Money Saving E-Newsletter
Enter e-mail address to signup NOW!
You are here:
Home 
Bank Accounts Latest News Halifax makes current account changes
Bank Accounts Latest News Halifax makes current account changes Halifax makes current account changes
Current account customers with Halifax are to have a daily charging structure for going overdrawn imposed on them.
Halifax has unveiled changes to its overdraft charges for current account customers.Moves by the bank will see it apply the charging structure currently in place for its Reward Current Account to the rest of its 'full facilities' current accounts - which consist of the Ultimate Reward Current Account and the Halifax Current Account.
Due to come into effect from December, those who go into an unauthorised overdraft on their UK account will be charged £5 each day they are over their limit.
Meanwhile, those with a pre-approved overdraft of up to £2,500 will be charged £1 for every day it is used, with such costs rising to £2 for those with a limit above the £2,500 threshold.
Such moves represent a change from the monthly unarranged overdraft fee of £28, with paid and unpaid item charges standing at £35, those looking to compare accounts could be interested to hear.
"Customers find the daily overdraft charging structure clear and easy to understand. We believe the introduction of this charging structure is the right thing for our current account customers." Mike Regnier, director of current accounts for Halifax, comments.
Last month, Natwest and RBS announced that unauthorised overdraft charges are to be slashed from £28 to £20.
Written by Emma North
Monday, 05 October 2009 00:00
Comments (20)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
-
Dave 2009-10-17 12:31:23I had an account with the Halifax for over ten years.
They are consistently the worst company I have ever known.
[Incorrect charges levied on my account. Time and Time again. And that the tip of the iceberg]
They charged me over £600 in overdraft charges. £30 for going overdrawn and then £28 per item. The banks see overdrafts as a way to fleece people. The weak Labour governmnet are in their pocket.
I requested all the information regarding overdraft charges from them, sending them £10 under the data protection act.
They gace me a full refund in the end of £600. Stating in their letter that even though they had massively overcharged me for a decade with overdraft charges, they did not admit any liability!!
[I feel physically sick when
I see their TV adverts. Dont touch them with a barge pole.] -
tina 2009-10-21 14:50:00I have been a halifax customer for many years and use my overdraft regually to help me through the month but this new system will see me paying up to £30 a month instead of the £3-4 i pay in intrest now this is a rip off and i will not be staying with the bank once the new charges come into effect i cant see how they can justify this change they are ripping people of who rely on their overdraft
-
sue 2009-10-21 19:04:08I am fuming at this charge of £30 as i am already paying over £5 for not having £1000 going into my account each month! I am on a low wage and get £38 tax credit of which I will not see due to these ridiculous charges. You can guarantee the bank managers will be getting rich from us in there annual bonus! I am leaving this bank it's stinks!!!
-
John 2009-10-22 23:38:23I have been a halifax customer for over 20 years, I like most other working people need an overdraft to run the household on a monthly basis. I too will be moving my account to another more reasonable bank/building society before these new charges come into effect. I feel I am being penalised for HBOS's past losses, mistakes etc
-
Jane 2009-10-23 20:22:49I too am disgusted by these new charges. I have been with Halifax for 20 years but if they go through with these charges then I too will be looking elsewhere to bank. These charges may be ok for people who only go into their overdraft 2-5 days of the month, but for those of us who rely on the overdraft a lot or need it as a safety-net then these charges are unacceptable. The next account up which charges £12.50 for free overdraft isn't worth my while because I don't need the benefits that come with it. I think that if they wanted daily fees then something like 10p a day up to £1000 would have been more reasonable. I simply don't understand how they can justify these charges. And what a time to do it! Right before Christmas and in the middle of a recession! It's unbelievable.
-
Allan 2009-10-24 10:07:20I to have banked with the Halifax for many years I think it is a total rip off when you look at what other banks offer. I agree with Jane the timing does stink and the notice given to customers before the charges come into effect is not enough.Considering they are 47% owned by the tax payer I think if they should not allow this to happen. I am going into town today to move my account.
-
kate 2009-10-27 06:32:27I think Ultimate Reward Customers have been royally ripped off by the Halifax. They sold this account on the basis that we pay £12.50 for this account which included an interest free overdraft of £300. Now we will be charged for it. Going to move my account too.
