Halifax current account changes are inbound – when is the deadline for taking action? | Personal Finance | Finance

Halifax will soon be making changes to their Reward Current Account. There are three main changes inbound but holders of the account can take action before we move into July.

Customers do not need to wait for the update if they have made up their mind.

People can go onto Halifax’s website and apply for a new account or sign in to upgrade their existing account.

Halifax details that switching accounts is a simple thing to do as it follows a three step process:

  • An account will need to be applied for
  • The holder will then need to complete a switching form
  • Once done, Halifax will switch the account in seven working days.

They detail that account holders will be protected in the event of any unforeseen problems.

If payments go into the old account after a switch, the bank will automatically redirect the money (for up to 36 months).

If something goes wrong with the switch, such as a technical issue, Halifax point out that the holder will be covered by the Current Account Switch Guarantee.

Any interest lost during a problematic switch will be refunded, along with any charges made.

All bank accounts are also protected under the Financial Services Compensation Scheme.

Under this scheme, up to £85,000 can be compensated per person for money held in banks, building societies or credit unions who fail.

This will increase to £170,000 for joint accounts.

If account holders find that they need to utilise the scheme, they do not need to take any actions, FSCS will compensate them automatically.

FSCS will also provide support accounts and products held within pensions, mortgage endowments and insurance companies.

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