Halifax £125 switching bonus: How existing customers can claim it too

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 new offer from Halifax. Here’s who can get a first or second switching bonus and how.

Who can get Halifax’s £125 switching bonus?

On 29 March 2022 Halifax brought back a switching bonus. It last ran in October, and this is very similar to the last promotion. You’ll get £125 for switching, and there’s the chance to get another £60 on top over a year in ongoing rewards.

To get this you need to already have or open up a new Reward or Ultimate Reward account. Once you’ve successfully done this (a credit check will take place for new applications), you can start your switch. This must start by 9 May 2022, though it can complete at a later date.

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 from another Halifax account.

You also can’t have received a switch bonus from Halifax since April 2020, but it means a load of people will be eligible who’ve had the offer in the past.

The bonus will be paid within three days of your switch completion, which can be as fast as seven working days after you start the switch.

Who can’t get the switching deal?

As mentioned, anyone who’s had the cash from a similar offer in the last two years won’t get it again. Likewise, you also won’t get it if you switch into one of the non-eligible accounts.

And joint account holders will only get one payment, and if the other person has previously had cash since April 2020 then the other account holder won’t get it this time.

Lloyds Banking group staff members also won’t be eligible.

Which Halifax account should I switch to?

The standard Reward 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 in my Halifax Reward review. I’d certainly go for this account if you don’t already have it.

You will need to pay in £1,500 a month to avoid a £3 fee each month, but that’s easy to achieve with most salaries. The money doesn’t need to stay in the account. And you can even do it in smaller batches, e.g. transfer £500 in from another account. Withdraw it, then pay it in again. And then repeat for the third time.

I don’t think the Ultimate Reward account is worth it – there are cheaper packaged accounts out there. Though if you already have the Reward account then it’s worth doing this and then downgrading once you get the bonus.

How new Halifax customers can get the bonus

Just open up a new Halifax Reward or Ultimate Reward account and then switch into it from a different bank.

How existing Halifax customers can get the bonus

It’s good news for existing Halifax customers as you can still get the bonus if you’ve not had a switching bonus from Halifax since April 2020.

And unlike last time you can even switch in if you already have one of the eligible accounts – there’s no need to open up a new one and mess around with downgrading accounts.

If you don’t have a Reward or Ultimate Reward account then you’ll need to open up one.

Andy’s top reward current accounts

  • Halifax Rewards: £5 a month or 12 free cinema tickets
  • Chase Bank: 1% cashback for one year & 1.5% interest
  • Santander 123 Lite: Cashback on bills

Get more details on these on my list of the best bank account offers

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.

Summary

Halifax £125 switching deal

Switching bonus£125
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes
RequirementsAlready hold or open a new Reward or Ultimate Reward account
Not have received a switching bonus from Halifax since April 2020
Switch using the Current Account Switch Service and close your old account
The old account must be from a different bank
ExclusionsOffer limited to once per person
Offer ends9 May 2022 (last date to start the switch)

49 thoughts on “Halifax £125 switching bonus: How existing customers can claim it too

  1. I am a little stuck with this one, It says i already have a login which I do not, I entered my llyolds information and it goes to login but then says its unable to process a payment ?

    Looks like if your a Llyolds banking customer you get a little stuck in signing up

  2. I Already Have a reward account How would I Go about this. Can I open another Reward account or should I Open an Ultimate Reward one.
    Thanks

  3. Is it too late to do this now?

  4. a couple of questions:

    1) Would a debit card payment to Vanguard count towards the £500 DC requirement?
    You make the payment on Vanguard using the long card number.

    2) is there somewhere on the Halifax where I can see if I’ve met the requirements, i.e paid 1500 money and spent £500 on the debit card?
    A ‘reward summary’ page?

    1. 1) yes that should be fine if it’s using the debit card. You can always make a small payment and check in the app to see if it counts towards the progress

      2) Yes in the app, you can track progress on these. Go into the app, select the account, then hit the menu button. You’ll see “track your rewards extra” listed

  5. Can you switch to Halifax from another banking company claim the £125 then just switch back to your old banking company or a different one?

    1. Yes, once you have the switching cash you can leave, though be aware your old bank might have some restrictions about switching back in a certain time frame.

      1. Where would I find this information?

  6. Hi Andy
    I hold a Help to But ISA with Halifax, if I was to take advantage of this offer would they just run a soft credit check?
    Thanks

    1. No, I think they’ll perform a hard credit check

  7. Hi I have just switched from a current account to a reward account would i still get the £125 as I am not sure.

    1. If the current account was from a different bank and the Reward account is a new account then you should be fine. But if you switched from a Halifax current account to a Halifax Reward account then you won’t get the money

  8. hi andy can you advise me on a current account that i can open to switch into halifax that doesn’t do a hard check ?
    thanks

    1. Starling or Monzo are the only ones with a soft check – as long as you don’t request an overdraft

  9. Hi Andy.

    Do the accounts that are switching in need to have any monies or payments setup to use the incentives.

