You are here: Home - Credit Cards & Loans - News -

Halifax offers new bank account customers £161 sweetener

Written by:
Current account customers who switch to Halifax can now earn £161 worth of cash rewards in the first year.

The bank has increased its switching bonus to £125 from £75, which is available to all customers who use the Current Account Switching Service (CASS) before 31 July 2017.

During the first year, it is also offering a further £36 paid in 12 x £3 monthly payments but customers must deposit a minimum of £750 a month, pay two direct debits a month, and remain in credit to receive the perk.

Three other banks offer cash incentives to switchers using the guarantee service.

HSBC will pay customers switching to its Advance Account £150 plus an extra £50 after 12 months.

The Co-operative will pay new customers £110 plus £4 a month if they pay in £800 a month and have four direct debts.

First Direct’s 1st Account offers £100 cash if the account is credited with £1,000 within three months.

Meanwhile, M&S Bank offers a gift card worth £125 plus a £5 gift card top up every month if customers pay in at least £1,000 a month and have two direct debits for 12 months.

Rachel Springall, finance expert at Moneyfacts, said: “The switching incentive from Halifax will likely appeal to those looking for a new current account with a high street brand. There is more to be gained in upfront cash by switching elsewhere though, such as with HSBC, but customers need to make sure the account has the right overall package for them.

“The Halifax current account may not be the best choice if customers plan on dipping into their overdraft, because of its daily usage fees.

“It’s worth remembering that customers looking for a cash reward when they switch will likely have to meet certain eligibility criteria, which could mean funding the account by a certain amount, or set up online banking or direct debits, so it’s important to be aware of these before switching.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week