Open a new Halifax Reward or Ultimate Reward account to get the free cash.
Switching bonuses are a great way to get some free cash, but once you’ve worked your way around all the banks the fun is over, right? Wrong! More and more of the bonuses are open to existing or ex-customers.
And that’s the case with this this new offer from Halifax. Here’s who can get a second switching bonus and how.
Who can get Halifax’s £100 switching bonus?
On the 7th April 2021 Halifax brought back a £100 switching bonus. It last ran in August and September of last year.
To get this you need to open up a new Halifax Reward or Ultimate Reward account before the 4th May 2021. Once you’ve successfully done this (a credit check will take place), you can start your switch.
You’ll need to fully close the old account you switch over and it needs to be from a different bank. So you can’t switch another Halifax account.
You also can’t have received a switch bonus from Halifax since April 2020.
The bonus will be paid by three days of your switch completing.
How existing Reward customers can get the bonus
It’s good news for existing Halifax customers, you can still get the bonus if you open up either of those accounts and switch a non-Halifax account into it.
However, unlike when Natwest last allowed customers to switch in and get a bonus, you can’t switch into a pre-existing account. You do have to open up a new account.
If you have any other kind of Halifax account you can open up either account. But I’m sure lots of you will already have one of the two eligible accounts. Fortunately that’s not going to be a problem (unless you have both).
So say, like me, you’ve got the Halifax Rewards account already, you need to open a new Ultimate Rewards account. And visa versa.
Here’s confirmation from Halifax via webchat that you can open up a new account even if you already have one of the accounts.
Avoiding the Ultimate Rewards monthly fee
The downside to the Ultimate Rewards account is that it comes with a £17 monthly fee.
When I took advantage of the same offer last summer, I assumed it would mean I’d really only make £83 profit.
But I managed to avoid the fee! As soon as the cash arrived in my account, I went into my Halifax app and downgraded the account to a standard Halifax current account.
This change was instant, and the £17 charge never came! Of course, things might have changed but I imagine it will be the same for you.
Which old account should you switch?
You can switch pretty much any full current account over, though bear in mind to get the bonus this will be closed down.
I always think it’s worth having an account you use just for switching, as this means you can take advantage of offer after offer without losing the benefits you might enjoy on another account.
Here’s more in my guide to why I have more than one account.
Which Halifax account is best?
The standard Rewards is the best option for most people. You can get £5 a month by jumping through a few hoops. Here’s more on how to do this. So I’d certainly go for this account if you don’t already have it.
The Ultimate Rewards account will cost you £17 a month as it comes with insurance products on top of the usual Rewards. Most people won’t need these extras, or will be able to get them for less from other packaged accounts such as Nationwide’s FlexPlus. I’d only switch to this one if you already have the Halifax Reward account.
If you’ve not switched before then check out this guide to how it works.