The current banking climate which favours borrowing over saving looks set to continue as Halifax announce that they are to reduce the bonus they offer for switching to their current account.
For customers switching to Halifax from 1 March, Halifax will offer a £75 bonus instead of the current £100, reports Yahoo Finance. Halifax say the change will allow it to keep its current account switch competitive and attractive in the current economic climate.
We’ve seen interest rates offered by current accounts being slashed almost across the board, and it looks like the switching bonus might be set to follow a similar path. Halifax had already announced that the interest paid to its current account customers will, from February, fall from £5 to £3 per month.
Figures from the Current Account Switch Service, introduced in 2013 to streamline the process of switching current accounts, show that Halifax was amongst the banks making net gains in customers between April and June 2016. Only time will well whether their latest announcement will deter potential customers.
Were you considering switching to Halifax? Are you happy with the perks your current account provides? Let us know by replying below.