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    Halifax to cut current account bonus.

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    papa_umau
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    Halifax to cut current account bonus.

    Post by papa_umau on Wed 01 Feb 2017, 11:06 am

    Halifax to slash current account bonus.

    Which banks offer the best switching incentives? 01 February 2017

    Halifax is cutting its switching bonus by a quarter in March Halifax is cutting the bonus it pays people who switch to its current account by a quarter, falling from 100 to 75.The bank cited the 'current economic climate' as one of the reasons for the reduction, which takes effect from 1 March.

    Read more: From Which? HERE




    Many of the banks are offering rewards for switching to their current account services, but here is at least one definitely to avoid.


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    zathrus
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    Re: Halifax to cut current account bonus.

    Post by zathrus on Thu 02 Feb 2017, 11:59 am

    Thanks for that Paps, and as I too bank with the Halifax I noticed that they have also decreased the "reward" portion of a reward current account from 5.00 a month, for the account being kept in credit, to 3.00 a month, after recently cutting the interest paid on the "Online Saver account" to a miserable 0.05% gross.

    Holding savings in a proper savings account with Halifax is now almost a waste of time, and I might be better putting it back into the tin box under the bed.
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    papa_umau
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    Re: Halifax to cut current account bonus.

    Post by papa_umau on Fri 03 Feb 2017, 12:19 pm

    In the "tin-box" you will make no interest at all.

    One of the safest ways to get a fair rate of return is if you lodge your money in one of the peer-to-peer lenders as they do not lose as much as the banks do in commission and management costs.

    HERE is a link to the Money-Saving-Expert comparison site.

    I have borrowed from Ratesetter before, but I have yet to use any of the P2P sites for investment reasons.

    One of the big drawbacks is that the P2P lending and investment sites are not yet part of the government guarantee that your money will always be safe, but they all keep a separate account where they hold money for this exact purpose.

    Give them a look as looking does no harm.


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