Halifax to give away £6m - is "luck" the new interest??

Discussion in 'OT (OFF Topic) Forums' started by Mercy1, Oct 7, 2011.

  1. Mercy1

    Mercy1 Hardcore MB Enthusiast

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    So bankers are going into the lottery business - using our money!
    I've just been invited by Halifax to register for their latest money-wasting wheeze - a £6 million prize draw.
    Now if times were good, it wouldn't be so bad. But I sort of got the impression that banks were going broke. Didn't we bail them out to the tune of millions?? Don't taxpayers own 40% of owners LloydsTSB?
    So while they pay me a risible amount of interest on the money they are holding for me, three lucky buggars are going to walk away with £100,000 every month - all down to the luck of the draw.
    Is this the way we can look forward to banking - only the lucky get a reasonable return :doh::doh::doh:

    (By the way, before you ask, yes I did register :dk:!)
     
  2. NW_Merc

    NW_Merc Banned

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    Publicity stunt as banks are now clutching at straws to bring in new business :doh:
     
  3. MOCAŠ

    MOCAŠ MB Club Veteran

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    Saw this the other day, and was going to post about it. Then I thought... actually, is it any different in principle to what NSI do with Premium Bonds - except that Halifax are still going to pay interest on these accounts.
     
  4. Stratman

    Stratman Hardcore MB Enthusiast

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    They'd be better off putting a 'Gamble' button their cashpoints.
     
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  5. oldcro

    oldcro Hardcore MB Enthusiast

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    NSandI Premium Bonds are great, I have won admittedly small amounts every month for the last 16 months, all tax free.:D
     
  6. OP
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    Mercy1

    Mercy1 Hardcore MB Enthusiast

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    My point is that if bankers concentrated their minds on the banking industry - which they have brought perilously close to collapse - and left the "lucky dip" prize games to Camelot and NS&I, then perhaps we wouldn't be enduring the disastrous financial crisis we are in now...:dk:
    I just hope that they don't come calling for another bailout after frivolously frittering away six million quid on a prize draw...
     
  7. Dieselman

    Dieselman Banned

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    It's just a marketing gimmick to get investors to save with Halifax instead of other banks.

    the payout compared to the intake ill be minimal, but give the bank much greater reserves.
     
  8. MOCAŠ

    MOCAŠ MB Club Veteran

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    Exactly. Hence my comparison with the principle behind Premium Bonds.
     
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  9. WOODYTHEWISE

    WOODYTHEWISE Hardcore MB Enthusiast

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    HI, I think this is only for the rich folk with £5k plus in the savings account:confused: In Germany certain banks run a savings plan,you are allocated a number of tickets depending on the amount saved,your tickets then go into a monthly draw,with a large draw every four months. This was in the 80s/early 90s.The prizes were well worth having DM250,000 exchange rate was DM4.2 to the £:D The most I won was about £2000 over 17 years.
    I registered as well, I thought it said £5:D
     
  10. clever dicky

    clever dicky Hardcore MB Enthusiast

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    Your spot on mate, - but what else do they do ? What CAN they do.

    Lets face it besides hiring a few babes to pay your money into on a Saturday morning, :p what do they actually do the rest of the week.

    They gamble, and play bloody bingo with expensive computers and dealers using our money.
    Camelot just take our money from us mugs. NS&I at least give some of it back, later, when its worth less. But banks, they dont really have much else to do.
    I s'pouse they could form a band or sing in a quire. :bannana:
    Perhaps thats why the Halifax is doing this lottery after that singing bloke in the adverts left. They dont know what else to do.
     
  11. Tubz

    Tubz New Member

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    Well they're offering 6% for new savers so looks like my babys savings account will go to them!
     
  12. artyman

    artyman Hardcore MB Enthusiast

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    Shame they don't offer 6% to existing savers :(
     
  13. Dieselman

    Dieselman Banned

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    How would that bring in extra funds?
     
  14. OP
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    Mercy1

    Mercy1 Hardcore MB Enthusiast

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    Call me old fashioned, but it would bring in extra funds in the time honoured way - competition. The banks that pay the best rates attract the new accounts.
    So instead of giving away fortunes to THREE jubilant people a month, all those savers currently being paid a risible amount of interest get a better return.
    In an environment of real hardship for savers, I think it is just rubbing savers' noses in it to make a few rich as a "stunt".
    I am well aware that £6m means nothing to bankers (they only deal in LOSING billions!), but that's not the point. I am well aware that Premium Bonds operate returns based on a lucky draw, but that's a different type of investment.
    Savers being paid next to nothing on their hard-earned will not thank bankers who are saying that on the one hand they cannot afford a better interest rate, but on the other hand they can fritter away millions on a stunt:dk:
     
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