Wednesday 31st January 2007
Halifax is offering new customers a bonus of £100 to entice current account holders away from the "big four banks".
It adds that in addition to this, the terms of its current account mean that many people may be £60 better off following a switch.
The offer begins on Monday February 5th, at which point Halifax says it is to increase the interest rate on its high interest current account to six per cent for new and existing customers.
Paul Marriot-Clarke, head of banking at Halifax, said: "There is no reason to accept a poor rate from your bank if you could be earning 60 times more interest with Halifax."
"Customers have a great reason to switch to Halifax with the new six per cent rate on the high interest current account," he added.
Based on an average current account balance of £1,500 and minimum monthly deposits of £1,000, Halifax suggests that up to £1 billion in potential interest payments is being lost by Britons.
The top level of interest offered by Halifax on its current account is available for monthly deposits of over £1,000 and balances up to £2,500.
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