Savers applying for a new online banking deal from one financial services provider are being cautioned to not click the option to have an ATM card – unless they want to forfeit a 2.8 per cent interest rate.
Savers looking to apply online for the Web Saver Reward savings account from Halifax are ending up with a paltry 0.25 per cent savings account unless they click the ‘no card’ option no the personal and business bank account provider’s website. The savings homepage for the bank’s website cautions potential new customers to choose the option without an ATM card, but consumer advocate groups maintain that the warning is not only easy to miss but does not give adequate warning of the consequences, which has prompted them to ask Halifax to add a moe clearly-worded warning.consumer groups say it is easy to miss and does not warn of the consequences.
Many savers have already fallen victim to the accidental loss. Tunbridge Wells, Kent native Richard Moore was one of those unfortunate souls, as both he and Carol, his wife, applied for the Halifax account this past June.
Mr Moore, a magazine journalist, overlooked the warning and chose the cash card option. The first he knew of the mistake was when he received the confirmation letter from Halifax in the post, he said, as it talked about a completely different account.
The journalist rang Halifax, only to learn that he had been given an 0.25 per cent interest rate because he had chosen to have a cash card. Mr Moore has since cancelled the account and relocated his cash to a competitor, but he takes time out of his day to warn off others from being hoodwinked in the same manner he had been.