Halifax issues current account warning

(20-07-07) - As the current account war heats up, Halifax has warned switchers that they need to consider more than just the headline rates.

Abbey recently launched a current account offering an impressive eight per cent, while its nearest competitor Halifax offers just 6.17 per cent.

However, Halifax pointed out that since many customers are reluctant to continually switch current accounts - despite the savings they can make - they need to look further than an offer that lasts only a year.

Halifax argues that although its rate is lower than the Abbey’s, in the long term it will be more profitable. Customers also get £100 if they switch to Halifax.

Chris Eagle, CreditChoices.co.uk commercial manager, said: “It’s true that customers need to look beyond the headline rates cropping up to tempt people away from their current banks. While switching allows customers to take advantage of the best rates available as well as special offers, but if people aren’t keen on switching on a yearly basis then they definitely need to consider the long-term rates and any clauses that could cause rates to drop, such as a minimum balance.”

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