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Shoppers stock up on supermarket rewards

3rd June 2011 Print

Research released by Halifax shows that we are a nation of bargain hunters and reward seekers.  Four out of five consumers (79%) admit they are signed up to a supermarket loyalty scheme, and two thirds (66%) say they regularly search out vouchers and discounts before making a purchase.

Moreover using vouchers and reward incentives has actually changed the way we shop for 41% of consumers and over two thirds (69%) are now saving money as a result.

Additional popular rewards schemes include other retailers (such as petrol stations, computer games outlets, high street pharmacies) with over half (55%) of consumers signed up for one of these; around a quarter (23%) use a loyalty credit card; and one in seven (14%) are signed up to a travel loyalty scheme such as a frequent flyer programme. In fact the research indicates that a staggering nine out of ten (88%) consumers are now affiliated to a loyalty scheme or product.

Jeremy Cross, Head of Current Accounts at Halifax, comments: "Whilst it is clear that we are in tune with getting rewarded for everyday purchases and searching out bargains wherever we can, it is not always so obvious that everyday banking may also be a great way to earn rewards."

A more rewarding bank account

The Halifax Reward Current Account, launched in February 2009, makes a £5 monthly payment to every customer who credits their account with £1,000 during the month. Customers can earn up to £60 every year in rewards, and not just in the first year.

Considering the Bank of England Base rate has been set at a record low of 0.5% for the past 26 months, Halifax customers have so far been able to earn up to £130 in rewards through their current account during this period. The £5 reward is net of any tax and equates to 7.5% interest AER on a £1,000 balance, or 5% AER on the average balance of £1,750.

Jeremy Cross, Head of Current Accounts at Halifax, continues: "The figures speak for themselves and for customers wanting to benefit from this reward, it's quite straightforward.  Credit your account each month with £1,000, and each month we'll give you £5 to enjoy along with all the other benefits our Reward current account offers.  To get that type of return elsewhere, you really would have to dig deep."

The Halifax Switching Service

Switching to Halifax is just as simple, our switching service:

guarantees no paperwork - we'll move all your bills and other payments across
offers a fee-free overdraft for 90 days
aims to match your existing overdraft (up to £5,000).