Halifax Launches £100,000 Prize Draw but Their Interest Rates Can Still Be Beaten Elsewhere

Oct. 19, 2011 - PRLog -- Halifax recently launched a new range of accounts and closed its existing accounts to new savers and from December they will be operating a free monthly prize draw for customers with a balance of £5,000, potentially to get more customers.

“There is no better way to lure in customers than to entice them in with the incentive of free money, however, although they are offering the free money, some of their accounts offer small amounts of interest, so make sure to sign up to one of their higher rate accounts and even their accounts that offer a higher rate of interest can be beaten elsewhere, so try not be sucked in by the prospect of winning money and ending up with little interest on your savings,” said James Jones from Poor Credit Loans 4 You.    http://www.poor-credit-loans-4-you.co.uk/poor-credit-loans-for-poor-credit-loan-poor-credit-rating-loans-with-poor-credit-loans.html

The bank says it has millions of customers with more than £5,000 savings in their accounts, so it is difficult to calculate the odds of winning.

Halifax will be giving £500,000 away each month made up of 3 prizes of £100,000, 100 prizes of £1,000 and 1000 £100 prizes.

Kevin Mountford, who is head of banking at Moneysupermarket.com said, “The monthly prize draws could be dismissed by some as a marketing gimmick, with Halifax rewarding customers who have developed ‘positive savings habits’. But there is no doubt this campaign will have wide appeal to both new and existing customers.

“So savers need to make sure they are regularly checking their rates and switch accounts if their money isn’t working hard enough for them.”

You will not automatically be entered into the prize draw and must register in order to have your name thrown into the hat.

Each saver with Halifax is entitled to one entry a month and for joint accounts each holder must register individually and the money in the account will be treated as being split equally between each account holder, so there must be at least £10,000 in the account.

The first draw takes place in December but you can register for the scheme now. The draw will run for a minimum of 12 months, but there are many things in the terms in conditions that mean various details could change at any time, such as the prize amount.

Simon Kenyon, Halifax's savings director said the bank wants to put the ‘fun and excitement’ back into a savings market hit hard by the Bank of England’s record low 0.5 per cent base rate.

‘We’ve done quite a lot of research and it’s all come back saying our customers like the idea of using prizes to encourage saving,’ said Mr Kenyon.

This idea has been dismissed by many as gimmicky and Jason Riddle of 'The Save Our Savers Campaign' said, "This is a clever way to win customers loyalty but it’s nothing but a gimmick. Savers with £5,000 don’t need gimmicks; what about those with much less who need encouragement to save?”

“Although it has been heavily criticized for being a gimmick in a time when the interest on savings is small, this scheme offers a nice alternative to the normal ways of saving and could give you a nice surprise at the end of the month, just be sure not to sacrifice a decent interest rate,” said James Jones from Poor Credit Loans 4 You.    http://www.poor-credit-loans-4-you.co.uk/poor-credit-loan...

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