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Ella Mower

Content Writer
Published: 28/03/2023
Close up of Halifax bank

News contents

Earn £175 by switching current accounts to Halifax today.

Halifax has launched a £175 cash incentive for switching to one of its qualifying accounts, but those looking to take advantage will want to act fast as the offer expires today.

This cash incentive applies if you switch to either Halifax’s Reward or Ultimate Reward current accounts and can be claimed by both new and existing customers.

To switch accounts, new customers will simply need to apply for one of the qualifying accounts and make sure to select ‘switch’ during the process. As for existing Halifax customers, you’ll need to sign into your Halifax account online and complete a switching form.

The switch itself is a process facilitated by the Current Account Switch Service. It takes around seven days to complete, your payments will be redirected to your new account, and within 10 working days of applying the money will be in your account. In the unlikely event that something goes wrong, you’ll be covered by the Current Account Switch Guarantee.

Exemptions from the offer apply if you switch to one of Halifax’s non-qualifying accounts, if you’ve already received cashback from Halifax for switching since April 2020, or if you switch after today.

  • Halifax

    Account: Reward / Ultimate Reward Current Account

    Interest Rate (AER): Up to 0.00%

    Overdraft Rate (AER): 39.90%

    Switching Incentive: Get £175 in 10 working days when you switch to a qualifying Current Account and close your bank account held with another bank. Earn £5 per month with Reward Extras if eligibility criteria met.

    Terms and Conditions: To qualify for the £175 switching offer you must switch to a Reward Current Account or Ultimate Reward Current Account using the Current Account Switch Service to switch from a bank account held with another bank by 3.4.23. See Halifax website for full terms and conditions.

Are there any other perks?

Both the Halifax Reward and Ultimate Reward current accounts come with added bonuses. While the Reward current account costs £3 per month to maintain, this fee is waived every month you deposit at least £1,500 into the account. With both accounts, you can also earn monthly rewards by meeting targets, ranging from £5 cash paid into your account to a cinema ticket.

As for the Ultimate Reward current account, though the £17 per month maintenance fee is unavoidable, for this cost you’ll gain access to a wider range of added extras, including travel and mobile phone insurance, plus breakdown and home emergency cover.

When switching to either of these accounts, you’ll also have the option to take out an overdraft charging 0% interest for the first six months, which can be arranged during your current account application. After the six months interest-free period is over, you’ll be charged interest daily.

How does it compare?

Currently, NatWest and Royal Bank of Scotland offer the largest cash incentive to switch, at £200 for eligible customers making a deposit of £1,250 into the respective account.

At £175, Halifax’s is a competitive deal that matches the amount offered by first direct for switching accounts. To receive the cash bonus from first direct, however, you’d need to deposit at least £1,000 into its current account over the first three months.

TSB, meanwhile, ended an offer last month paying £125 cashback for switching and an additional £75 for keeping the account open.

Ultimately, the decision to switch bank accounts will be influenced by a number of different factors aside from incentives, including interest and overdraft rates, and the right account for you will depend on your personal circumstances.

Still, switching deals can be a nice perk, and if you want to get your hands on the £175 offered by Halifax you have until the end of the day to switch.

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.

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