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Michael Brown

Acting Editor
Published: 26/07/2023
Close up of Halifax bank

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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.

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What is included in the Reward accounts?

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.

How does this compare?

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 1st account. This account comes with exclusive access to its 7% regular savings account.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.