15 December 2008
Halifax is to launch a new current account that pays set net cash payments instead of credit interest in February next year.
Customers who open a Reward Current Account and make deposits of £1,000 a month will receive monthly payments of £5, irrespective of their balance.
In addition, arranged and unarranged overdraft fees will be replaced with daily fees for current account holders who go into the red. The account is available to both new and existing customers and there is no annual fee.
Once the product is launched in February, the Halifax High Interest Current Account and the Halifax Current Account will no longer be available to new customers.
Mike Regnier, Head of Banking at Halifax, said: "Our new Reward Current Account is simple and easy to understand. Customers are regularly rewarded with the potential to earn as much as £60 a year banking with the Halifax."
The Co-operative Bank said recently that it has seen a 65% increase in the number of customers transferring their current account onto its books this year.
Find out whether you are getting the best deal on your current account by comparing deals online now.