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

Contacts:
Halifax
Customer services
0845 739 4959
[email protected]

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
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Announcing Poland #DigitalTransformation Pavilion
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...