Changes to Halifax terms and conditions spark furious customer backlash
Halifax is facing a customer backlash following an update to its terms and conditions.
Under the bank’s new rules, it can restrict the amount you have in your savings account either by applying a limit or by charging you if you exceed a threshold if economic circumstances warrant.
The same changes have been made by other members of Lloyds Banking Group, Lloyds Bank and Bank of Scotland.
Under new rules, Halifax can restrict the amount you have in your savings account by applying a limit or charging you if you go over a threshold
However, experts say customers should not be unduly worried as banks and building societies often do so to ration the amount of money they pay the highest rates on.
For example, they may limit the amount you deposit into the highest paying fixed rate bond. Or they could limit the amount you can put into a regular savings plan to, say, £250 or £300 a month.
Anna Bowes of Savings Guru says, “It’s not uncommon to have a cap on the amount of savings accounts.
If banks introduce fees, you need to move your money. Look to do this anyway because the rates paid by the big banks are not competitive.
A Lloyds Banking Group spokesperson adds: ‘We have no plans to do so at this time and would give 60 days notice of any changes.