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Halifax customers to pay more

Halifax customers are to be charged £15 a month for the bank's popular 'Ultimate Rewards' current account. That's a 20 percent increase meaning customers will pay £180 a year for the account.

And, to rub salt in that smarting wound, Halifax will no longer offer its customers purchase protection cover, travel accident cover or even its discount card scheme.

A spokesperson for the bank said: 'We found that there was very low awareness about these other benefits and minimal claims were made. This is the first time we have raised the prices on this account for three years, and have taken the opportunity to simplify it so it reflects the benefits that people want and use.'

She added that the bank would maintain and improve existing benefits and that customers who deposit £1000 a month will get a cashback payment of £5, so the increase in those instances would only be £10 a month.

The BBC's Paul Lewis, editor of Moneybox, urged customers to switch instead to the Halifax's Reward account instead, which pays £5 a month without any monthly fee.

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