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Halifax to launch £225 bank switch and spend sweetener

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
24/07/2023

Halifax will launch a £150 bonus for newbies switching their everyday banking to it from tomorrow, while customers will also be able to earn up to £75 in cashback on debit card transactions.

From tomorrow until 31 August, new customers switching from another bank or building society to the Halifax who open a Reward Current Account or Ultimate Reward Current Account will bag a £150 switch reward. This will be paid into your account within three days of the switch completing.

But, you can actually earn up to £75 in cashback on top of the £150 bonus which applies when you spend on your debit card. You’ll be able to earn £25 in each of three months when spending £750 each month on the new Halifax visa debit card.

How to bag the full £225 on offer from Halifax

To get the £150 switch offer, you need to go via the Current Account Switch Service (CASS) which closes your existing current account and moves over all your existing direct debits and standing orders.

If you’ve already received a switching offer since April 2020 to open any Lloyds or Halifax bank account, you won’t be eligible. This also applies to joint accounts where one saver has already received a switching offer.

But for those who are, CASS application can be made in branch, online or by phone.

Now, it’s important to note that the Reward Current Account requires you to pay in a monthly £1,500, otherwise you’ll need to pay a £3 monthly maintaining the account fee.

The Ultimate Reward Current Account comes with a £17 monthly maintaining the account fee, and comes with worldwide multi-trip family travel insurance, AA Breakdown family cover, mobile phone insurance and home emergency cover.

Both these current accounts allow customers to receive either £5 cash each month or digital magazines or cinema tickets when monthly qualifying criteria is met. This includes spending £500 or more each month on your debit card or keeping £5,000 or more in your daily balance, as well as the meeting the rule on paying in £1,500 each month.

The up to £75 cashback offer is valid for spends between 1 September and 30 November 2023.

You need to use your debit card to spend £750 or more on goods or services each month (£25 cashback in each of the three months), which applies to online payments, including Apple Pay and Google Pay:

  • Month 1 starts 1 September to 30 September
  • Month 2 starts 1 October to 31 October
  • Month 3 starts 1 November to 30 November.

Halifax confirmed you can take part in any or all the months, and the £750 spend applies to sole and joint accounts. If you spend more than £750 in any month, the excess can’t be applied to the following month’s threshold spend. Spends exclude debit card payments made to credit cards, foreign currency transactions, gambling transactions and debit card cash withdrawals, as well as purchase of financial services such as insurance.

Further, cashback payments will be made into your Halifax account that the Visa debit card(s) are linked to and the £25 will show as ‘cash credit’. The cashback payment is tax-free and will be made on the following dates:

  • Month 1 cashback by 20/10/2023.
  • Month 2 cashback by 20/11/2023.
  • Month 3 cashback by 20/12/2023.

Related: TSB launches £200 current account switching bonus