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Are Halifax really that generous?

Halifax have been advertising their new current account recently – their website has the details here. They’re offering 10% interest on credit balances, a full 6% more (according to them) than is offered by AIB for example.

I was very struck though by the pretty restrictive terms on the account. You must deposit €1500 at least per month, but cannot have a balance greater than €2000, in order to get this interest.

This seems pretty ridiculous really. If you don’t meet either of these criteria, you get a whopping 0.1%.

3 comments On Are Halifax really that generous?

  • Halifax:
    Minimum monthly deposit: €1,500.
    10% interest on the first €2,000, then 0.1% on anything > 2,000.
    Interest paid monthly.
    No atm/quarterly fees.

    AIB:
    Minimum monthly deposit: €1,500.
    4%* interest on the first €1,500, 0-0.5% on anything > 1,500.
    Interest paid quarterly.
    No atm/quarterly fees – but conditions attached.

    * 4% as of 1/1/2008.

    In summary, Halifax offer is better than AIB. I fail to see how Halifax’s offer is restrictive compared to AIB.

  • Our post was not a comparison to any other bank, it was merely a comment on the pretty restrictive nature of the account offered by Halifax.

    Over this past weekend, the terms and conditions of the similar AIB account has come to our attention, and that was to be the focus of a further blog sometime this week.

    However, thank you anonymous for bringing the comparison to the readers attention.

  • “…cannot have a balance greater than €2000, in order to get this interest.”

    You can indeed have a balance greater than 2k and still qualify. You could lodge 5k a month into the account and you would get 10% on the first 2k and 0.1% on the remainder.

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