Bad news as changes are coming for our favourite reward current account.
We’ve been big fans of the Halifax Reward account since it’s launch, but with a revamp on the cards customers are set to lose their monthly perk. Here’s what we know so far.
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What is the Halifax Reward account?
As it stands the Halifax Reward account is a current account that offers a monthly ‘Reward Extra’ perk if you meet a spending or saving criteria. You’ve been able to chose between:
- £5 in your account
- 1 Vue cinema ticket
- 3 digital magazines
You select one reward every 12 months, though you can also have three Reward accounts, meaning you could double or triple up on one perk, or mix and match.
The Extra would last for a year, and you’d then have to either choose to renew it, or swap to a different choice,
Personally I’ve been claiming the £5 across three accounts each month, adding up to a nice £180 profit each year.
The account comes with a £3 monthly fee, though that can be avoided by paying in £1,500 each month, meaning no one needs to be charged this. You can read more about it in our full Halifax Reward account review.
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How are the rewards changing?
Halifax told me that the whole account is being revamped, and that there will be new rewards later this year – but they couldn’t tell me what these are just yet. The new features will be announced in July.
All we know is what is going – and that’s the Reward Extra perk. For new customers, you can’t add on your Extra from 17 June 2025. For existing customers you won’t be able renew or switch your perk from the same date.
Of my three accounts, one is due to renew in July and another in August, so that likely means I’ll only get two rewards in July and one a month from August.
Then, from 30 September 2025, anyone who is still earning a reward will stop receiving it. Presumably this is when the replacement rewards will begin.
The £3 monthly fee is remaining, as is the ability to cancel it out with a £1,500 deposit each month.
Why are Halifax making the changes?
According to Halifax, most Reward account customers don’t actually select a reward, and only a little over a third actually then qualify each month to receive their chosen perk.
Other account changes
One change that has been revealed is that from 1 August 2025 the Halifax Reward debit card will be fee-free to use overseas. This follows a similar change to the Club Lloyds card last month. That’s good news, but there are many other options that also don’t charge for spending abroad., including a few that’ll earn you cashback.
A rare £100 interest-free overdraft was added earlier this year, which is a handy extra if you sometimes go below zero – though it’s worth noting that under the current Reward Extra rules doing so would mean you don’t qualify for the perk.
Should you ditch Halifax Rewards?
It’s obviously a big disappointment that we’ll no longer receive the cash or cinema ticket on up to three accounts, but it’s far too early to say if this change will mean you’re better off moving your banking elsewhere.
So until we know what the replacement rewards are (and we’ll let you know as soon as we find out), I’d stay put and ensure you’re claiming your freebies while you can.
see on halfax’s website it now says credit interest from 1st october and free cash withdrawals abroad , along with a couple of second rate interest offers on savings accounts are going to be the new rewards
Credit interest rates are the same as those on the Bank of Scotland vantage accounts and club Lloyds accounts , no mention of what the monthly fee will be id you dont pay in £1500 a month ,but it looks like Lloyds banking group are aligning all their current account offers
with The message when you log on saying they are all part of the same group now , it looks like teams Blue & Green , will soon be team turqoise -also understand the uniforms issued to staff in bothe banks are now the same as well
If people are not using the perk then it should be a great loss leader. I suspect they are losing too much money when there is a full analysis. Thanks for flagging this.
Didn’t realise you could have more than 1 reward account – I cancelled mine when interest rates went up and the £5 wasn’t worth the hassle.
I’ve got two Halifax current accounts, do you think it would be worth opening now? For a few months or would I be tied in for the year? I might take a look see what it says
My reward clearly states “This reward will expire on 30th April 2026” will they not honour this?
They will honour it until the expiration date
I rarely get for the reward as I don’t ’spend’ £500 per month. The deposit goes in but I transfer a lot to other accounts (pay off credit cards) but that does not qualify
You can pay into some savings accounts by debit card which counts as spending. I use a YBS easy access account.
This article is the only thing I can find about this being changed but I wouldn’t be surprised if it’s accurate.
@Dee Vee me and the missus both have two Halifax accounts so to garner the 5 quid rewards we just top up our respective Revolut accounts. As it tops up the balance instantly we just transfer the dough straight back to our main accounts within a minute.
If your credit cards is with Halifax, then it’s easy to pay it and classed it as spending, click in the CC, click the 3 dots and select pay CC, it will default to a selected current account! Tap that current account and then it gives you a list of options, select pay with debit card (at the bottom). Other CC offer similar options Barclays and Virgin money (a little harder to do). Also depositing to savings, I put in NSandI back and forth. Hope this helps.
chip have debit card topup and give you interest for keeping that 1500 in the savings account.
Shame, I have three accounts too and get £5 on each. It’s about the only reason to have a Halifax account, they don’t pay good interest rates to savers (and haven’t for years).
I’ll see what they do and close the accounts if it’s not worth it.
Didn’t know about this I’ll keep a look at out I’m for it in future