Halifax is offering customers £125 to switch plus 15% cashback – ‘excellent’

Martin Lewis provides advice on savings accounts

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Not only does the high street bank offer a £125 switching bonus, but it also offers additional enticing rewards and benefits. However, anyone interested will need to act quickly – as the offer ends on May 9.

To qualify for these extra benefits customers need to spend £500 a month.

There’s also the chance to get a further 15 percent in cashback by shopping with selected retailers.

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “This week Halifax has launched a new switching incentive of £125 for consumers who switch to either the Reward Current Account or Ultimate Reward Current Account.

“The Reward Current Account may appeal to consumers looking for incentives as this account allows them to choose either a £5 net reward payment or a lifestyle benefit each month.

“The account charges a £3 monthly fee, but this is waived for those who can credit the account with at least £1,500 per month.

“Those keen to take advantage of the switcher cash will need to do so via the Current Account Switch Service before May 9 2022. On balance, the account earns an Excellent Moneyfacts product rating.”

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Account benefits include:

  • Choose from a £5 reward or a lifestyle benefit each month
  • Up to 15 percent cashback from selected retailers
  • Account fee of £3 per month, waived if account credited with at least £1,500 per month
  • Arranged overdraft of 39.90 percent EAR
  • £125 free cash offer, using the Current Account Switch Service before May 9, 2022.

It’s not the only bank to offer money for switching.

Both first direct and Santander are currently offering £130 to switch.

first direct often wins awards for great customer service.

For a limited time only, new customers who don’t switch their current account over to first direct could still secure £20.

Santander is offering the incentive to both new and existing customers.

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There’s no one-size-fits-all solution when it comes to choosing the right bank account.

It is recommended people weigh up whether they would make the most of the benefits on offer.

To receive the switching bonus, people usually have to use the Current Account Switching Service.

Most banks are now signed up to this service which handles the switch of all one’s direct debits and regular payments.

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