HBOS-owned UK banking group Halifax has announced that it will launch its new Ultimate Reward Current Account, which pays a 6% interest, on February 19, 2007. The account will offer a variety of benefits worth over GBP800, Halifax says, including free insurance products.

<p>Halifax believes this to be the best valued current account on offer at major high street banks, and will offer the highest credit interest rate available in the sector for new and existing customers. <br /><br />For a monthly fee of GBP10, customers can take advantage of a 6% gross on balances up to GBP2,500, a GBP300 interest free overdraft and no minimum funding requirement. The bank has also stated that customers switching to its new current account before March 23, 2007 will receive a GBP100 switcher&#0039;s bonus payment.<br /><br />In addition, account holders will automatically receive a range of benefits, including RAC car breakdown cover, home emergency cover and mobile phone insurance. <br /><br />The new product will be available at all Halifax branches, online and via the telephone. Existing Halifax customers can transfer to the new account without the hassle of changing account numbers.</p>