-
Julia 2009-10-27 10:08:14I have had accounts with Halifax for 30 years current account for 10. I was dismayed at this latest scam of theirs and now looking for a better account elsewhere
-
carl 2009-10-29 02:39:56I am on Incapacity Benefit due to depression. Being on the bread-line I can not afford to pay off my £250 agreed overdraft facility. I was paying £3.00 p.m. now I will be expected to pay £30.00 p.m. We bailed these people out and now they want us to starve or have another mental break-down. Basically they are stealing money from the weak and vulnerable have they no shame and has the govt got no balls to sort then out. My govt benefit is not there to give merchant bankers more bonuses. Can't pay wont pay. Why arent people on the streets protesting?
-
bob 2009-11-12 09:40:05I dont think there is a problem here!, halifax are making sure people are not using overdrafts... if people save their money it will not be a problem! I am happy with halifax!
-
Ahmad 2009-11-20 21:55:13i think if Halifax give you a low overdraft so why you pay for extra money for Halifax current account?
-
James 2009-12-03 05:15:51If I've read correctly there are no charges on overdrafts upto £300. Use it as an excuse to get out of debt.
-
Lee 2009-12-03 11:23:35Good shout James. Im with Halifax and this may be the final kick up the back side to get me out of my overdraft. I keep putting it off but I wont be anymore.
-
Andrea 2009-12-06 23:29:44These new charges have effected my account as of today and I am disgusted as first off I have not given permission for such a large change on my finances. I am a young person struggling to earn enough to pay rent and get by therefore my ovrdraft has been a good saftey net up until now. Although I have in the past grumbled about interest or extra charges I have been lucky to only have to pay £6 a month if i kept within my overdraft... now i will have to pay six times that amount at £1 a day = £30 a month! So much for the banks helping us get out of debt!! The only people this idea is helping is themselves!!! I will be closing my account and moving to a different bank tommorrow morning!
-
Andrea 2009-12-06 23:40:30Also a message in reply of past posts from James and Bob... I cannot save or do anything more to get out of my overdraft, I eat economy value food and walk everywhere, I have three part-time jobs due to the lack of full-time positions available, I work hard and im constantly looking out for better jobs with a higher salary. I am college educated and a potential university student for next year... in the meantime I need an overdraft to aid me in life as its not easy!! Saving or simply getting a 'kick up the bum' is not the answer to my troubles and Halifax should taylor their current accounts not just assume that we are all bone idle and happily sit in borrowed money for the comfort of it!!!!
-
Howard 2010-01-11 12:23:30I think these charges are great, I have made a mint out of doing adverts for the halifax and most of it has come from the unfair charges charged to mugs like you lot.
-
jane 2010-01-13 23:59:15i have just had to pay the extortionate sum of £18 for being £52 in the red til the end of december and a further £12 will be due by the end of january under their new £1 a day authorised overdraft charges (my own fault for not reading the literature sent out by them) i will be closing my account with the halifax this week. fat cats getting fatter.....
-
Charlie 2010-02-01 20:28:07I went bonkers when i saw my account today. could change bank accounts or could just be 100quid light this month then cancel the overdraft to save arguement. very annoying though.
Grrrr... -
Phil 2010-03-10 21:06:39I have an arranged overdraft, as I occasionally go a few pounds overdrawn at the end of the month. Last month was charged £3 for going OD by £12 for 3 days.
RIP OFF. This used to cost just a few pence. Needless to say will be going elsewhere for my banking.
Listen up Halifax. You lost my mortgage last year, current account going now! -
graham 2010-04-07 19:16:41I have found my local branch of halifax here in torquay to be personal banking at its best.
I have an overdraft agreement but manage my finacial affairs so that I have never used it i9n five years.
However I have always applied a rule when dealing with large buisnesses that rely on my buisness to make a profit, 3 strikes and your out, believe me it works.
Top 5 Current Accounts
|
Provider |
Min Bal |
O/D Rate |
O/D Buffer |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
|
3%
|
£500
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
|
0%
|
£1
|
No Offer
|
£100
|
||
 |
|||||
|
0.50%
|
£1
|
0%
for life
|
£200
|
||
 |
|||||
|
£5p.m FREE
|
£1
|
0%
|
£2,500
|
||
 |
|||||
|
0%
|
£1
|
0%
N/A
|
No Offer
|
||
Santander 123 Current Account
- The New 123 Current Account pays cashback on household direct debits
- 1% cashback on water and council tax
- 2% cashback on electricity and gas
- 3% cashback on mobile, home phone, broadband and paid for TV packages
- New 123 Current Account pays also pays in-credit interest
- 1% AER on the entire balance, once the customer’s balance is £1,000 or over
- 2% AER on the entire balance, once the customer’s balance is £2,000 or over
- 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)
- You are required to pay £2 a month (equates to 6p per day)
- Your overdraft fee will be 19.9% EAR plus an unauthorised fee of £1 per day.
