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Halifax current account switch

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Millions of Halifax current account customers have been automatically transferred to the bank’s new current account that pays 0% interest on credit balances. The Halifax Current Account, launched last week, also charges a hefty £1 a day for the use of an overdraft. While many banks have already cut interest to zero for existing customers, Halifax is the first big bank to do so for new customers.

 

Analysts said the move by Halifax, which has about 14% of the market, is the latest sign that customers will ultimately have to pay or at least deposit a minimum amount each month — in order to receive any benefit from their current accounts. David Black of Defaqto, the financial data provider, said: “This is a significant sign about the end to free banking.”

 

Halifax customers have been transferred to the Current Account from historical accounts some of which paid as much as 1.5% interest. The Current Account is open to new customers from this week. The bank also offers a Reward Current Account and Ultimate Reward account, which pay £5 interest if you pay in £1,000 each month. Failure to pay in the £1,000 means no interest is paid.

 

More:

 

Halifax current account switch - Times Online


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