Consumers Can Earn £100 Switching Bank Account | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 04/08/2020

Halifax is offering consumers £100 simply by switching to its Reward Current Account or Ultimate Reward Current Account from their current bank account. This offer starts today and lasts until 14 September 2020.

The Halifax Reward Current Account charges a monthly fee of £3, but the fee is waived if the account is credited with at least £1,500 per month. This account enables consumers to earn Rewards Extras, from which they have a choice of two digital movie rentals, three digital magazines, one cinema ticket or £5 paid directly into the account. Rewards are only given if the eligibility criteria are met.

Halifax’s Ultimate Reward Current Account charges a £17 monthly fee. This account also enables consumers to earn Rewards Extras, as well as offering mobile phone insurance, domestic emergency cover, vehicle breakdown cover, card loss assistance and worldwide travel insurance.

Both accounts offer an overdraft facility for which they charge 39.9% EAR. The Ultimate Reward Current Account charges 0% EAR on overdrafts of up to £50. To find out more about how bank account overdrafts work, read our guide How does a current account overdraft work?.

In order to earn £100, consumers need to use the Current Account Switch Service to transfer all the active credits and debits from their old bank account to the new Halifax account and close their old bank account. The switch from the old account to the new Halifax account must have started by 14 September 2020. Consumers will not be eligible for the £100 if, since April 2018, they have received a switching offer for switching to a Reward Current Account or Ultimate Reward Current Account.

Commenting on the Halifax switching offer Rachel Springall finance expert at Moneyfacts.co.uk, said: “It’s great to see a switching offer return to the market for consumers who are looking to switch their current account. Overall, the Halifax Reward or Ultimate Reward Current Account offers a decent package where consumers can earn a little extra each month. As is common before entering any arrangement, consumers would be wise to compare the overall package of an account and not be swayed by upfront perks alone.”

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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