\n The Halifax brand is disappearing from our high streets, and while it's sad to say goodbye to a bank that has given millions their first mortgage or student account, in reality, the change is not that drastic. \n
\nIf you're a Halifax customer, you'll be contacted in the coming days or weeks and invited to move across to the Lloyds app and online banking. Once there, you'll gain access to Lloyds products for renewals, upgrades or downgrades without having to change sort code or account number. \n
\nIt's really important to note that you won't be asked to move money, transfer funds or share security details by Lloyds. So if you do get a message asking you to do any of those things, it's a scam!\n
\nYour account number, sort code, and FSCS protection will all stay exactly the same. Any money you have in a Halifax account will remain completely separate from your new Lloyds accounts.\n
\nThere's nothing you need to do right now - just keep an eye out for a prompt to download the Lloyds app or register for online banking.\n\n <\/div>\n <\/div>\n<\/div>\n\n
How does it work?<\/h3>
The main features of the Halifax Expresscash account are outlined below:<\/p>
- No monthly fee.<\/strong> There is no monthly fee for maintaining the account.<\/li>
- Interest paid on balances.<\/strong> Earn interest of 0.50% AER (variable) on balances up to \u00a3999.99. No interest is paid on balances of \u00a31,000 or more.<\/li>
- Pay a contact.<\/strong> Helping your child send or receive money with just a mobile number.<\/li>
- Tailored security and financial education.<\/strong> Available as part of the online banking experience.<\/li>
- Free mobile alerts service.<\/strong> Sending text alerts to keep track of your child\u2019s finances.<\/li><\/ul>
Who is it for?<\/h3>
The Halifax Expresscash account is for UK residents aged 11 to 17 years old. It\u2019s designed to help them learn how to manage their money and give them some independence. <\/p>
What are the benefits?<\/h3>
Some of the main benefits of this account include that there is no monthly maintenance fee and interest is paid on balances up to \u00a3999.99. The account can also be managed in multiple ways.<\/p>
How to apply<\/h3>
The way your child needs to apply for their account will depend on their age:<\/p>
11- to 12-year-olds<\/h5>
If your child is aged 11 to 12, they will only be able to open the account in branch and must be accompanied by a parent or guardian. You\u2019ll need to make an appointment at your nearest branch and your child must bring proof of ID such as a full UK birth certificate or passport. You, as their parent\/guardian, will also need to bring proof of identity and proof of address. <\/p>
13- to 14-year-olds<\/h5>
If your child is aged 13 to 14, the account can be opened through the app. Alternatively, you can start the application online but you will then need to go into a branch with your child to bring proof of ID for your child and proof of identity and address for yourself. <\/p>
15- to 17-year-olds<\/h5>
If your child is aged 15 to 17, they can open the account themselves through the app or online. They will need to provide proof of ID, such as a passport or full UK birth certificate, and proof of address, such as a letter from their school. <\/p>
Is it safe?<\/h3>
Yes, Halifax is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. As a result, eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to \u00a3120,000 per person. <\/p>
Overdrafts are not available for under 18s, so you don\u2019t need to worry about debt. <\/p> \n