Halifax current account changes are inbound – deadline to take action occurs next month
Halifax will soon be making changes to their Reward Current Account. There are three main changes inbound but holders of the account can take action before we move into July.
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From July 1 2020, the following changes will be introduced:
- There’ll be a £3 monthly maintaining the account fee, with no fee if the holder pays at least £1,500 in the previous month
- The £2 reward payment will be removed
- Holders will get access to “Reward Extras” which will provide benefits so long as certain conditions are met
However, some holders may not want to change or update their accounts and Halifax acknowledges this.
They confirm that if their affected customers would like to keep their Reward Current Account, they can call them on or before June 12 to let the m know.
They warn that if they don’t hear from a customer, they will automatically move them into a current account.
The Current Account has no monthly maintaining the account fee but holders will not get access to Reward Extras.
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Customers do not need to wait for the update if they have made up their mind.
People can go onto Halifax’s website and apply for a new account or sign in to upgrade their existing account.
Halifax details that switching accounts is a simple thing to do as it follows a three step process:
- An account will need to be applied for
- The holder will then need to complete a switching form
- Once done, Halifax will switch the account in seven working days.
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They detail that account holders will be protected in the event of any unforeseen problems.
If payments go into the old account after a switch, the bank will automatically redirect the money (for up to 36 months).
If something goes wrong with the switch, such as a technical issue, Halifax point out that the holder will be covered by the Current Account Switch Guarantee.
Any interest lost during a problematic switch will be refunded, along with any charges made.
All bank accounts are also protected under the Financial Services Compensation Scheme.
Under this scheme, up to £85,000 can be compensated per person for money held in banks, building societies or credit unions who fail.
This will increase to £170,000 for joint accounts.
If account holders find that they need to utilise the scheme, they do not need to take any actions, FSCS will compensate them automatically.
FSCS will also provide support accounts and products held within pensions, mortgage endowments and insurance companies.
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