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Bank switching bonuses are back – Halifax offers £100 to switchers

Emma Lunn
Written By:
Emma Lunn

The £100 sweetener for switching to a Halifax Reward Current Account is the first switching bonus to come onto the market since lockdown.

To get the cash, you need to open a new Halifax Reward Current Account and or Ultimate Reward Current Account and switch your old account using the Current Account Switch Service (CASS).

How to get the £100

If you use CASS to change accounts, your account will be switched within seven days with all your direct debits, standing orders, and salary commitments transferred across.

You’ll need to start the switching process by 14 September. The money will be paid into your account before the switch completes, according to Halifax.

Anyone who’s  received a switching bonus from Halifax since April 2018 is barred from the offer.

Most banks withdrew their cash incentives for switching current accounts during the pandemic in order to focus on existing customers.

Before you switch, it’s worth checking whether one of Halifax’s qualifying current accounts is right for you. So here’s what they offer.

Halifax Reward Current Account

The Reward account costs £3 a month – but the fee is waived if you pay in £1,500 or more each month.

The account offers a choice of “reward” but you need to qualify. Qualification means you need to either spend at least £500 on your debit card each month, or keep £5,000 or more in your account at all times.

You will also need to pay at least £1,500 into your account each month and keep your balance above £0.

If you meet the criteria you can choose from:

  • 2 x digital movie rentals – with RakutenTV
  • 3 x digital magazines – you can choose from popular titles such as Cosmopolitan and Men’s Health
  • 1 x cinema ticket –  see a film any UK Vue Cinema (each ticket valid for 12 months)
  • £5 paid into your account

Once you’ve chosen a reward, it’s fixed for the next 12 months and you can’t change it during this time.

The Reward account also offers:

  • Up to 15% cashback with Cashback Extras
  • A contactless Visa debit card
  • The option to round up your card payments to the nearest pound with “Save the change”
  • Mobile alerts

Ultimate Reward Current Account

The Ultimate Reward account costs £17 a month. You get everything you get with the Reward account plus:

  • Travel insurance
  • Mobile phone insurance
  • AA car breakdown cover
  • Home emergency cover

It’s important to note that the travel insurance policy won’t cover you for any coronavirus related cancellation or early return claims if you booked your holiday after 18 March 2020. However, you’ll be covered for medical claims as long as the Foreign and Commonwealth Office hasn’t advised against travel to your destination.

Martin Turner, head of personal current accounts at Halifax, said: “It’s never been a better time to open a new account with Halifax. Both our new Reward and Ultimate Reward accounts come with the opportunity to earn a fantastic lifestyle benefit and now new applicants will also receive £100 when they switch to us when using the industry switching service.

“The switching process takes just seven days and customers will receive their £100 before the switch is complete.”