Banking News

Consumers looking to boost their income in the run-up to Christmas can earn £125 simply by switching to a Halifax bank account.

The switching offer, which was launched today, will end on 14 December 2021, and the £125 will be deposited into customers’ bank accounts within three days of the switch being completed.

In order to receive the money, consumers will need to switch to a Halifax Reward Account or Ultimate Reward Current Account using the Current Account Switch Service (CASS) and transfer all active credits and debits from the old bank account to the new Halifax account (other terms and conditions may apply).

In addition to offering the £125 cashback for switching, both the Halifax Reward Account and Ultimate Reward Current Account allow customers to choose one reward from the following:

• Stream two movies a month throughout the year, worth up to £120
• One free cinema ticket a month (sent as vouchers to use when cinemas reopen) to catch the latest blockbusters at Vue cinemas across the UK.
• A choice of three digital magazines from a host of well-known titles, including
• Cosmopolitan
• Men’s Health
• Red
• Good Housekeeping
• Or customers can select a £5 monthly reward

The accounts also offer customers the opportunity to earn 15% cashback with selected retailers. In addition to this, the Ultimate Reward Current Account offers extra benefits including worldwide travel insurance and mobile phone insurance.

To receive these benefits, the Halifax Reward Account requires customers to deposit £1,500 into the account each month or pay a £3 monthly fee. The Ultimate Reward Current Account charges a £17 monthly fee.

first direct and NatWest have launched switching deals that will see consumers earn £100 or more in cashback when switching bank accounts.

From today, consumers who switch to a first direct 1st Account will be able to earn £100 in cashback if they switch using the Current Account Switching Service (CASS) and credit at least £1,000 into the account each month for the first three months*. 1st Account does not charge any monthly fees and has an interest-free buffer on overdrafts of £250. Customers who borrow more than this through their overdraft will be charged 39.90% EAR variable.

NatWest has also launched a switching offer which sees new and existing customers earn £150 if they switch and stay to a Select or Reward account. This switching offer is due to end on 2 December 2021. To be eligible for the cashback incentive customers must switch using CASS, as well as pay £1,500 into the account and log into online or mobile banking through the NatWest mobile app before 13 January 2022*. If all conditions are met, customers will have £100 credit in their bank account by 11 February 2022, and an additional credit of £50 will be made if 10 debit or credit transactions are made per calendar month between 1 January 2022 to 30 September 2022.

On Friday 15 October contactless payments will increase to £100 from the current limit of £45. Contactless payments have more than tripled in the space of 18 months, with shoppers having a limit of just £30 in March 2020, which increased to £45 in April 2020.

The roll-out of the new £100 limit will begin on 15 October, however it may take some retailers longer to update all their payment terminals. Commenting on the increase, David Postings, chief executive at UK Finance, said: “Contactless payment has proved very popular with consumers and an increasing number of transactions are being made using contactless technology. The increase in the limit to £100 will allow people to pay for higher value transactions like their weekly shop or filling up their car with fuel. The payments industry has worked hard to put in place the infrastructure to enable retailers to update their payments systems so they can start to offer their customers this new higher limit.”

JP Morgan has entered the UK consumer market with the launch of its digital bank, Chase.

The account will provide customers with cashback, which the bank states will be at 1% on all eligible debit card spend for 12 months*. As well as cashback, the account will also offer 5% interest on debit card small change round-ups to the nearest £1 for 12 months*. Although Chase current account has been officially launched, at the moment interested consumers can only sign up to a waiting list through its website chase.co.uk. 

Commenting on the launch of the Chase debit card, Sanoke Viswanathan, CEO of JPMorgan Chase, said: “Having spoken extensively to consumers across the U.K., we know that people want good value combined with an excellent experience, from a trusted bank. With cashback on everyday debit card spend and an interest boost on round-ups, we can help customers save while they spend on items they already buy every day.”