    I have a few old accounts with other banks that are sitting at £0 and have no active direct debits or transfers. Can I use these for the Halifax offer?

    1. It does depend on the switching offer, but with Halifax Reward you don’t need any Direct Debits etc. Make sure you read the terms and conditions of the account though to avoid the monthly fee and to get the reward each month

  10. Will the account switch work for a monzo account?

    1. Yep you can switch from Monzo

  11. On the reward current account website, there’s a qualification requirement, which is spend £500 per month using the card, or hold £5000 in the account. Is this a necessity to claim the £125 switch? and does it even matter at all?

    1. This is just for the monthly, ongoing reward, not the switching bonus! I’ve written more about it in my review of the account and there are plenty of links to that in the article above

  12. Hi, I don’t have any accounts I don’t use at the moment and I was thinking about opening a new one to switch from. However, I’m not at my address right now, so I’m wondering if there are any accounts I can open completely online. I’m assuming it’s possible with Starling but I’ve heard great things about them and I’m not sure if I’ll be able to have an account there in the future if I use it now to switch. Thanks!

    1. Most accounts will let you open them online, but bear in mind online details and cards will be sent to your home. You’re right that Starling (and Monzo) can be opened fully online, though cards will still be posted.

      You might have to wait up to a year to reopen Starling if you do want to try them again, With Monzo it’s 30 days.

  13. Hi there can I switch a monese account over to the Halifax reward account? Thanks in advance.

    1. Afraid not. Monese isn’t a “proper” account so not one that’s included

  14. Hi Andy, when you say a credit check will be done, is it a hard check or a soft check? I’m a couple months from completing on a house purchase and would like to avoid any hard searches until then, in case it affects my mortgage offer. Thank you

    1. It’ll be a hard check I’m afraid. Best to leave it. Offers will come around again (most likely)

  15. Are No direct debits or standing orders required?

    1. Nope, not for this. Though there are separate spending and deposit requirements for the Halifax Reward account itself – but not direct debits

  16. Is it possible to do 2 switches to and from the same bank?
    So nationwide account to Halifax and then Halifax to rbs if you do them at the same time?

    1. No, you’ll need to wait until you have the money from Halifax before you can use that account to switch elsewhere -otherwise you won’t get that bonus

  17. Hi Andy just so I’ve got it right I currently have a Halifax reward account if I close this account and upgrade to a Halifax Ultimate Reward Current will I get my £125 ? as I missed out the last time

    1. You don’t need to close the Reward account. You can just open up an Ultimate Reward account. Then if you don’t want to keep that new account, downgrade to a free account once you have the bonus

  18. Hi Andy, can I use the Halifax switch offer when I have already taken advantage of a Lloyd’s bank switching offer. Thanks.

    1. Yes you can

  19. I tried to switch my Halifax Current Account to a Reward Account and was advised this….
    ‘You wont qualify for the offer if:
    You’re changing an existing Halifax account to a Reward or Ultimate Reward Current Account
    You’ve received cashback for switching to us since April 2020
    You are switching to a Halifax Current Account, Basic Account, Student Account or Youth Account
    You are switching into any existing Halifax bank account’

    1. Yes, that’s right. As detailed above you need to open up a new Reward account, and then switch into it from an account held at a different bank.

  20. Would a two stage approach work:

    1 Open basic account to become a Halifax customer.

    2 Open a reward account to gain £125 bonus?

    1. You can just open up the Reward account as a new customer!

      1. But you have to switch accounts from another bank you can’t get it by just opening up the Reward account as a new customer as you are already with them and it says that you have to do a switch. Although you did say above that you can if you have a current account with Halifax and switch to the reward account but their web site says no.

        For the reward account if you have say 3,000 in there when you open do you still need to do a £1,500 deposit each month to evade the fee and get the £5 a month. That’s the only issue with the reward account. Other wise your paying them £3 a month just to have it..!

        1. Yep, that’s right. Open a new account and switch to it from a different bank.

          Re the Reward bonus. Yes you need to pay in £1,500 each month to avoid the fee. But that doesn’t have to stay there. It can be transferred out. In fact, if you have £3k in the account you can move out £1500 and then pay it back in.

      2. Hi , if you have a Halifax reward account already and you downgraded to a basic account THEN open up a new reward account will you be eligible for the switch offer ?

        Thanks

        1. Yep! That should work fine, though you’ll lose the reward for that month, so if might be easier to try the packaged account and then downgrade that once you’ve got the bonus

    2. Do you need direct debits

      1. Not for this one

        1. thanks andy 🙂 your great

  21. Can you switch a Lloyds current account and get the bonus. I thought they were the same company?

    1. Yes that’s fine

  22. Are you sure, Andy. I’ve just read the literature from the Halifax and it clearly says that the money won’t be paid if the switch is made from any existing Halifax current account.

    1. Yes, that’s correct. You can have an existing Halifax account but you can’t switch that in.

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