Halifax current account

Bozzy20

Hey, I just noticed this on Halifax website and wonder what you think? Looks good to me despite low-ish interest rate but cash back pretty good.

"Halifax moneyback Current Account
We're the first bank in Europe to offer you moneyback when you make purchases on your current account debit card!

Do you regularly use your debit card to buy the groceries, pay for petrol or perhaps splash out on clothes? Would you like to be rewarded with moneyback each time you make a purchase using your current account debit card? If so, then this great new current account from the Halifax could be the one for you."

newsmonkey

Reasonable, but certainly not great.

In exchange for getting 1% cashback on debit card purchases, you're given a crap account interest rate (Halifax always used to be good payers). Have a look at the cashback article in the "credit cards" section and you'll see that, with a bit of jiggling around, you can earn 5% interest on your account balance (A&L) and 1, sometimes 2% cashback if you spend with the right credit card and pay off in full from A&L each month.

Also, random thought, I'm guessing purchases on this debit card, by definition, aren't covered by the part of the Consumer Credit Act re: refunds for goods etc.

Summary: an OK account if you want something simple, or if you've an interest-free overdraft so don't care about the in-credit interest. Otherwise, put in a bit of time and you'll end up with a much better package.

EDIT: Just spotted this link - http://forums.moneysavingexpert.com/showthread.html?t=16475
(probably best merging threads together)

M_Thomson

newsmonkey wrote:

(Halifax always used to be good payers)

They still are fairly good for a high st Bank. On the moneyback account you get 0.5% interest but on the normal current account without moneyback you get 3.04% interest.

Tony_H_3

As pointed out by a previous poster this information would be better served on the original Halifax CB thread. Unfortunately I am not able to merge these threads (technical reasons) so I have closed this thread. Please continue this discussion on the link provided if need be.

Thanks in advance