Halifax is paying £150 to new customers - and you'll get the cash in three days

25 July 2023 , 14:05

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Halifax has launched a new switch deal (Image: SOPA Images/LightRocket via Getty Images)

Halifax has launched a new £150 switch offer which pays out in just three days.

To get the cash, you’ll need to switch to a Reward Current Account or Ultimate Reward Current Account between July 25 and August 31.

You need to complete your switch through the free Current Account Switch Service (CASS) to be eligible for the switch cash.

You won’t be eligible if you’ve received a switching offer since April 2020 for switching to any Lloyds or Halifax Bank account.

In addition, new customers can also get up to £25 cashback when they spend £750 on goods and services in each of the three months after opening the new account.

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On top of this, you also get ongoing cashback offers which includes £5 back each month or a choice of other benefits, including cinema tickets, magazine downloads or movie streaming.

You must choose your reward in advance and your choice is fixed for a year.

To get a monthly reward, you need to spend £500 on your debit card each month or keep your balance at £5,000 or above, and pay in £1,500 or more each month and stay in credit.

However, the Reward Current Account comes with a monthly fee of £3 unless you pay in £1,500 or more each month.

The Ultimate Reward Current Account charges a heftier £17 monthly fee but has additional extras like travel, home and mobile insurance, plus car breakdown cover.

If you’re not able to switch to Halifax, there are plenty of other welcome incentives elsewhere as banks try to lure in new customers.

TSB has launched a new £200 switch offer.

Customers get £125 if they open a Spend & Save or Spend & Save Plus account, with the money paid by September 30, 2023.

A further £75 will then be awarded by March 31, 2024, if each month they pay in at least £500, make five debit card payments and have two direct debits.

NatWest, Ulster and Royal Bank of Scotland are offering £200 to new customers - and you could also earn £36 a year cashback.

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To get the additional £36 a year cashback, you would need to go with either the NatWest Reward or RBS Reward accounts.

The cashback, which is worth £5 a month, is available when you use the mobile app and pay out two direct debits worth at least £2 every month.

But there is a catch. Both accounts come with a £2 monthly fee, which takes the cashback effectively down to £3 a month, or £36 over the year.

Meanwhile, First Direct is paying new customers £175 if you move to its 1st Account.

Levi Winchester