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Halifax (bank) facts for kids

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Halifax
Trade name
Halifax
Division
Industry Finance and insurance
Founded 1853 (1853)
Headquarters The Halifax Building
Halifax, West Yorkshire, UK
Area served
United Kingdom
Key people
Russell Galley retired May 2023
(managing director)
Products Financial services
Parent Bank of Scotland plc

Halifax is a well-known British bank. It is part of the Bank of Scotland, which is owned by a larger company called Lloyds Banking Group.

The bank is named after the town of Halifax, West Yorkshire, in England. It started there in 1853 as a "building society." A building society is a financial organization where people save money, and that money is then lent to others to buy homes. By 1913, Halifax had become the biggest building society in the UK.

In 1997, Halifax changed from being a building society owned by its members to a public company called Halifax plc. This meant its shares could be bought and sold on the stock market. Later, in 2001, Halifax plc joined with the Bank of Scotland to form a new group called HBOS. In 2009, HBOS, including Halifax, became part of the Lloyds Banking Group.

The Exterior of A Typical Halifax Branch (Walsall)
The Exterior of the Walsall Halifax Branch
Inside A Typical Halifax (Walsall Branch)
Cash Machine Area of the Walsall Halifax Branch

How Halifax Started

The Early Years (1853-1903)

Halifax began from a group called the Loyal Georgian Society. This group used to lend money. When they stopped lending, leaders in Halifax town decided to create a new organization. This became the Halifax Permanent Building and Investment Society in 1853.

A young lawyer's clerk named Jonas Tylor, who was 24, became the Secretary. He helped the society grow by opening many branches. In its first year, three branches opened. By 1862, there were 12 branches, all in Halifax. The first branch outside Halifax opened in Huddersfield in 1862.

Halifax also helped local businessmen build homes for workers. For example, they helped finance the Akroydon model housing scheme in the 1860s. By 1902, Halifax had 11 main branches in Yorkshire cities and 49 smaller ones.

Growing Across the UK (1903-1938)

After Jonas Tylor, Sir Enoch Hill took over in 1903. He was a very important person in the history of building societies. Hill decided to focus on helping people buy their own homes, especially cheaper ones.

By 1913, Halifax was the largest building society in the UK based on its total money (assets). After WWI, Halifax started to open branches all over the country. The first branch in the south opened in Shaftesbury in 1919. The important London office opened in 1924. Between 1918 and 1928, about 100 new branches opened.

In 1928, Halifax merged with another large building society called Halifax Equitable Building Society. This made Halifax even bigger. Sir Enoch Hill retired in 1938, after leading Halifax for 35 years. During his time, Halifax's assets grew from £47 million to £123 million.

A New Headquarters

HBOS Halifax 310805
The former headquarters of the Halifax in Trinity Road, Halifax, West Yorkshire

In 1973, a new main office was built in Trinity Road, Halifax. This building had a unique diamond shape. It was often shown in Halifax's advertisements during the 1980s and 1990s.

Halifax bank, Halifax
The main branch of Halifax, in Halifax (Now Closed By Lloyds Banking Group as Part of Its Bank Closure Projects)

Becoming a Bank

Changes in the 1980s and 1990s

In the 1980s, new laws allowed building societies more freedom. Halifax started to offer more services, like current accounts and credit cards, which were usually offered by banks. They also bought an estate agent company to help with home sales. In 1993, they even started a branch in Spain, Banco Halifax Hispania, to help British people buying homes there.

The new laws also allowed building societies to become public companies. In 1995, Halifax announced it would merge with another society, the Leeds Permanent Building Society, and become a public company. On June 2, 1997, Halifax became Halifax plc. Over 7.5 million customers became shareholders, which means they owned a small part of the new bank. This was the biggest number of new shareholders in UK history.

HalifaxBank
A high-street branch of the Halifax in Peterborough
Halifax Estaste Agency - Main Street - geograph.org.uk - 1595081
A branch of Halifax Estate Agency in Bingley

As Halifax plc, it was the fifth largest bank in the UK. Halifax continued to grow. In 1996, it bought a life insurance company called Clerical Medical Fund Managers. In 1999, it bought the Birmingham Midshires Building Society. In 2000, Halifax started Intelligent Finance, a bank that worked mainly by phone and internet.

Joining HBOS and Lloyds Banking Group

In 2001, Halifax merged with the Bank of Scotland to create a new group called Halifax Bank of Scotland (HBOS). The main office for HBOS was in Edinburgh. Both Halifax and Bank of Scotland continued to be used as brand names.

In 2006, a law was passed to simplify HBOS's structure. This meant that Halifax plc's assets and responsibilities were officially transferred to Bank of Scotland plc. Halifax continued to be a brand name, but it was no longer a separate legal company.

Lloyds and Halifax in Cross Gates
Neighbouring Halifax and Lloyds TSB branches outside the Arndale Centre, Cross Gates, Leeds

In January 2009, Lloyds Banking Group bought HBOS. This meant that Bank of Scotland plc, including the Halifax brand, became a part of Lloyds Banking Group.

In February 2009, Halifax changed its current accounts. They introduced new daily fees for arranged and unarranged overdrafts. They also started offering a £5 monthly payment for customers who met certain conditions on their 'Reward current account'. These changes caused a lot of discussion in the media.

In October 2009, Halifax Estate Agency was sold and its branches were renamed. In November 2009, a power failure at an IT center caused problems for all Halifax branches, cash machines, and online banking for several hours.

Advertising

Halifax started a very successful advertising campaign on Boxing Day in 2000. This campaign continued even after HBOS was created.

Halifax has also made adverts that feature characters from popular shows and movies. These include The Flintstones, Top Cat, Scooby-Doo, The Wizard of Oz, and Thunderbirds. In February 2021, a Halifax TV advert featured the Oasis song "Stand By Me".

See also

Kids robot.svg In Spanish: Halifax Bank para niños

  • Sabadell Solbank
  • Halifax (Irish bank)
  • Bank of Scotland International

External links

  • Bank of Scotland plc
  • Lloyds Banking Group
  • Halifax Contact Details



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