Welcome!

News Feed Item

Halifax Unveils 12 Month Fee Free Overdraft for Switchers

- New customers switching to any of Halifax's innovative current accounts will not pay any fees on planned overdrafts for 12 months

LEEDS, YORKSHIRE -- (Marketwire) -- 01/04/13 -- In another challenge to the high street, Halifax is kicking off the New Year with another major switching initiative for people who move their current account to the bank.

From 2 January 2013 until 3 March 2013, as well as receiving GBP 100 on the same day they open the account and commence the switching process(i), new customers to Halifax will not pay any fees on planned overdrafts for an entire year, even if they have an existing overdraft.

With the Bank of England reporting the average overdraft rate across the market is now 19.65%, this means customers switching to Halifax with a planned overdraft of GBP 700 could save GBP 137.55 in overdraft charges alone. Taking the additional, monthly overdraft usage charges levied by many high street banks into account too, and customers switching to Halifax could save significantly more than this(ii).

Anthony Warrington, director of Halifax current accounts, says: "We want to make our customers better off, and this initiative demonstrates that by switching to a Halifax current account you can not only earn GBP 100 but you can save overdraft fees and charges too.

"Other switching offers generally only work for people who are in credit. However, this one will also be attractive for those moving an existing overdraft, as they will still get GBP 100, but won't have to pay any overdraft fees for a year.

"Halifax's current accounts provide genuine long-term value, and over the last year we have seen unprecedented demand for our current accounts with 300,000 customers moving over from other banks."

Wide-ranging benefits

Those switching to a new Halifax current account have access to one of the most innovative product ranges available on the High Street, including Reward Current Account and Ultimate Reward Current Account.

New Halifax Current Account customers can now benefit from the following features:


--  12 months interest free planned overdraft 
--  GBP 100 credited to the new account on the day that they start the
    switching process 
--  All account details provided at opening, with the ability to start
    banking online immediately 
--  A dedicated switching team to provide support throughout the process 
--  A service to transfer all direct debits and standing orders 
--  A service to transfer credits, including salary or pension credits 

To use the switching service, customers need to move at least two Direct Debits, but they do not need to hold any other products with the bank in order to benefit. Halifax also guarantees it will help customers to move to another bank if they are not satisfied with the service that they receive.

Notes to editors:

After the 12 month fee free period rather than separate overdraft fees and usage charges, Halifax customers using their overdraft will just pay a single, straightforward daily overdraft fee.


----------------------------------------------------------------------------
Planned overdraft                                        Unplanned overdraft
----------------------------------------------------------------------------
Amount of                                           Amount of               
overdraft                       Daily fee           overdraft      Daily fee
----------------------------------------------------------------------------
                                                 All balances          GBP 5
Up to and including GBP                                                     
 1,999.99                           GBP 1                                   
                                                                            
                                                                            
GBP 2,000 to GBP 2,999.99           GBP 2                                   
-----------------------------------------                                   
GBP 3,000 and above                 GBP 3                                   
----------------------------------------------------------------------------

(i) GBP 100 available on the same day that they open the account and commence the switching process for new customers who visit a branch to switch to the bank. Digital and telephony customers will benefit from GBP 100 once the switching process has started.

(ii) Overdrafts are subject to status and affordability. Customers will be eligible to pay fees if they exceed their agreed limit. Market averages of GBP 98.25 - GBP 137.55 based on Bank of England data: http://www.bankofengland.co.uk/statistics/Documents/bankstats/2012/Oct12/TabG1.3.xls

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...