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Now live: Halifax launches £175 bank switch bonus

Paloma Kubiak
Written By:
Paloma Kubiak

Anyone wanting to move their everyday banking to Halifax can now bag a £175 cash sweetener.

The banking giant confirmed that between Tuesday 14 March and Monday 3 April, savers switching to its Reward Current Account or Ultimate Reward Current Account can bag £175 after completion.

To be eligible, you can’t have received a switching bonus from Halifax after April 2020, and you need to use the Current Account Switch Service (CASS) to move your account from another bank to it.

CASS ensures all your direct debits and standing orders are transferred over within seven days so you won’t have to do this manually – just go through the Halifax website to start the process or say you want to complete a switch via CASS if opening the new account by phone or in branch.

It will also close your existing current account. Once the switch has completed, the £175 will be credited to your account within three days.

Do note that Halifax has announced a number of bank branch closures recently though.

More on the Halifax Reward accounts

The Halifax Reward Current Account comes with a £3 a month fee which is waived if you pay in £1,500 a month or more.

As its name suggests, it ‘rewards’ you as long as you meet certain criteria each month. This includes spending £500 on your debit card, keeping £5,000 or more in your account each day, as well as paying in £1,500 or more into your account and staying in credit.

Savers can then pick between one of these four rewards each month:

  • £5 paid into your account
  • A cinema ticket
  • Three digital magazines
  • Two digital movie rentals.

Meanwhile, the Ultimate version comes with a £17 a month fee. It includes everything in the standard Reward account, as well as family travel insurance, car breakdown cover, mobile phone insurance and home emergency cover.

Alternative current account switch offers

If you’re not eligible for the Halifax cash bonus, NatWest and RBS are currently running a £200 switching incentive – the highest amount the brand has offered.

These current accounts also give savers the chance to earn 6.17% AER interest on balances up to £5,000.

Elsewhere, First Direct continues to offer its standard £175 switch bonus offer for new applicants.

If you were hoping to switch to Santander, unfortunately you’ve just missed out on its £200 switch bonus which ended last month.