Halifax tempts new current account and mortgage customers

Halifax prize draw winnings

Halifax is offering extra perks to new mortgage and current account customers, in an attempt to attract new business.

First-time-buyers and home movers who successfully apply for a mortgage before 6 December with Halifax will receive a £500 gift card that can be used in PC World, Currys or Knowhow.

The offer excludes shared equity loans, shared ownership applications and applications through intermediaries, such as mortgage brokers. Successful applicants will receive their vouchers within 30 days of completion.

People opening a Halifax current account via the current account switching service before 16 January will be entered into a prize draw to win up to £50,000. There are more than 200 prizes up for grabs, starting at £100.

This prize draw is on top of Halifax’s £100 sign-up offer and reward scheme, that’s worth £5 a month. To receive the monthly reward, customers must stay in credit, pay in £750 a month, and make two monthly direct debit payments.

Moneywise Verdict:

Halifax’s current account has one of the more generous sign up packages, and if you’re looking to sign up anyway this is a nice extra. It’s not a good idea to open an account just to enter the prize draw though.

If you’re looking to open an account for the sign-up offer, also consider first direct as it pays £150 to anyone joining via moneysupermarket.com. They’ll also give you another £100 if you’re not happy with the service after six months.

The gift voucher offer is less compelling. Halifax’s mortgages aren’t close to the top of the best buy tables, and they’ll only lend up to 85% loan-to-value, so they’re not ideal for first-time buyers. You’d probably save more overall by ignoring this and going with a broker’s recommendation.