Halifax extends its market challenging switching initiative

Halifax has extended its market challenging switching incentive due to the great popularity of the offer amongst new customers.  The major initiative, which is aimed at new customers moving their current account to the bank, will now be available in Halifax branches beyond the previously announced 19th February deadline.

The Halifax switching initiative, which launched on 3rd January 2012, offers new customers £100 on the same day that they visit a Halifax branch, open the new account and commence the switching process. The popularity of the offer is due in large part to the fact that other switching incentives from other providers only credit an account after the switch has completed, or if their service they provide has been inadequate.

Anthony Warrington, director of Halifax current accounts, explains: "The response to the Halifax switching initiative since its launch in January this year has been exceptional. As a result, we decided to give more new customers the opportunity to benefit from the incentive by extending it into March. Our range of current accounts offer some of the highest levels of interest and greatest value in the market: by simplifying the switching process and offering a great incentive to come to Halifax, we are seeing even more customers benefit from the unrivalled benefits those accounts provide. Last year, over 200,000 new customers moved to Halifax from other banks; thanks to this new initiative, we are welcoming many more in 2012".

Customers do not need to hold any other products with the bank in order to benefit from the full £100. Halifax also guarantees that it will help customers to move to another bank if they are not satisfied with the service that they receive.

Those switching to a new Halifax current account have access to one of the most innovative product ranges available on the High Street, including the Reward Current Account and Ultimate Reward Current Account. The Reward Current Account offers account holders a monthly £5 reward if they pay in £1000 or more each month, an equivalent of £60 each year. On an average monthly balance of £1500, this equates to a gross credit interest payment of 5%, over 6 times more than the average credit interest rate available in the market.

Customers that switch in branch to a new Halifax current account will benefit from:

£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