Current accounts that earn you money (Halifax)

Member Name: bucksfizz66

Product:	Halifax
Date:	08/06/09 (23 review reads)
Rating:

Advantages: High interest paid each month

Disadvantages: The speed of the transfer service

I was with the Natwest when one day I noticed my partner was getting about £6 - 7 a month in interest on her current account (this was in early 2008 when the interest rate was a lot higher), at the time I was getting about 20p a month on my current account. It turns out my partner had the high interest current account which, as was advertised on the Tv paid 60 times more interest.

I changed to Halifax to open the high interest current account and also used online banking for the first time. The service from the Halifax was great, it was easy to open the account online and I also chose the option to have the Halifax swap all my direct debits, standing and salary payments, a £1000 interest free overdraft was also offered for this changeover period. The direct debits, standing orders and salary was changed witrhiut any problems. To qualify for the high interest account £1000 a month has to be paid into the account.

The online bank account is easy to use, I find it much easier than waiting for statements to come each month or going to the cash point to get a mini statement. I can check the balance and set up payments 24 hours aday. However transfering money can take a day or two.

Due to the fall of the interest rate the amount I was receiving dramatically decreased. however Halifax have introduced a new account that pays £5 a month as long as £1000 a month is paid in. I have swapped to this account but decided to change direct debits, standing and salary payments myself, in future I would choose for the Halifax to do it.

The accounts offered by the Halifax are a good way of making your money work for you. I would highly recomend these to others

Summary: High interest current accounts that earn you money.