Launched in 2008 the Ulitmate Reward account was one of two new reward accounts created by the Halifax. Designed to make their accounts simpler the Ultimate Reward account comes with many benefits and discounts.
There is even a discount associated with the £15 monthly fee, which is reduced to £12 if the account holders deposits a minumum of £750 a month.
If you switch to this account using from an existing current account elsewhere using CASS (the Current Account Switch Service) you will be rewarded with £75 which will be deposited into your account before the switch is completed.
The account can be managed easily by online banking and with the Mobile Banking app, a 24-hour telephone services plus in-branch assistance.
What are the benefits of having the Halifax Ultimate Reward account?
Account holders can benefit from the following services:
- Mobile phone insurance - This insurance covers the instances of loss, theft and damage for at home and abroad.
- Worldwide family travel insurance - The account holder and their family are covered for worldwide, multi-trip travel.
- UK breakdown cover - The account holder is covered in their own car and as a passenger in anybody else’s car. Roadside repair is included and when repair isn’t possible, the vehicle will be towed to the local garage along with the policy holder and any passengers.
- Home emergency cover - A callout service is included for all domestic emergencies like a break in, burst pipes or utility failure.
- Card cancellation - If any of your financial cards are lost or stolen, one call and the Halifax will cancel them on your behalf.
How much does the Ultimate Reward Account cost?
The account has a monthly fee of £15. A lower fee of £12 is available if the account holder pays in £750 or more in the previous calendar month and pays out at least two different direct debits and remains in credit.
How was Halifax Ultimate Reward account mis-sold?
Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them. When Halifax sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them. Reasons why Halifax may have mis-sold you your packaged bank account:
Was the Halifax Ultimate Reward account mis-sold to you?
Many consumers did not want or realise they actually had a packaged bank account after the bank upgraded their account without telling them.
Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.
Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.
Many consumers did not fully understand how much a packaged bank account was going to cost them per month.
If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.