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Halifax Ultimate Reward current account review
Find out whether the benefits offered by the Halifax Ultimate Reward account could be right for you.
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Details
| Account name | Premier Bank Account |
|---|---|
| Incentive | £200 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening and £1,500 or more is credited within 60 days of account opening. |
| Provider | HSBC |
| Account fee | £0 |
| Interest (AER) | 0% |
| ATM withdrawal limit | £1000 |
| Debit network | Visa |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0 |
| Minimum opening balance | £0 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Halifax is a division of Bank of Scotland which is a wholly owned subsidiary of Lloyds Banking Group. It was founded as a building society in 1853 and offers a wide range of current accounts and other financial products. This review takes a look at its Ultimate Reward current account.
What is the Halifax Ultimate Reward current account?
The Halifax Ultimate Reward current account is a step up from both the Halifax current account and the Halifax Reward current account. It is a packaged account which means that as well as offering everything you’d expect from a standard current account, it also offers a variety of perks and benefits. In return, the account has a £17 monthly fee.
The Halifax Ultimate Reward account can be opened individually or jointly and comes with a contactless Visa debit card.
How does it work?
As well as enabling you to set up direct debits and standing orders and apply for an arranged overdraft, the Halifax Ultimate Reward current account offers the following perks:
- Worldwide multi-trip travel insurance. For you and your family, including certain winter sports, golf trips and UK breaks. Cover ends when the account holder turns 71.
- AA breakdown cover. Including roadside assistance and home start in the UK, Channel Islands and Isle of Man. Cover available for you as the driver or passenger in any eligible vehicle.
- Mobile phone insurance. Covers breakdown, accidental damage, loss and theft up to £2,000. Covers one phone per account holder.
- Home emergency cover. Up to £250 per claim including VAT.
- Card cancellation cover. Enabling you to cancel all financial cards and request replacements, including those with a different bank or building society. Option to register your passport and driving licence numbers for easy access if you lose them.
Additionally, you can also benefit from the following features:
- Reward Extras. Choose between 2 x digital movie rentals with RakutenTV, 3 x digital magazines, 1 x cinema ticket at any UK Vue cinema, or £5 in your account each month.
- Cashback Extras. Earn up to 15% cashback at selected retailers.
- Save the Change. Round up your card payments to the nearest pound to save as you spend.
- 6 months 0% overdraft. New current account applicants can benefit from an interest-free overdraft for 6 months. After this, you’ll be charged a rate of 39.9% EAR.
Who is the account for?
The Halifax Ultimate Reward current account is suitable for those happy to pay a monthly fee of £17 and who will make full use of the perks on offer.
To be eligible you must be at least 18 years old and a UK resident. To qualify for Reward Extras you must either spend £500 on your debit card each month or keep £5,000 or above in your account each day of the month. You will also need to pay at least £1,500 into your account each month and stay in credit.
What are the benefits?
The Ultimate Reward account offers a range of attractive benefits such as travel insurance and breakdown cover which could prove useful, providing you’re not already paying for them elsewhere. The opportunity to earn extra rewards and cashback is also likely to appeal to many.
How to apply
The easiest way to apply for the Halifax Ultimate Reward account is online. Simply fill in an application form and provide details about your income and home address over the past 3 years.
If you’re an existing customer you can open a new account or upgrade an existing account by signing into online banking.
Pros and cons of the account
Pros
- Offers a variety of perks including travel insurance and breakdown cover.
- Option to choose extra rewards to suit you.
- New customers switching get a 6-month 0% overdraft.
- Earn cashback at certain retailers.
- Option to open single or joint account.
- Easy to open and manage account online.
Cons
- £17 monthly fee
- Need to meet strict eligibility criteria to benefit from rewards.
- Overdraft charges are high once interest-free period ends.
- You may not make full use of the perks on offer, in which case paying the fee will be wasted.
Our verdict
If you’re happy to pay a monthly fee and you’re looking for a current account that offers a range of extras, the Halifax Ultimate Reward current account has something for (almost) everyone. As well as offering travel insurance, breakdown cover, mobile phone insurance and home emergency cover, customers can also pick and choose additional rewards to suit them.
However, you will need to check that you meet the criteria to qualify for the Reward Extras feature and, as with any type of packaged current account, always check that you won’t be doubling up on cover before you apply.
If you have insurance protection elsewhere or you don’t think you’ll use the perks on offer, you’ll be better off looking at alternative options. The Halifax Reward account, for example, offers Reward Extras and Cashback Extras without the monthly fee (the same eligibility criteria applies, however) and without the insurance cover. Visit Halifax’s website to apply or compare other Halifax accounts here.
