October 22, 2012 08:02 ET

220,000 Current Account Holders Switch to Halifax-That's One Every Two Minutes

Halifax GBP 100 switching offer returns

YORKSHIRE, UNITED KINGDOM--(Marketwire - Oct. 22, 2012) - More than 220,000 people have switched their current accounts to Halifax this year, a 54 per cent increase on the same period last year, reports Halifax.[i]

Of those that have switched:

  • The average age of a switcher was 41 years old
  • 52% were men, 48% were women
  • Switchers were most active in South Wales and the South West of the UK

Anthony Warrington, director of personal current accounts said: "Thousands of customers have moved their current account to Halifax over the last nine months – approximately one customer every two minutes – nearly 54% more than the same period last year. This indicates that customers are voting with their feet and welcome the great service and financial rewards Halifax provides."[ii]

Halifax has announced the return of its leading switching initiative that offers £100 to customers moving their current account to the bank.

Available from the 22nd October until the 2nd December 2012, customers that switch in branch to a new Halifax current account will benefit from:

  • £100 credited to the new account on the day that they start the switching process
  • All account details provided at opening with the ability to start banking online immediately
  • A dedicated switching team to provide support throughout the process
  • A service to transfer all direct debits and standing orders
  • A service to transfer credits, including salary and pension credits

Anthony adds: "Customers switching to the Halifax Reward Account will benefit not only from £100 on the day they start the move, but will receive an ongoing £5 monthly reward when they credit the account with £1,000."

Making it easier for customers to switch

To take advantage of this offer, customers do not need to hold any other products with Halifax bank in order to benefit from the £100 offer. As part of our ongoing commitment to making it easier for customers to switch, Halifax also guarantees that it will help customers to move to another bank if they are not satisfied with the service that they receive.

Halifax is still the only major bank that will pay branch customers £100 on the day that they start the switching process. Typically, other providers either pay nothing or only credit an account after the switch has completed, or if the service they provide has been inadequate.

[i]Halifax new customers that switched accounts between 1st January and 30th September 2012.

[ii]294 days up to and including 21st October. Equals 423,360 minutes. Divided by 200,000 switchers. Someone switches every 2 min 18 sec. Rounded down to 2 minutes.

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