Currently customers with the fee-free Halifax Reward Current Account receive a £2 a month reward payment as long as they have two direct debits, remain in credit and deposit £750.

But from 1 June, Halifax will introduce a monthly fee for some as well as additional perks for Reward Current Account holders such as £5 a month, cinema tickets and magazine subscriptions. From April, it will also launch a fee-free standard current account.

Here’s what existing customers need to know:

For those paying in £1,500 a month, the account will be free. Amounts credited under this threshold attract a £3 a month fee.

Only those paying in £1,500 a month will be eligible for the extra perks, but there is a new condition:

You need to make a choice between either spending £500 on your card or holding a balance of £5,000 each month. Plus, you’ll also need to remain in credit.

This decision can be taken once per year so the one you pick remains the criteria you need to meet for the 12 months ahead.

However, Halifax confirms that if customers fail to spend £500 or hold a £5,000 balance each month, you’ll just miss out on perks for that month as it resets at the end of each calendar month.

The revamped Halifax Reward Current Account can also be opened in joint names – the thresholds aren’t doubled.

All customers will be moved to the fee-free Halifax Current Account which offers up to 15% off at certain retailers, unless they contact the bank to remain in the Reward Current Account.

There’s no option to stay in the current version of the Reward account. Customers have until 15 May to inform Halifax of their decision.

The rewards

Customers will be able to choose one from the following rewards, which will be valid for the year: 

• Stream two movies a month throughout the year, worth up to £120
• £5 monthly reward
• One free Vue cinema ticket a month plus half price popcorn
• A choice of three digital magazines, including Cosmopolitan, Men’s Health, Red, Country Life, Elle, Elle Decoration, Esquire, Good House keeping, Harper’s Bazaar, Health Beautiful, Prima, Runners World, Women’s Health.

From 1 June, new customers to Halifax will have a choice of three current accounts:

• Fee-free Halifax Current Account
• Halifax Reward Current Account – £3/month fee (waived if customers pay in £1,500/month), plus reward extras
• Halifax Ultimate Reward Current Account – £17/month fee, includes reward extras and benefits such as travel insurance and mobile phone insurance.

Philip Robinson, director of current accounts, said: “Now Halifax current account customers can choose from some really rewarding extras, recognising their loyalty. Whether you’re a fan of films with friends and family, married to your magazines, or simply want some extra pennies in your pocket, the new Halifax Reward Extras has something for everyone.”