Halifax brings back bank switching bribes with £100 offer
Halifax is offering £100 to customers who switch to its relaunched Reward Current Account – the first bank switching bribe we've seen since the coronavirus crisis started in March.
Switching bank accounts to bag cash bonuses is usually a MoneySaving mainstay, but sadly our top picks all withdrew their offers during the coronavirus pandemic (though of course, you can still switch to a new bank account for better interest, cashback or service).
But now Halifax is launching a new £100 bonus for customers who switch to its Reward Current Account from today (Tuesday 4 August) until Tuesday 15 September. You can apply by phone, online or in branch.
You can get the bonus if you've been a Halifax customer before – though to be eligible you'll need to be opening a new account, and you can't have received a Halifax switching incentive since April 2018.
Your account will be switched within seven days – with all direct debits, standing orders, and salary commitments transferred across – and Halifax says it will pay your bonus directly into your new bank account before the seven-day switching process completes.
Remember that if you do switch to the Reward Current Account, you'll need to pay in at least £1,500/month (equivalent to a £21,300 annual salary) to avoid its £3/mth fee. Plus if you want to get any rewards (more on this below), you'll also need to stay in credit and either spend at least £500/mth on your debit card or keep at least £5,000 in your account.
See our Best Bank Accounts guide for full details on the account and more info on switching.
Halifax recently overhauled its Reward Current Account, and now offers account holders who fulfil its requirements the choice between a £5/mth cash reward or one of the following 'lifestyle benefits' each month:
- Three digital magazines from the following selection: Cosmopolitan, Country Life, Elle, Elle Decoration, Esquire, Good Housekeeping, Harper's Bazaar, House Beautiful, Men's Health, Prima, Red, Runner's World and Women's Health. When we checked, we found these typically cost about £20/year – so three magazines would together cost about £5/mth.
- Two digital movie rentals from Rakuten TV. We found these typically cost about £5 each.
- One free Vue cinema ticket (which we found typically cost £5-£15, depending on which cinema you go to and when) and a half-price popcorn voucher. While you can't use these at the moment, Vue is set to start reopening cinemas this month – and they'll be valid for 12 months after being issued.
Once you choose a reward, it's fixed for the next 12 months and you can't change it during this time.
The £100 switching bonus is also available for the Halifax Ultimate Reward Account, which offers perks such as travel and mobile phone insurance, and car breakdown cover, for a £17/mth fee – though check our Best Packaged Bank Accounts guide to make sure you're getting the best deal.
For both accounts, you can also get cashback with selected retailers and could be offered a six-month fee-free overdraft – though this is subject to meeting affordability criteria and isn't guaranteed.
What does Halifax say?
Martin Turner, head of personal current accounts at Halifax, said: "It's never been a better time to open a new account with Halifax.
"Both our new Reward and Ultimate Reward accounts come with the opportunity to earn a fantastic lifestyle benefit and now new applicants will also receive £100 when they switch to us when using the industry switching service.
"The switching process takes just seven days and customers will receive their £100 before the switch is complete."