Intelligent Finance, the online division of UK banking group Halifax, has launched a marketing campaign, involving extensive newspaper advertising, direct mail and online banners to promote the benefits to taxpayers of integrated account management.
The campaign comes against a background of increasing popularity of integrated banking among consumers and the recent announcement by Barclays Bank that it will utilise the Woolwich's Open Plan concept for offsetting interest rates across multiple accounts.
Using the Intelligent Finance system, customers can choose either to pay 0% on all or a chunk of their credit card, personal loan or mortgage in return for receiving no interest on the equivalent amount of their savings, and thereby receiving added tax benefits. Alternatively, they can choose to receive up to 9.9 per cent AER gross on their savings or current account if they have a personal loan or outstanding credit card balance on which they pay interest.
Jim Spowart, chief executive, Intelligent Finance says: "Our launch has generated a hugely positive reaction from consumers to integrated banking and they are voting with their feet. I welcome the fact that more and more providers are now reacting with integrated offers of their own."