Halifax

By: EconomyWatch Content   Date: 3 November 2009

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Halifax banktraces its genesis to a building society known as Halifax Building Society, which picked its name from the town it was based in. This building society was the UK’s largest and was de-mutualised on 1997 and converted into Halifax bank. Though, after the acquisition by Bank of Scotland, which is a subsidiary of Lloyds Banking Group, Halifax became the brand name for Bank of Scotland in UK. Under Lloyds Group, the bank became the largest issuer of mortgages and saving accounts. Their headquarters are still at Halifax.

Halifax: Products and Services

Keeping aligned with their logo, ‘Always giving you extra’, Halifax offers a comprehensive range of financial products:

·        Bank accounts: With accounts that pay £5 each month to accounts that offer travel insurance and car breakdown cover, they offer many options for current accounts. Ultimate Reward Current Accounts charge no fee for arranged overdrafts up to £300. Halifax also offers student current accounts.

·        Credit cards: With an interest-free period for 9 months on purchases as well as balance transfers, most of these credit cards come with a typical APR of 15.9%. Halifax also offers reward cards for all kind of shopping.

·        Loans: Ranging from £1000 to £25,000 payable in 1-7 years, Halifax issues unsecured loans to existing consumers. Consumers with a loan can apply for top-up amounts up to £25,000.

·        Mortgages: Both fixed rate as well as tracker mortgages for all kind of loan values; Halifax also offers re-mortgage and buy to let mortgage to consumers.

·        Insurance: With cash benefits available on combo insurances, Halifax offers home, travel, healthcare and protection insurance policies.

·        Savings: Accounts offer rates as high as 4.15% for as low as £500. Halifax also offers Cash ISAs, instant access accounts and accounts with higher interest for longer periods.

·        Investments and pensions for consumers.

·        Travel: A wide range of currencies and Travelers’ checks along with up to 10% discount online on travel insurance.

Besides these products, Halifax also offers real estate services for consumers looking to sell or buy property. This service adds more value to their loans as well as mortgages products.

   


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