Halifax (Halifax)

Member Name: stokx

Product:	Halifax
Date:	14/01/09 (44 review reads)
Rating:

Advantages: Easy to deal with, cheap share dealing.

Disadvantages: No good savings rates at the moment, cold call.

I have and have had accounts with most high street banks and I find Halifax the easiest to deal with,
They have a very good online service which lets you open and fund new accounts quickly and the staff are friendly and helpful.
I have been with them for some time but I recently switched savings account when their web saver fell from 5% to 0.95%, I am now switching current acc, again for a better credit interest rate.
Their sharebuilder account is cheap and easy to use so I am keeping that and they have a good basic bank account but they no longer have anything which can be described as a savings account.
They cold call about credit cards a lot but don't use aggressive sales techniques and go away easily enough.
Halifax don't barrage you with adverts though the post like Lloyds TSB do and their statements are far more comprehensive than NatWest which doesn't list customer references.
Halifax is my favourite bank to use and they sometimes have good offers (I still have a 6.8% six month bond and a 10% regular saver) but switching is so easy you might as well follow the short term changes in rates.
One of the best accs available from any bank right now is the Halifax reward current account pays £5 interest each month regardless of the balance, so a penny can earn a rate of 5000%!
The £5 is the amount after 20% tax so most people get the full advertised amount.
To qualify you must pay at least £1000 in but it doesn't need to be wages; I have transferred the cash in and out on the same day from another Halifax account successfully received my fiver.
It is important not to leave money in the acc as it receives no more interest; I have a premier 21 acc with Alliance and Leister at 8% where I keep a grand to shove though Halifax each month on a Saturday (so no loss of interest).
If you want a current acc to leave your salary in it is better to go with an A&L acc and set up a standing order to Halifax and back again.
In the terms and conditions the reward acc says that payment can be withheld if they don't like the way you use the system, to help counter this threat I transfer odd amounts e.g. £1010 in, £1005 out and then the remaining £5 out separately. I also pay in any cash I want to bank then transfer it elsewhere.
The £1000 Doesn't need to go in all at one so if you only keep £100 liquid you can just make 10 transfers back and forth.
To date I have had all the rewards but they are paid at odd times, one on the 2nd, another not until the 10th.
Apart from the unique interest this acc operates like any other, you can set up various sorts of transfers and you get a normal Visa debit card. You can get an overdraft or just keep a 1p balance.
The account is easily operated and available online, in branch or by phone.

Summary: Most good rates are available for a limited time so snatch opportunities from any bank.