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Following the trends set by competitors Santander, HSBC, Nationwide and Lloyds bank, Halifax announced that as of 3rd November, they’ve brought back their switching bonus scheme. It last ran in July when they offered customers £100 to switch, but now this offer has been boosted to a generous £125.
To be entitled to this offer, you need to open up a new Reward or Ultimate Reward account before 14th December 2021. You will then be required to carry out a credit check which, when completed and successful, your switch will take seven days to complete, and you’ll receive the bonus into your account within three days after switching.
When switching from one bank to another, you must close your old account when opening your new account with Halifax.
If you’re an existing Halifax customer, you can still receive the £125 bonus as long as you haven’t received cashback since April 2020 and you open a new Reward or Ultimate Reward Current Account and use the Current Account Switch Service to switch a bank account held elsewhere.
The card comes with a free six-month 0% overdraft, but customers will need to apply for this feature during the switch.
Along with the bonus, customers can choose between more fantastic rewards including access to two films a month said to be worth up to £120, a monthly Vue cinema ticket, a choice of up to three digital magazine subscriptions, a £5 cash monthly reward or up to 15% Cashback with Cashback Extras; activated through Online, or Mobile Banking.
There are some aspects that you need to take into account before you make your move.
You won’t qualify for the offer if:
To be eligible for the rewards, you need to pay £1,500 into the account each month (avoiding dipping into overdraft) and either spend £500 on the debit card or maintain a balance of £5,000 each month.
Failure to meet Halifax’s terms and conditions will mean that customers will have to pay £3 per month, which will negate the benefit of the bank’s £125 switching incentive.
For switchers seeking a full range of features, Halifax’s Ultimate Reward Current Account could be the best option for you! It offers the £125 incentive as well as AA breakdown cover, worldwide travel and mobile phone insurance all for a monthly fee of £17.
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, with net gains of 16,684 accounts.