Halifax will pay you £100 to switch bank accounts
HALIFAX will pay you £100 if you switch your current account to one of its bank accounts.
To get the free cash, you have to open a new Ultimate Reward Current Account with Halifax, and move your money from an existing bank.
Account holders can earn cashback while they shop, and get free AA breakdown cover, and mobile and travel insurance.
But the account is a premium one and comes with a hefty £17 a month fee so it's only worth the switch if you'll actually use the benefits.
To get the cash incentive, you'll need to use the “Current Account Switch Service” which is free and does the transfer for you.
It will contact your current bank, move the funds into your new account and close your old one on your behalf.
Switching incentives: what’s on offer?
HERE are the switching incentives on offer and other key features of the accounts. Don’t forget to check it suits all your needs though, and that you’re eligible before switching.
- FREE £125
- Paid within 28 days of switching, provided your eligible
- Best-rated for service among big banks
- 0% interest-free overdraft on first £250
- Need to pay in at least £1,000 in the first three months to qualify
HSBC Advance account
- FREE £125
- Paid within 20 days of switching, provided your eligible
- Access to an HSBC regular saver account paying 1%
- 0% interest-free up to £25
- Need to pay in £1,750 a month or £10,500 over six months and be approved for an overdraft
- £150 Gift Card with Virgin Experience Days
- 2.02% interest on up to £1,000
- Need to transfer at least two direct debits
Halifax Ultimate Reward Account
- FREE £100
- AA breakdown cover
- Mobile phone insurance, worldwide travel insurance, home emergency cover and card cancellation cover included
- 15% cashback at selected retailers
- Opportunity to earn £5, or a lifestyle benefit, each month with Halifax Reward Extras
- Need to pay £17 a month into account in maintenance fees
The switch should take a week and you’ll receive your £100 in the new account just before this period ends.
The reward doesn’t work if you’re already a Halifax customer though, so you have to be switching from another bank to this one, to claim the extra money that’s being given out.
You’ll also have to check that the bank you are switching from is part of the “Current Account Switch Service” otherwise you could be switching for nothing and miss out on the cash.
The switching offer is running from Wednesday (July 7) until August 3, so you’ll have just under a month to cash in on the reward scheme.
Martin Turner, head of personal current accounts at Halifax, said: "We’re excited to be re-introducing our £100 switching offer, this time for new customers of our Ultimate Reward Current Account.
"The account offers fantastic benefits and rewards – including insurance cover, lifestyle benefits, cashback and more!
Previously Halifax only offered the £100 incentive from April 7 to May 4, so if you missed out, now is your chance to claim.
Before that, the bank offered a £125 bonus for switching to a reward account too.
You can use the online checker to see if your current account is eligible.
To make an application you can head into your local Halifax branch, or visit online.
You can also ring up to start the process too.
Lots of other banks are offering rewards for switching too like HSBC, it's usually free to switch and you could earn extra cash up to £125 in the process.
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The banking group that owns Halifax is closing a number of branches year though.
If you're in a couple, Martin Lewis explains how to get up to £340 from banks too.
It comes as one fan of the money-saving expert managed to earn £4,000 with the bank-switching methods.
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