Open a new Halifax Reward or Ultimate Reward account to get the free cash.
The Halifax switching offer is back, and this time with a twist that could earn you more cash on top if you keep using the account for the rest of the year.
Here’s who is eligible and what you need to do.
Other switch offers
Now the Halifax offer has ended, you might want to check out one of these additional deals that are currently running
How much is Halifax’s switching offer?
Halifax is bringing back a switching bonus – and it could be the most valuable one yet.
This time there’s less money on offer with a bonus of £150 (the highest ever amount was £175). But, there’s a chance to get earn an extra £25 a month for three months.
That means there’s potentially £225 up for grabs, plus you’ll also the chance to get another £60 on top over a year in ongoing rewards.
How to get Halifax’s switching offer
£150 switching bonus
To get this you need to open up one of two Halifax accounts, and this has to be a brand new account. The two accounts are:
- Reward account
- 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 31 August 2023, though it can complete at a later date. You can do this online, via the app, in a branch or over the phone.
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. Make sure the old bank is part of the Current Account Switching Service.
The offer is open to both new and existing customers, though as mentioned it above it must be a new account. That means you can’t upgrade to a Reward or Ultimate Reward account from an existing account. However, there’s a workaround I’ll come back to.
Up to £75 extra cashback
As long as you qualify for and receive the switching offer, you’ll also be able to take part in this debit card spending offer. You’ll be able to get £25 a month for three months as long as you spend £750 on the debit card each month.
The months themselves don’t start straight away. The offer runs in September, October and November 2023. Spending won’t carry over to the following month, so you’ll start again at zero at the beginning of each month.
The £750 spend must take place within each calendar month, so watch out for any transactions at the end of the month that might not leave your account until the start of the next one.
Though you can take part in each of those months, they aren’t lumped together. So you could spend in months 1 and 3 but miss month 2 and still get two lots of £25. Of course, to get the full £75 you need to spend in all three months.
You can spend with the card itself in a business, use it online or via Apple and Google Pay. However, some transactions won’t count. For example, you can’t use it to clear a credit card, overseas spending, gambling or cash withdrawals.
What’s unclear is whether the hack used to claim the monthly reward from the Halifax Reward account of topping up savings accounts or current accounts that allow debit card payments will work.
The £25 cashback payments will be made direct to your account by the 20 of the following month and your account must remain open in order to get the cash. That means you’ll need to keep your account open until 20 December 2023 at the earliest.
When can you get Halifax’s switching deal?
The offer begins on Tuesday 25 July 2023 and runs until 31 August 2023. The end date is the last time to start the switch process – it can actually complete after this.
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.
As detailed above, the extra £75 cashback offer runs from September to December 2023.
Who can’t get the switching deal?
If you’ve received a switch bonus from Halifax since April 2020 you won’t be able to get this new offer. You also won’t get it if you switch to one of the non-eligible accounts.
And joint account holders will only get one payment, and if one of you has previously had cash from Halifax or LLoyds since April 2020 then the other account holder won’t get it this time.
Lloyds Banking group staff members also won’t be eligible.
Can you switch from Lloyds Bank?
Halifax is part of the Lloyds banking group, and this often causes confusion as to whether it counts as a different bank. The good news is you can switch from a Lloyds current account to Halifax.
However, if you’ve previously had a bonus as part of a Lloyds Bank switching offer since April 2020 you will not be eligible for the cash from Halifax.
Which Halifax account should I switch to?
The standard Reward is the best option for most people. You can get £5 a month (or a cinema ticket or three digital magazines) 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. Though this comes with travel insurance, breakdown cover, mobile phone insurance and home emergency cover, it’ll cost you £17 am month. That might work out cheaper than what you pay right now if you have and need all those services, but if you do shop around as there are lower cost packaged accounts out there.
Andy’s top reward current accounts
- Halifax Rewards: £5 or a cinema ticket each month
- Chase Bank: 1% cashback for one year on spending
- Club Lloyds : A free year of Disney+
Get more details on these on my list of the best bank account offers
How new Halifax Reward customers can get the bonus
As long as you are eligible, just open up a new Halifax Reward or Ultimate Reward account and then switch to it from a different bank. This applies to new and existing Halifax customers.
Do not upgrade an existing account to Reward. It must be a brand new application.
How existing Halifax Reward customers can get the bonus
If you already have one of the eligible Reward accounts the good news is you can simply open an extra account – you’re allowed to have three at once.
If you already have all three Reward accounts then you can downgrade one of those to a standard Halifax account (better than closing it down), and apply for a new Reward account for the offer.
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 other account 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.
Halifax £150 switching deal
|Bonus paid||Within 3 working days of completing the switch|
|Additional cashback bonus||Up to £75 (three x £25)|
|Additional cashback paid||By the 20 of the following month|
|Open to existing customers||Yes|
|Requirements||Open a new Reward or Ultimate Reward account|
|Switch using the Current Account Switch Service and close your old account|
|The old account must be from a different bank|
|Additional cashback requirements||Spend £750 a month in some or all of September, October and November 2023 with the debit card|
|Exclusions||Offer limited to once per person|
|Not have received a switching bonus from Halifax or Lloyds since April 2020|
|Offer ends||31 August 2023 (last date to start the switch)|