HBOS Reward Current Account - Whats the catch??

[brokencross]

Having seen the advert for Halifax giving out £5 notes when you pay in £1000 per month, I now have my HBOS on-line banking offering me an upgrade to the Reward Current Account. With all the bad banking press in general, can any Orgers see a catch in this account that I am maybe missing.
http://www.bankofscotlandhalifax.co.uk/bankaccounts/reward-current-account.asp?tag=hpc_pos1_banking

[MadPict]

Maybe they hope to trap you into the Ultimate Reward account - where not only do you give them your money to look after (I use that term very loosely) they want you to pay them £12.50 a month for some 'extra privileges'!!!

[Angela]

brokencross, are you sure it's not the Ultimate Reward current account they're trying to get you to sign up to. I too use HBOS online banking and this is what they're pestering me about...I can't get to 'Recent Transactions' without having to bypass this 'Upgrade to Ultimate Reward' coming up. It costs £12.50 a month! :eek:

I have a High Interest Saver, tho' the interest is less than half what it was a few months ago, and I would be better off with the Reward account that claims to give you a fiver a month, but that doesn't seem to be what they're offering. I think I'll go to my branch to try to find out.

I do find their TV ad for the Reward account quite sickening tho', claiming as they do to 'care for their customers'. Pass the sick bag, please. [disgust]

[brokencross]

Maybe they hope to trap you into the Ultimate Reward account - where not only do you give them your money to look after (I use that term very loosely) they want you to pay them £12.50 a month for some 'extra privileges'!!!



brokencross, are you sure it's not the Ultimate Reward current account they're trying to get you to sign up to. [disgust]

I think you are both right...enticing me with a poxy £5 in the hope they can then get me to fork out £12.50 so my net "loss" is £7.50. The Ultimate Reward Account is the one they are after.

[Angela]

I think you are both right...enticing me with a poxy £5 in the hope they can then get me to fork out £12.50 so my net "loss" is £7.50. The Ultimate Reward Account is the one they are after.

They tried that with me about a year ago when I did upgrade from a basic current account to the high interest one. I told them that the benefits the Ultimate Reward account claimed to offer were all irrelevant to me. They then failed to upgrade me to the high interest account for several months.... it took a couple of visits to the branch and a number of phone calls to get them to do it, although the requisite money was being paid into my account each month. :(

It really annoys me that they're still so intent on selling me things - every time I log on, up pops the offer of a loan that's 'waiting for me' :lol: as well as a sales pitch about their insurance..... :roll:

I'd just like them to get the basic banking services sorted out!

[MadPict]

I'm on the High Interest account too - if I resisted their attempts to make me go for the Ultimate account I suppose I would be ~£5 a month better off.

But I am so fed up with the whole HBOS company now I'm not going to move my account to another HBOS one. I'm seriously looking around for an alternative place to put my money and this after being a faithful BOS customer since I had a savings account from about 14.

And I hate that grinning oaf Howard and his ruddy singing and dancing routine...

[loobyloo]

They keep phoning me up offering me life insurance (maybe they know something I don't): three times last week. I said I would need to go and check out the details on the website (trying to get rid of him) and he went into the old 'once in a lifetime' patter. Got rid of him eventually and one of his chums phoned me up two days later and started the whole malarkey all over again.
I keep thinking "you've got a cheek" in light of recent events. Would you buy a second hand car from this bank? I think not.

[ocd]

From what I can gather there are no "catches" with this account as long as your account remains in the black.

Overdraft charges are higher for this type of acccount.