Halifax current account is unique

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Halifax current account is unique

Mon 21st Feb 2005

Europe's first tax-free, money back current account has been launched today by the Halifax.

Customers who credit the new Halifax current account with £1,000 or more a month, will be eligible to apply for Moneyback.

All existing Halifax customers who currently credit their accounts with £1,000 or more each month can switch to the Moneyback Account.

The account offers one per cent cash back, tax-free, on debit card purchases up to a total of £10,000, automatically payable once a year to the account holder.

Halifax calculates that under the new account, cash back worth approximately £100 a year will be be earned by the average UK household.

The new Halifax current account fits with UK consumers' increasing use of debit cards. Debit cards now account for 65 per cent of all card purchases.

In 2004, the value of card transactions overtook cash payments for the first time, with the total value exceeding £269 billion.

Peter Jackson, head of banking at the Halifax, said: "This is not just a shot across the bows for the big four banks, this is a shot right at the heart of their core business. Moneyback creates a new opportunity for us to shake up the current account market again and win new customers at the same time."

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