A simples guide

Halifax Reward Account

In the past, choosing a bank account involved simply choosing a bank – there was little to differentiate them or to choose between. But now that we’re in the 21st century, things are very different and there’s an almost baffling amount of choice between accounts, making decisions rather hard to make – especially when you’re promised all sorts of incentives from different providers. So, to make life a bit easier, here’s a run-down of what the Halifax’s Reward Account has to offer. 

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The Halifax Reward Account

Most of us like getting rewards – it makes us feel like we’ve done something good or clever. So being rewarded simply for doing your day to day banking can make us feel great, and the Halifax Reward Account is designed to do just that. It’s primed and prepped with all sorts of temptations such as:

  • £100 cash bonus paid if you switch your existing account to a Halifax Reward Account (you’ll have to use their switching service and close your old account).
  • £5 reward every month that you pay in £750 or more to your account, you’ll also need to pay at least two different direct debits and stay in credit (please note this offer will reduce  to £3 on 1st February 2017).
  • £50 overdraft buffer so there are no fees payable on any planned or unplanned overdrafts of £50 or less.
  • Cashback is available after signing up for online banking; you can get up to 15% for shopping in selected retailers such as Argos, The Body Shop, Homebase and Morrisons.
  • Contactless VISA debit card so you canmake payments of up to £30 as if by magic.

Am I eligible?

You have to be 18 or over and put in £750 or more into your account each month; you’ll also need to have two direct debits set up.

You’re only eligible for the £100 switching offer if you move all of your active debits and credits from another bank and close that account. You won’t be eligible for the £100 offer if you’re simply moving from a Halifax Basic or Student Account or have had any other reward for switching to Halifax since 2012. And if you’re unlucky enough to be with a bank that doesn’t take part in the switching service, then you also won’t qualify for the £100 cash bonus.

You can only open a Reward Account in a single name so bad luck to anyone wanting a joint account and you can’t open one if you’re employed by the Lloyds Banking Group (but if you are – you probably knew that already).

It’s worth knowing that you’re not guaranteed an overdraft if you open a Reward Account, you’ll need to apply for that separately and whether you get one or not, will depend on your credit history.

How does it compare?

A bank account needs to work for you and fit in with all your other financial commitments and there are a lot of accounts to choose from, so don’t simply open the first one that you stumble across. Banks are vying for your money and if Halifax’s Reward Account doesn’t float your boat, then there’ll be others that will. So, don’t just settle – make sure you comparethemarket.com

All Halifax Reward account details are based on information provided on www.halifax.co.uk on 9 November 2016.

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