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. These days, things are very different and there is an almost baffling amount of choice between accounts. 


Reward accounts benefit

This is good news for us consumers as banks are increasingly offering incentives to get us to join them. For the savvy consumer there is much to be gained by comparing the benefits and choosing an account that’s right for you.

calculator and coins

Benefits of a Halifax reward account

One account seeking to interest new customers is the Halifax Reward Account.


  • £100 cash bonus paid within three working days of you switching your existing account to a Halifax Reward Account.
  • £5 reward every month that you pay in £750 or more to your account, pay at least two different direct debits and stay in credit.
  • A £50 overdraft buffer. No fees payable on any planned or unplanned overdrafts of £50 or less.
  • Cashback is available after signing up for online banking. No specifics are listed on their website but they do claim “up to 15% cashback when you shop.” Outlets quoted that you “may get offers from” include Homebase, Morrisons, The Body Shop and Argos.
  • Contactless VISA debit card

Who does it suit?

The account would bring an immediate £100 cash injection to anyone who wants to switch accounts to a new bank (terms and conditions apply).

You must stay in credit and have regular income over £750 entering your account each month as well as two direct debits being paid out to get the £5 monthly benefit. If you fail to meet the conditions in one month, you are still eligible in future months.

Any other small print?

  • £100 switching reward
    • You must use the banks ‘current account switch service’ and close your old account
    • You must transfer all existing active credits and debits from your old account
    • You have not claimed any other switching bonus from Halifax or another company in the Lloyds Banking Group since January 2012.
    • Overdraft
      • An overdraft is not guaranteed and is subject to status.
      • After six months, daily overdraft fees are payable if the overdraft is used.

How does it compare?

As we said, bank accounts are a competitive market and there are other accounts out there offering similar features.

For a wide-ranging look at what accounts are available it couldn’t be simpler. Just visit our current account comparison service. We can compare different current accounts to help you find one that’s just right for you.

All Halifax reward account details are based on information provided on halifax.co.uk data on 20 April 2016

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