Halifax unveils 12 month fee free overdraft for switchers
02 January 2013
- New customers switching to any of Halifax's innovative current accounts will not pay any fees on planned overdrafts for 12 months
- New customers will also receive £100 when they open their account
- Over 300,000 new customers have benefitted from the Halifax Switching Service in 2012
In another challenge to the high street, Halifax is kicking off the New Year with another major switching initiative for people who move their current account to the bank.
From 2 January 2013 until 3 March 2013, as well as receiving £100 on the same day they open the account and commence the switching process , new customers to Halifax will not pay any fees on planned overdrafts for an entire year, even if they have an existing overdraft.
With the Bank of England reporting the average overdraft rate across the market is now 19.65%, this means customers switching to Halifax with a planned overdraft of £700 could save £137.55 in overdraft charges alone. Taking the additional, monthly overdraft usage charges levied by many high street banks into account too, and customers switching to Halifax could save significantly more than this.
Anthony Warrington, director of Halifax current accounts, says:
"We want to make our customers better off, and this initiative demonstrates that by switching to a Halifax current account you can not only earn £100 but you can save overdraft fees and charges too.
"Other switching offers generally only work for people who are in credit. However, this one will also be attractive for those moving an existing overdraft, as they will still get £100, but won't have to pay any overdraft fees for a year.
"Halifax's current accounts provide genuine long-term value, and over the last year we have seen unprecedented demand for our current accounts with 300,000 customers moving over from other banks."