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Get £175 for switching to Halifax…but there’s a catch

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Halifax said the payment for people who switch accounts starting tomorrow would be its largest such offer ever.

There are a number of criteria that switchers need to fulfil to qualify. Customers need to sign up to a Halifax Reward Current Account or an Ultimate Reward Current Account by 19 December using its “Current Account Switch Service” to transfer funds from another bank.  The Reward Current Account has a £3 monthly maintenance fee while the Ultimate Reward Current Account has a £17 monthly fee.

The switch can be done at a Halifax branch, online or by phone, the bank said. 

People already banking with Halifax could be eligible if they change an existing bank account with Halifax to a Reward or Ultimate Reward Current Account, haven’t received an earlier switching bonus from Halifax and move an account from another bank using the switch service.

(In another bonus program, Halifax said it was offering Reward Account customers either £5 cash each month or a choice of goodies such as cinema tickets or streaming if they met the monthly qualifying criteria. Conditions also apply: recipients must either spend £500 on a Halifax debit card or keep at least £5,000 in their account every day, for example.)

‘Largest switching offer ever by Halifax’

Martin Turner, head of personal current accounts at Halifax, said: “This £175 bonus is the largest switching offer ever launched by Halifax. Customers can easily move their existing account using the Switch service and, as well as the bonus, customers could earn £5 each month or choose from a range of lifestyle benefits, alongside earning cashback on daily shopping.”

These conditions count you out

 You would be ineligible for the main switcher bonus under a number of conditions, including:

  • You’ve already received a similar switching offer since April 2020.  
  • You are switching to a joint account and the co-holder already received a switching offer since April 2020, and 
  • Your current bank doesn’t take part in the Current Account Switch Service