Current account holders get ready to bank on a reward

Almost half of us (48%) intend to make our finances a priority in 2009, according to research by Halifax. Almost a third (32%) of people said that they intend to set a budget for spending.

Age is a factor...

Those aged 25-34 years-old were most likely to make their finances a priority this year (56%), this compares to 41% of those aged 55-64 years old.

Almost half of us (48%) thought our finances needed to be in better shape. This was most pronounced for those aged 25-34 years old (56%) and least pronounced for those aged 65+ (32%). More women (50%) than men (45%) felt their finances could be in better shape.

Switching to a better current account could earn you £60 a year...

With so many people planning to review their finances, changing something as simple as their current account could yield real rewards. However, the OFT market study 'Personal current accounts in the UK' observed that only 13% of people had switched their current account at least once within the previous five years. The study also showed that almost two thirds of people (64%) had never switched provider of their main current account. For many, this could leave them worse off with their money languishing in low return accounts that pay little or no interest or do not offer any reward features.

February 9th sees the launch of the new Halifax Reward Current Account. The new account will reward customers with a monthly net cash payment after tax of £5 when accounts are funded with £1,000. The £5 monthly payment (equivalent to £6.25 gross for lower rate taxpayers) is irrespective of balance.

This means customers who fund their account with £1,000 each month will earn £60 a year in reward payments. Payments are paid monthly, directly into the customers account.

Mike Regnier, Halifax head of banking, comments: "It's good news that people are intending to make their finances a priority in 2009. By reviewing something as simple as their current account people could get their finances in better shape and be £60 a year better off."

Banking made simple...

In addition to the easy to understand monthly reward payments, the new account features a set of daily overdraft usage fees (traditional fees such as a monthly unarranged overdraft fee and paid or failed item fees are NOT applicable). Instead, the account features:

Customers using an arranged overdraft of up to £2,500 will be charged £1 per day for each day they use their overdraft

For those using an arranged overdraft of over £2,500 a charge of £2 per day will be applied for each day they use their overdraft

Customers who use an unarranged overdraft will be charged £5 each day they are over limit
Halifax current account customers also get EXTRA rewards...

Customers banking with the Halifax can also benefit further from additional rewards with the new 'Extras' range.

'Extras' is part of the Halifax's ongoing commitment to existing customers (including those who have switched), rewarding them for their business. Customers funding their current account with at least £1,000 each month are given access to a unique set of deals, discounts and preferential rates.

The current 'Extras' exclusive deals include:

A preferential rate on the Halifax Guaranteed Saver Reward of 3% gross (normally 2%)
An extra three months at 0% on purchases with a Halifax All-in-One Credit Card. Customers benefiting from Extras receive 0% for 12 months on purchases and 0% for 9 months on balance transfers, 17.9% typical APR (normally 0% for 9 months on balance transfers and purchases, 17.9% typical APR)

For more information about Extras customers can visit their local branch or halifax.co.uk/bankaccounts/Extras.asp