Halifax has introduced an enticing incentive for customers to switch to their current accounts, promising to pay £150 within just three days. This incentive sets a new standard for speed among major banks, surpassing Halifax’s own previous record of paying out £175 within 10 days. Other banks have also been reducing the time it takes to pay out rewards, with NatWest currently offering a £200 bonus that pays out within seven days.
To be eligible for the £150 cash reward, customers must switch to a Halifax Reward Current Account or Ultimate Reward Current Account between July 25 and August 31. They must use Halifax’s Current Account Switch Service to transfer all active credits and debits from their current bank account. Additionally, customers can earn an extra £25 cashback per month for the first three months after opening one of these accounts, enabling them to potentially earn an additional £75.
Eligible debit card transactions include both in-store and online purchases, including payments made with Apple Pay and Google Pay. The monthly reward of £25 will be paid to eligible customers in the month after they meet the minimum spending limit. To qualify for the cashback, customers must use their new Halifax Reward Current Account or Ultimate Reward Current Account Visa debit card to spend £750 or more on goods or services each month.
However, it’s important to note that both accounts come with a monthly fee. The Reward Current account has a £3 maintenance fee, while the Ultimate Reward Current Account has a £17 monthly fee. Eligibility for the offer is also restricted to those who have not received a switching offer for Lloyds or Halifax Bank accounts since April 2020.
In comparison to other deals in the market, Halifax faces tough competition from banks such as NatWest, RBS, and TSB, which are offering £200. First Direct is offering £175, indicating that other switching deals offer more cash than Halifax’s deal. However, Halifax’s quick payout time of three days sets it apart from the competition. Andrew Hagger, founder of personal finance Moneycomms, acknowledges the appeal of the speedy payout promise, despite the slightly lower amount compared to recent offers.
For NatWest and RBS’s switching offer, customers must apply online or through their mobile app and switch a current account from another bank to a NatWest or RBS account. They need to deposit £1,250 into their new account and log into their mobile banking app within 60 days to receive the £200 payout within seven days.
TSB’s offer requires customers to switch to a TSB Spend & Save or Spend & Save Plus current account, set up at least two direct debits, use their debit card at least once, and log into the TSB mobile banking app to receive the first installment of the cash reward. The TSB offer does not have a minimum pay-in requirement.
First Direct’s switching deal requires customers to deposit at least £1,000 within three months of opening the account to receive £175 in cash. They also offer additional benefits such as up to £250 interest-free overdraft, a regular savings account with a 7% interest rate, and fee-free use of their debit card abroad. The cash reward from First Direct is typically paid within 28 days of meeting the criteria.
In conclusion, Halifax’s current account switching incentive offers a quick payout time and an attractive cash reward, despite facing competition from other banks offering higher amounts. Customers looking to boost their household budgets may find the convenience of the three-day payout appealing.
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