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- You must setup a minimum of 2 active direct debits
- You must deposit at least £500 per month
- This account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)
Natwest Select
- Free day-to-day banking without subscription charges
- Overdraft available subject to eligibility, giving your finances some breathing space
- Chequebook available subject to eligibility; handy when cash or cards aren't convenient
- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
The Co-operative Current Account Plus
- ***You must deposit at least £800 per month***
- Interest on all balances tracks at 0.5% below the Bank of England Base Rate, guaranteed for the life of your Current Account.
- UK call centres open 24/7, 365 days a year
- Fee-free £200 overdraft facility
- Dedicated switching service
Halifax Reward Current A/c
- Halifax will give you £5 each month you pay in £1,000, whether you're in credit or overdrawn.
- This account offers a flexible 0% Overdraft facility:
- - £1 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £2 per day - if you use an 'Arranged' overdraft over £2,500
- - £5 per day - if you use an 'Un-Arranged' overdraft
- A Halifax Visa debit card
- Access to the extensive branch Network
- 24/7 Online Banking Access
- The Halifax Ultimate Reward Current Account (URCA) product has been awarded a Defaqto 5* award for the Mobile Phone Insurance aspect of its reward offering. - Defaqto are completely independent, ensuring an unbiased product view.
Barclays Bank Account
- A carbon neutral debit card (subject to status).
- Online Banking – do your banking from home (subject to registration).
- Telephone Banking – pay bills and more (subject to registration).
- A network of over 1,700 branches.
- Draw on cheques paid in before they clear (subject to status and limit).
- An overdraft: 19.3% interest per annum (variable).
- Representative Example: Up to £5,000 19.3% interest p.a. (variable)
- Subject to status and application. So the amount offered may be different to that shown on the example. Overdrafts are repayable on demand.
- Barclays £2,500 Personal Reserve Option:
- - One Reserve Usage Fee of £22 for each five consecutive working day period from the day you start using your Reserve.
- - No interest payments on your Reserve balance.
- - Representative Example: 0% interest per annum (variable). Reserve Limit £2,500. One reserve usage fee of £22 for each five consecutive working day period from the day you start using your reserve. Personal reserve is subject to status and application and repayable on demand.
- - The Reserve is repayable on demand. The maximum Reserve is £2500, subject to status.
- - One Returned Transaction Fee of £8 for each returned transaction where you exceed your Reserve.
- - One Guaranteed Transaction Fee of £8 for each guaranteed payment made where you exceed your Reserve.
RBS Select
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
Natwest Advantage Gold
- Pay £12.50 per month and get the following benefits:
- Green Flag car breakdown cover - even on your driveway
- Mobile phone insurance – including all smartphones
- Annual worldwide travel insurance - Members and their partners aged 70 years and over must pay an additional annual premium of £50
- Travel benefits – discounts on holidays, flights and hotels
Nationwide Current Account
- VISA debit card with every account
- Free travel insurance: multi-trip European cover worth up to £70* (conditions apply)
- Manage your account online with an excellent internet banking service.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
Card One Banking Guaranteed Bank Account
- CardOneBanking offers the following:
- Guaranteed Acceptance
- Sortcode & Account Number
- Have your salary deposited into this account
- Pay money in at any Post Office or high street branch
- Prepaid MasterCard card
- Create Standing Orders but you can not set up Direct Debits with this account.
- 24 hour account management by Phone, Text and Online Banking
- Dedicated Account Manager
- NO OPENING FEE
- NO OVERDRAFT FACILITY – No risk of going overdrawn
- NO EXTRA CHARGES – No charges for bounced standing orders
- NO CREDIT CHECKS! – Guaranteed to be accepted, regardless of your past credit
- YOU must be 18+ and UK resident
- £12.50 monthly management fee
Think Money Guaranteed Bank Account
- Think Banking offers the following:
- Guaranteed Acceptance
- Sortcode & Account Number
- Have your salary deposited into this account
- Pay money in at any Post Office or high street branch
- Prepaid MasterCard card
- Create Standing Orders but you can not set up Direct Debits with this account.
- 24 hour account management by Phone, Text and Online Banking
- Dedicated Account Manager
- Opening fee of £25 (£30 for a joint account)
- NO OVERDRAFT FACILITY – No risk of going overdrawn
- NO EXTRA CHARGES – No charges for bounced standing orders
- NO CREDIT CHECKS! – Guaranteed to be accepted, regardless of your past credit
- YOU must be 18+ and UK resident
- £14.50 monthly management fee (£19.50 for joint account customers)
