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Halifax ups current account switching cash to £125

Emma Lunn
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Emma Lunn

Halifax has thrown down the gauntlet to other banks by increasing the switching incentive it offers to new current account customers.

From today, people can pocket £125 by switching to Halifax’s Reward Account or Ultimate Reward Current Account. The bank previously offered £100 to new customers.

To qualify for the incentive, customers need to use the Current Account Switch Service. The switching process takes seven days and customers will receive their £125 within three days of the switch completing.

The Reward Account offers customers one perk from the following: Two streamed movies a month, one free Vue cinema ticket a month, a digital magazine subscription, or £5 cash each month. It also offers access to Cashback Extras, offering 15% cashback with selected retailers.

To qualify for the monthly reward, customers need to pay in £1,500, stay in credit and either spend £500 on their debit card or maintain a balance of £5,000 each month. If these criteria are not met, the Halifax Reward Account levies a £3 monthly fee.

Halifax also pays £125 for people switching to its Ultimate Reward Current Account. This costs £17 a month but offers additional benefits such as worldwide travel insurance, AA breakdown cover, home emergency insurance and mobile phone insurance.

Martin Turner, head of current accounts at Halifax, said: “Our Halifax Reward Account continues to be popular and our success in attracting customers this year lies not only in our great switcher offers, the latest launching this week, but also in the brilliant range of benefits the account offers, including magazine downloads, movie streaming, cashback and more.”

Figures from the Current Account Switch Service show that Halifax had the biggest net gains in current account switches that took place between July and September 2021 (Q3), with net gains of 16,684 accounts.