Making ends meet in the face of soaring food and energy costs is proving really tough for many, so any incentive which effectively gives you money for nothing is always welcome.
Even though inflation has fallen to 7.9%, prices are still rising, experts warn that the average household is still ‘feeling the pain’.
The new Halifax offer is one of Money Saving Expert’s top-pick bank accounts, alongside NatWest, First Direct and TSB which are also offering cash if you switch.
So what exactly is Halifax offering, and how long will the deal be around?
Let’s find out.
What is the Halifax switching deal?
Halifax is offering £150 if you switch to one of their qualifying bank accounts and close your account at another bank.
You can also earn £75 a month cashback when you spend £750 each month in the first three months after opening (terms and conditions apply).
How to switch
Those new to Halifax can start the process online by opening one of the qualifying bank accounts – choose either the Ultimate Reward Current Account or the Reward Current Account.
Or you can apply in a Halifax branch or by phone.
As you apply, you’ll need to choose the option to switch and close your bank account held with another bank into your new account.
You’ll need your old bank details to hand.
Switching is free – though if you have an overdraft which is bigger than that offered by the new account, you might need to pay that off before you can close the old one.
As long as you start your switch by the 31st August 2023, you can complete your switch at a later date through Online Banking or on the Mobile Banking app.
When can I switch?
The offer is only available to those who apply by August 31.
So if you’re keen to do it, you need to act fast.
Who is eligible?
Anyone who is not an employee of Lloyds banking group can apply – including existing Halifax customers, though you won’t qualify if:
- You are switching to any other Halifax bank account that isn’t named as a qualifying account.
- You’ve received a switching offer since April 2020 for switching to any Lloyds or Halifax Bank account.
- You start your switch after the August 31, 2023
How quickly do you get the cash?
Halifax says the money will be paid directly into your account within 3 working days of your switch completing.
It will show as ‘Cash Credit’.
What about the £75 a month cashback?
The cashback offer starts at midnight on September 1 and runs for three months, ending at 23:59 on November 30.
To get it, you must use your new Reward Current Account/new Ultimate Reward Current Account Visa debit card (including if it’s on Apple Pay or Google Pay) to spend £750 or more on goods or services each month.
You can get the cashback on any or all of the three months, and it’s paid directly into your account as ‘Cash Credit’.
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