Halifax Reward Account launched

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Halifax Reward Account launched

Halifax has announced the launch of a new current account, which offers fixed cash payments instead of interest on in-credit balances.

The Halifax Reward Account will pay customers a fixed sum of £5 per month regardless of their balance, as long as they deposit more than £1,000 into the account a least once a month.

However the new account also charges people a fixed cash sum of £1 per day if they go overdrawn and £2 per day if they go above their agreed overdraft limit.

Mike Regnier, Halifax's head of banking, said: "Our new Reward Current Account is simple and easy to understand.

"Customers are regularly rewarded with the potential to earn as much as £60 a year banking with the Halifax."

This latest account launch comes at a time when many banks are lowering the rates of interest offered on their accounts because of the reduction in the base rate.

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