Halifax Reward Current Account switching offer

Some of you may have seen that Halifax have started a £100 switching offer, first one for a while: https://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account.html?wt.ac=rca_bankinghomepage

Requirements are to use CASS, pay in £1500 a month and to not already have an account with them. To obtain the £5 a month reward (or one of the others) you have to spend £500 a month on your debit card or keep £5,000+ in the account.

In theory if you are with a bank that allows web payments (like Starling’s Settleup) you could pay yourself £250 twice each month to qualify, I certainly don’t fancy leaving £5k sat there not earning interest!

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The only actual requirement for the £100 switching offer is to switch using CASS. The other requirements listed are to avoid the £3 monthly charge, and/or earn the monthly reward.

If you want the £100 for switching, but you aren’t bothered about keeping the Reward account itself, you can simply close it, or switch it somewhere else, the minute you’ve got the £100. As Halifax are saying that they will pay the £100 before the switch actually completes (Lloyds did the same last year), they are likely to end up paying out lots of £100s on a lot of very short lived Reward accounts.

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If you don’t use the account but leave £5000 in there the £5 rewards is equivalent to 1.2% APR which is actually pretty good nowadays. Not for me but it’s more than any other easy access I think.

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Isn’t this just for a year?

I think it’s open to existing customers, but not to existing accounts. Basically, you have to open a new account, but you can still keep any existing account.

I think the £5 reward is ongoing but I haven’t really looked as I wouldn’t use it. At most I’d try and see if topping up a card (or paying off a credit card) qualified.

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The £5 per month, or other monthly rewards if you prefer those, are ongoing; they’re not just for a year.

Well, thanks to Halifax in advance

I’ll be finding an account to switch quickly :slight_smile:

Potentially Monzo now

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Can I switch my account to Halifax to get £100 and switch to Starling to close it?

Yes you could; personally I’m going to switch my Monzo then keep the account for the fiver a month with little cost

Barclays Blue is a better offer. - the free £100 obviously.

Can you explain? I can’t see a switching bonus anywhere for Barclays Blue. On top of that, 4 pound a month fee. They give 7 pound a month. That’s a net of 36 pound a year vs the 60 that Halifax give you

Sorry, I meant minus the 100 quid offer. I think Barclays is the better offer as it doesn’t have the restrictions with spending or keeping money in the account.

I can take 36 from barclays, and keep 5k in a 1% interest rate savings account and still use my amex for cashback,

The net of that for would be 36+50 so 86 and then I can still go ahead and make £ on my cashback amex. Even without the last bit it’s still more and less restrictive.

Again, this is not factoring in the free 100 notes. I was thinking more long term use.

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Yes but couldn’t you just use Settle-Up or Revolut’s debit card loading and pick the 500 spend a month option, rather than keeping 5k in there

Possibly, I haven’t come across those features and haven’t used revolut so don’t know what you get with them.

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I mean you can top-up by card so you could in theory get the £5 a month for free :wink:

Alternatively pay your credit card bill via the card instead :slight_smile:

Looks like it’s a min of 12 months so guaranteed £60 at least.

Yeah I can’t see anything to explicitly state you cant send yourself money.

Settle-Up would need two £250 payments. Monzo five with their £100 limit.

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That’s what I’ll be doing :grin:
Just applied and CASS’d my Monzo.
As you said, Lloyds did the same last year, and my account with them lasted a whole 2 weeks :rofl:

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I left mine open just so I could do a future switch!

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Crap…I only have Barclays and Starling as my current accounts. Don’t want to miss out on this, but I had Barclays for 10 years and got Blue Rewards active…
And Starling is my main current. :disappointed:

EDIT: Also have Tesco Bank, but I use it for doubling Clubcard points and Tesco is not accepting any new applications at the moment. Have to keep them.