Halifax's new Ultimate Reward Current Account

Halifax's new Ultimate Reward Current Account, believed to be the best value packaged current account from a major High Street bank, launches on Monday 19th February.

The account will pay 6% Gross (6.17 AER) and offer benefits worth over £800 in total. Customers who switch banks to take out the Ultimate Reward Current Account, before 23rd March, will also receive a £100 switchers' bonus payment.

The Account

The product will offer the highest credit interest rate available in the sector for new and existing customers. The new account, the Ultimate Reward Current Account, offers 6% Gross, on credit balances up to £2,500, and a £300 interest free overdraft but has no minimum monthly funding requirement. The account also offersa range of additional benefits, which could be worth more that £800 in total to account holders. Customers can receive all of this for a monthly fee of £10.

The new account will be available at all Halifax branches, online and via the telephone. Existing Halifax customers can transfer to the new account without the need to change their account number, or transfer any standing orders and direct debits, by completing a simple transfer form at their branch.

Value of Main Benefits

Customers who take the Ultimate Reward Current Account will automatically benefit from one of the best credit interest rates anywhere on the High Street and a £300 interest free overdraft (subject to status). They will also automatically receive Family Worldwide Multi-trip Travel Insurance with both golf and winter sports cover, RAC Car Breakdown Cover, 1% extra on the interest rate for both Halifax Guaranteed Saver and Halifax Instant Saver and bonus payments on new mortgages and loans.

Customers who wish to make use of the discounted offers for leisure and travel will be issued with a book of discount vouchers that can be redeemed with each provider individually. Customers also have access to other benefits including commission free travel money, identity fraud helpline, travel accident cover and free use of LINK ATMs.

Paul Marriott-Clarke, head of banking for Halifax, said, "Ultimate Reward offers better interest, better benefits and more reason to switch for less than other banks charge. If the great value wasn't enough to make you switch, we're also giving switchers a £100 welcome payment.

If you've already got a packaged account, why accept low interest and poor value when you can switch to Ultimate Reward?"