Saturday, Oct 17, 2009

Zero interest, daily fees for ANY overdraft

Which: Halifax makes current account changes

They must be deserately short of money. Or believe their customers are plain stupid enough not to see that they are being fleeced. Perhaps they've still reeling from the £1 firesale of their estate agency business?

Posted by paul @ 11:29 AM (777 views)
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3 Comments

1. mr g said...

What this article doesn't mention is that if you pay £1K per month into the current account, Halifax will pay you £5 each month.

Therein lies a good way of taking the p*ss out of the banking system by paying in and withdrawing the £1k on the same day and getting your fiver. By simply recycling the same £1K each month you get a return of £60 or 6% per annum, far better than any other bank or building society currently offers.

Saturday, October 17, 2009 07:21PM Report Comment
 

2. Jallan said...

A typical low paid worker may live with an average authorised overdraft of 300 pounds per month; in a year Halifax would make 365 pounds; that's an APR equivalent of (365/300)*100 = 121.67%. I have never agreed that bailing out the banks was correct, the taxpayer will almost certainly lose money in the long term regardless of how much the government sells its shares for, as interest needs to be paid on the national debt. The likely public campain and OFT victory on charges will be sweet, we need a lot more of this action; also Credit Unions and Social Lending should be explored as an alternative to the Money For Nothing Banking Industry.

Saturday, October 17, 2009 09:21PM Report Comment
 

3. tenyearstogetmymoneyback said...

mr g

I was thinking exactly the same thing myself.
Even better get one of the Abbey 6% current accounts as well and set up two opposing standing orders.
Then you could get 6% on £3500 with no need for further intervention.

Saturday, October 17, 2009 10:24PM Report Comment
 

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