Halifax launch £150 switching offer

Switchers can earn a further £75 in cashback, but will need to spend over £750 a month for three months for their reward.

Halifax launched a £150 switching incentive yesterday for those switching to its Reward or Ultimate Reward current accounts.

The incentive will only be available until 31 August, and the £150 will be transferred after three days of account switching.

Switchers can also make use of a further £75 in cashback if they’re willing to use the account’s accompanying debit card for spending.

The £75 figure is broken down into three £25 payments, with each earned at the end of the first three months from account opening.

To be eligible for each payment, users will need to spend £750 or more on their debit card for that month.

In addition to the current account, Reward customers can choose one perk each month. This includes either a £5 payment, a cinema ticket, or a subscription to a digital magazine.

To qualify for these rewards, account holders need to spend £500 on their debit card each month or keep £5,000 or more in their account.

In addition, they’ll need to pay in £1,500 or more during this period, which is also enough to waiver the £3 monthly fee.

As for the Ultimate Reward Account, this comes with travel insurance, AA breakdown family cover, mobile phone insurance, and home emergency cover.

The account comes with a £17 monthly fee.

The switching deal has the potential to be the most lucrative offer on the market, but only for those who are eligible for the additional £75 in cashback.

This is because NatWest and the Royal Bank of Scotland currently offer a £200 switching incentive for its Reward accounts.

Like Halifax, NatWest provide their customers with some form of cashback if they meet the eligibility criteria.

Otherwise first direct also offers a £175 cashback incentive for its 1^st account. This account comes with exclusive access to its 7% regular savings account.