
not sure what you mean.. you think they might kick out the £5/m without spending the full £500?
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 7:32 am
they're telling me that all 4 accounts will transfer to being "Current Accounts", but perhaps they will look to close 1 or more :think:
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).

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