Halifax bribing current account switchers with $100 bonus

One taxpayer-backed retail bank has chosen to once more resort to the most successful strategy in recruiting new current account customers: bribe them with a £100 bonus to switch.

Bailed-out bank Halifax is looking to increase the number of current account customers it has, and since the first time they attempted to drive take-up earlier this year led to ‘unprecedented demand,’ they’re at it again.  Current accounts aren’t exactly the most profitable of a given bank’s products, but they’re integral for driving take-up of other financial products, such as savings accounts and lending opportunities that offer banks a much better profit.

The deal, which is available now to online banking customers and will be available in-branch as of 6 June, will run until 15 July.  Consumers can qualify for the £100 bonus by applying for a new Halifax Ultimate Reward Current Account, Halifax Reward Account, or Halifax Current Account, provided you switch from a rival bank.

The funds will be paid into your new account upon starting the switch, Halifax says.  The bank has a dedicated team that will walk customers through the entire process.

Customers can also make an additional £5 every month if they pay a minimum of £1,000 into the Reward Current Account on a monthly basis.  There are no fees associated with the account, provided you stay above a minimum balance.

The fee for the bank’s Ultimate Reward Current Account is a monthly £10 as long as you pay in at least £1,000 a month – otherwise this fee rises by an additional £5, but the account also has a wide variety of extras included, such as mobile phone cover, breakdown cover, and travel insurance.

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