New Halifax account simplifies interest payments

Halifax has announced a new current account that will charge overdrawn customers up to £2 per day.

The Halifax Reward Account offers fixed cash payments for customers in credit, and fixed daily charges for overdrawn accounts.

Customers who deposit more than £1,000 into their account at least once per month will be rewarded with a fixed monthly sum of £5, regardless of their account balance.

Accounts in overdraft will be charged £1 per day for being overdrawn, and £2 per day if the overdraft exceeds £2,500.

Unauthorised overdrafts will face a fine of £5 per day.

With overdrawn customers paying the same whether they owe £10 or £1,000, the Reward Account gives preferential treatment to heavily overdrawn customers.

Halifax’s head of banking, Mike Regnier, said the key benefit of the Reward Account is its simplicity, which makes it easy to understand.

He added that it offers customers the chance to earn up to £60 per year.

The Halifax Reward Account will replace the standard current account and high interest current account from 9th February next year.

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