Double win for switchers

Customers of the Big 4 High Street banks now have two more reasons to switch their current account to Halifax.

From 5th February, Halifax is increasing the rate of credit interest on its High Interest Current Account to 6% Gross (6.17% AER), for new and existing account holders.

From the same day, Halifax will be giving £100 to any new customer who switches their current account to Halifax. This will apply to customers who switch their main current account to any Halifax current account, not just the High Interest Current Account.

The new rate and cash incentive provide two new reasons to switch from the Big Four's poor value current accounts. Halifax estimates that the 28 million current account customers of the Big Four High Street Banks could be losing around £1 billion every year in lost interest.

Even before the extra £100 switchers' bonus, customers of the Big 4 banks could be around £60 better off each year by switching to Halifax.

Commenting, Paul Marriot-Clarke, head of banking said, "We have consistently attacked the Big 4 banks and we will keep that pressure up. There is no reason to accept a poor rate from your bank if you could be earning 60 times more interest with Halifax. Switching banks has never been easier or more profitable.

"Customers have a great reason to switch to Halifax with the new 6% rate on the High Interest Current Account. And with the £100 bonus, they now have a second fantastic reason."