Rabu, 30 Mei 2012

Halifax revives £100 incentive to switch current account

Halifax revives £100 incentive to switch current account

By Lee Boyce

PUBLISHED: 07:18 EST, 30 May 2012 | UPDATED: 12:29 EST, 30 May 2012

Taxpayer-backed bank Halifax will pay £100 to anyone switching to a current account over the next month, it announced this morning.

The offer will return to Halifax branches from 6 June, but is already exclusively available online from today.

It revives the same deal it had in place at the beginning of the year, which it said resulted in ‘unprecedented demand’ from customers wanting to switch banks.

Halifax offer: Those who switch to the bank can grab an £100 freebie

Halifax offer: Those who switch to the bank can grab an £100 freebie

A large current account base is seen as essential for High Street banks as it provides the perfect avenue through which to tempt them into other products, such as profitable loan and savings deals.

Halifax, part of 41 per cent taxpayer-owned Lloyds Banking Group, says the deal will be available until 15 July.

To get the cash 'freebie', you have to successfully apply for a new Halifax Current Account, Halifax Reward Account or Halifax Ultimate Reward Current Account.

You will also have to switch from your existing current account â€" this means transferring all direct debits and other regular payments, along with all automated credits.

According to the bank, the money will be paid directly into your account when it starts the switch and a dedicated switching team will nurse customers through the process.

In addition to the £100, Halifax customers can earn £5 a month if they pay in £1,000 to its popular Reward Current Account monthly, which is fee-free as long as the balance doesn't drop into the red [more details].

Its simplest current account offer is also fee-free, but does not offer the £5 reward

While its Ultimate Reward Current Account costs £10 a month if you pay in £1,000 or more in the previous calendar month. If you pay in less than £1,000 the monthly fee is £15. This account comes with a range of products bolted on, including tr avel insurance, breakdown cover and mobile phone cover.

Existing current account customers are excluded from the £100 deal. However, anyone with a Halifax or Bank of Scotland account in their sole name can open a new joint Halifax account and qualify for a shared £100 'freebie.'

Equally, someone with a joint account can switch to a new solo account and qualify.

Anthony Warrington, director of current accounts, Halifax said: 'When we launched this initiative at the beginning of the year, we saw unprecedented demand for customers moving their current accounts to Halifax.

'Although we understand why some people think that moving current accounts might be tricky, making the switch online can be really straightforward and our switching service provides real peace of mind.'

HAVE YOUR SAY: Have you ever switched bank account after being offered a cash incentive? Was the switch quick and easy - or was it hassle? Or do you avo id offers like this? We'd like to hear your comments in the box below...

And Santander resurrects its £50 student bonus

Incentive: Santander is offering students £50 to switch bank

Incentive: Santander is offering students £50 to switch bank

High Street bank Santander last month resurrected its offer to students off to university of a £50 bonus when they open a Student Current Account [more details].

The deal, available until the 30 June 2012, applies to existing students who switch from another bank and to those confirmed on a course in autumn, with the bonus arriving in the account on 18 July 2012.

Unfortunately, those who start later on in the year and are awaiting A Level results in August are not eligible.

The account gives students a £1,000 interest-free overdraft in the first year, rising to £1,500 by the third year â€" but you only get the full overdraft limit if you credit your account with at least £500 per term.

First year students or those start ing studies in the autumn can apply for the account online providing they are not already an existing Santander customer. All others must apply in branch.

The account must have your main income - such as a student loan or part-time employment - paid into it to take advantage of the deal. 

Here's what other readers have said. Why not add your thoughts, or debate this issue live on our message boards.

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Wow, so there was this debate recently about the banks possibly charging everyone to have an account and now they want to pay US to open one!

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Beware of Greeks bearing gifts they have already been bailed out have not paid back any money and in effect are now asking for more.

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Regarding Santander's Student Account. Beware if you are planning on going to university and already have a current account with Santander. If you then apply for the Student Account, you will be denied because you already have an account with them (though they conveniently fail to tell you the reason for the refusal, leaving applicants thinking their is something wrong with their credit history). Neither will the 'perks' of a Student Account will be given to you so no free overdraft.

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