It's time to think about switching your account
THE upcoming disappearance of Halifax from our retail banking scene will leave a gaping hole for consumers as the Scottish bank had some of the most competitive savings products on the market.
But now may be a good time for all of us, whether we are customers of Halifax or not, to examine the value we are getting from our banks and to consider switching to a new provider.
Halifax's Flexi-Saver rate of 3.75pc on amounts up to €10,000 for demand deposits was the best in the market. With that gone the best demand deposit account is with British building society Nationwide UK (Ireland) at 3.3pc, with a minimum deposit of €2,000.
You can register online, avail of postal banking or make visit the society's office in Dublin's IFSC.
When it comes to credit cards, one of the better rates is from Bank of Ireland Clear card at 9.5pc for purchases.
You can also avail of six months at 0pc if you transfer a balance.
One of the most straight-forward and better value current accounts is available from Postbank, the joint venture between An Post and European bank BNP Paribas Fortis that operates 1,000 post offices.
Its overdraft rate is 12.55pc, and it has few other charges and can be accessed online.
Nor should people forget their credit union, as these have some of the lowest loan rates and have funds to loan out, unlike the banks.