How to get £100 free when you switch bank accounts to Halifax
HALIFAX will pay you £100 if you leave your bank and switch to one of its current accounts. To get it, you’ll need to open its reward or ultimate reward current account. These come with monthly fees of £3 and £17 respectively, but you don’t need to pay the £3 fee if you pay in […]
HALIFAX will pay you £100 if you leave your bank and switch to one of its current accounts.
To get it, you’ll need to open its reward or ultimate reward current account.
These come with monthly fees of £3 and £17 respectively, but you don’t need to pay the £3 fee if you pay in at least £1,500 a month.
Reward account holders can also earn £5 each month, if you either spend £500 on your card each month or keep £5,000 in your account each day.
Plus, you can earn up to 15% in cashback depending on where you shop.
The ultimate reward account gives all of the benefits of the reward account, as well as travel and mobile phone insurance.
Which current account is right for me?
IF you’re looking to switch current accounts, we round up accounts that could help your money go further.
Virgin Money
Virgin Money pays 2.02% variable on the first £1,000 in your account, with no minimum pay in.
You can also get a free 15-case bottle of wine – check the terms and conditions first though to make sure you’re eligible.
Nationwide
Nationwide FlexDirect pays an interest rate of 2% on up to £1,500 for the first 12 months.
You’ll need to pay in £1,000 a month to get the offer though.
Santander
Santander offers cashback on its 123 Lite account.
You can get 3% cashback on water bills, 2% of energy and the bank’s own home and life insurance, and 1% on a number of bills including phone, broadband and Santander mortgages.
There is, however, a £2 monthly fee which eats into the cashback you make.
Halifax Reward
Halifax Reward pays up to 15% in cashback when you shop, plus a monthly £5 bonus.
To get the latter, you need to spend either £500 on your card each month or keep £5,000 in your account each day of the month.
If you don’t pay in £1,500 a month, you’ll be hit with a monthly £3 fee.
Plus, you also get AA breakdown cover and home emergency cover.
However, the monthly £17 fee is steep so it’s only worth it if you need the extra products.
To get the £100 cash for free, you need to start your switch through the current account switching service between April 7 and May 4.
It’ll then be paid directly into your account within three working days of your switch completing.
Just keep in mind you won’t qualify for the offer if you’re switching to other current accounts, Halifax’s basic account, student account or youth account.
If you’ve received cashback for switching to Halifax since April 2020, you also won’t be able to get it again.
How to switch bank accounts?
NOT sure what switching could do for you? Here's what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
Halifax has previously offered a £125 bonus for switching.
In comparison, HSBC is offering a £125 bonus if you switch to its premier account or the advance account.
While Virgin Money is offering a switching deal where you can get 15 bottles of wine, which it says is worth £138.
Neither of the banks have confirmed end-dates to the offers, so they could be withdrawn at any time.
If you’re planning to switch, make sure you double-check the terms and conditions beforehand so you’re eligible for the cash.
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