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Halifax Just Killed Off One of Their Best Account Perks (And I'm Actually Mad About This)




So here's something that made me spit out my coffee this morning.

Halifax—you know, that bank that's always trying to be your friendly neighborhood lender—just decided to completely scrap their "Extras" program for Rewards account holders. And they're doing it fast. Like, blink-and-you'll-miss-it fast.

I've been tracking this stuff for years, and honestly? This one caught me off guard. My colleague Sarah (who banks with Halifax) got the notification last week and her exact words were: "Well, there goes my free cinema tickets." Poor woman looked genuinely heartbroken.

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The $5 Question Nobody's Asking

Here's what's actually happening. Right now, Halifax charges you £3 monthly for their Rewards account—which, let's be honest, isn't terrible if you're getting decent perks back. The deal was pretty straightforward: spend £500 on your debit card each month OR keep £5,000+ in your account, and boom. Free £5 cash or a cinema ticket.

Not life-changing money, but hey. Free money is free money.

But come September, that's all gone. Kaput. Halifax is pulling the plug entirely, and thousands of customers are about to lose out on what was essentially a small monthly bonus for just... using their bank account normally.

June 17th: The Day the Music Died

The timeline here is what really gets me. Starting June 17th—that's literally next week as I'm writing this—you won't be able to add new Reward Extras or renew existing ones. It's like they're giving people just enough notice to panic but not enough time to actually do anything about it.

Classic bank move, honestly.

But Wait, There's More (And It's Actually Not Terrible)

Okay, so Halifax isn't completely throwing their customers under the bus here. They're replacing the Extras program with some genuinely useful stuff that might actually be better for most people.

Starting August 1st, Rewards account holders get fee-free debit card spending abroad. That's huge if you travel even occasionally. Right now, Halifax charges 2.99% for overseas card use, which means spending £100 abroad costs you an extra £2.99. Doesn't sound like much until you're buying dinner in Barcelona and realize you're paying a premium just for the privilege of accessing your own money.

They're also throwing in a £100 interest-free overdraft buffer. Not revolutionary, but definitely handy for those "oh crap, rent came out early" moments we've all had.

The Bigger Picture (Spoiler: It's Not Pretty)

This Halifax thing isn't happening in a vacuum. Banks across the UK are playing musical chairs with their account perks and fees, and customers are getting whiplash trying to keep up.

Co-operative Bank just announced they're hiking their Everyday Extra package from £15 to £18 monthly starting July 1st. That's an extra £36 per year for... what exactly? The same services they were providing before.

And don't get me started on Lloyds (Halifax's parent company, by the way). They bumped their Club Lloyds account fee from £3 to £5 recently. Sure, you get Disney Plus and some cashback, but still. The trend is pretty clear: banks are squeezing customers wherever they can.

Even Skipton Building Society got in on the action, slashing interest rates on 92—ninety-two!—different savings accounts. It's like they're all reading from the same playbook.

Look, I get it. Banks need to make money, and the current economic climate isn't exactly sunshine and rainbows. But the way these changes are being rolled out feels... sneaky? Like they're hoping most people won't notice until it's too late.

If you're a Halifax Rewards customer, take a hard look at whether the new perks actually work better for your lifestyle than the old ones. And maybe start shopping around.

Because honestly? This probably won't be the last surprise you get from your bank this year.


Frequently Asked Questions

What is the role of central banks in the economy?

Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.


How can I improve my credit score?

To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.


What are the different types of money?

The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.


What are the risks associated with investing in the stock market?

Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.


How can I budget my money effectively?

To budget effectively, start by tracking your income and expenses to understand your spending habits. Set realistic financial goals, categorize your expenses, and allocate funds accordingly. Regularly review and adjust your budget to ensure it reflects your current financial situation and objectives.


What are credit scores and why are they important?

Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.


What are the main functions of money?

The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.


Statistics

  • The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
  • Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
  • As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
  • The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
  • A study by the National Endowment for Financial Education found that 60% of Americans do not have a budget.
  • A report by Bankrate indicated that only 29% of Americans have a written financial plan.
  • According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
  • According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.

External Links

thebalance.com

investopedia.com

bls.gov

consumerfinance.gov

nfcc.org

finra.org

irs.gov

smartasset.com

How To

How To Set Financial Goals That Stick

Setting financial goals that stick begins with defining what you want to achieve, whether it’s saving for a home, paying off debt, or building retirement savings. Use the SMART criteria—Specific, Measurable, Achievable, Relevant, Time-bound—to structure your goals effectively. Write down your goals and break them into smaller, actionable steps to make them less overwhelming. Establish a timeline for each goal and regularly review your progress to stay motivated. Adjust your goals as necessary to reflect changes in your financial situation or priorities, ensuring they remain relevant and attainable over time.




Did you miss our previous article...
https://hellofaread.com/money/ikeas-pulling-the-plug-on-two-stores-tomorrow-and-honestly-i-saw-this-coming