Halifax launches £150 switch offer

Posted: 24 July 2023 4:29 pm

Halifax has launched a £150 switch offer, plus up to £75 in cashback after account opening.

Halifax has announced its latest switching offer for its Reward or Ultimate Reward accounts. New customers will receive £150 for making the switch. You can then earn a further £25 cashback each month for the first 3 months after account opening, resulting in an additional £75.

Halifax switching offer

Halifax’s new switching offer includes a £150 cash bonus, transferred directly into your account. The incentive will be paid within 3 days of the switch completing.

In addition to the £150 bonus, customers who switch can earn £25 cashback each month for the first 3 months after account opening. This increases the total amount on offer to £225, providing you meet the eligibility criteria.

There are also rewards on offer with the Reward and Ultimate Reward current accounts. You can choose between £5 cash each month or a lifestyle benefit such as free cinema tickets or magazine downloads. However, keep in mind that the Reward and Ultimate Reward accounts have monthly maintenance fees. You’ll also need to spend £500 on your debit card and pay in £1,500 or more into your account each month to qualify for the rewards.

Who can apply?

To qualify for the switching offer, you must open a new Reward Current Account or Ultimate Reward Current Account before 31 August 2023. You must also use the Current Account Switching Service to switch from a bank account held with another bank.

You can’t apply for the offer if you’ve received a switching offer from Lloyds or Halifax since April 2020.

In order to be eligible for the cashback offer, you must spend a minimum of £750 each month between 1 September and 30 November 2023.

How does the offer compare?

When you compare Halifax’s switching offer to others on the market, it doesn’t have the highest cash incentive or the highest overall earning potential. However, £150 isn’t to be sniffed at. Plus a further £75 in cashback means the total incentive on offer beats out the likes of NatWest.

The Reward and Ultimate Reward current accounts do have monthly maintenance fees. But with the Reward account, you won’t have to pay this if you pay in £1,500 or more. You also stand to earn a maximum of £60 over the course of a year through the monthly reward.

If you’re thinking about switching to a new current account and are looking for some great incentives, take a look at our best switching deals page.

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