Halifax is changing its Reward Current Account – and an important deadline falls today

From June 1, Halifax is relaunching its Halifax Reward Current Account. And, while the start of the month is still weeks away, customers should remember that a deadline relating to the changes falls today.

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Earlier this year, the bank said that, in order to enable customers to make a choice about which account is right for them, customers who would like to stay in the Reward Current Account had until May 15 to contact them and make their benefit selection.

This means that some customers would need to act today at the latest.

People who do not contact the bank will be moved to the new Halifax Current Account from June – an account which does not charge a fee.

Those who were Rewards customers before March 13, 2020 have until this Friday to make their choices.

Meanwhile, people who opened a Reward account after March 13, have until June 12 to decide.

Philip Robinson, Director of Current Accounts, said: “The new Halifax Reward Extras account recognises customer loyalty through its range of fantastic benefits.

“Our existing customers have until May 15 to let us know that they want to move to the new account and start reaping the rewards as soon as possible.”

Halifax Reward Current Account: What is changing?

The Reward Current Account currently has no monthly fee for maintaining the account.

Customers can get £2 a month, provided they fulfil a number of criteria throughout the previous calendar month.

These are that the account holder:

  • Pays in £750 or more and;
  • Pays out a minimum of two different direct debits and;
  • Stays in credit.

Account holders who are eligible for Cashback Extras can also earn up to 15 percent cashback when they shop.

In terms of Reward Current Account changes, the Halifax website states that from July 1, 2020:

  • There’ll be a £3 monthly maintaining the account fee, with no fee if at least £1,500 is paid in in the previous month.
  • The bank is removing the £2 reward payment.
  • Account holders get access to Reward Extras. Choose an offer and for 12 months they can earn either £5 or a lifestyle benefit for each month that they meet the conditions.

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“If you’d like to keep your Reward Current Account, call us on or before 12 June 2020 to let us know. If we don’t hear from you, we’ll change you to a Current Account,” it adds, addressing customers  who opened a Reward account after March 13.

Halifax Reward Current Account customers will be able to pick their choice of one reward from the following:

  • Stream two movies a month throughout the year, worth up to £120
  • One free cinema ticket a month to catch the latest blockbusters at Vue cinemas across the UK. Filmgoers will get half price popcorn
  • A choice of three digital magazines from a host of well-known titles
  • Or, customers can select a £5 monthly reward.

The account will be available to new and existing customers for sole or joint accounts.

Halifax says the account is aimed at rewarding those who hold a main banking relationship with Halifax, and it will be free for anyone who pays £1,500 into the account each month.

Otherwise, it will carry a £3 monthly fee.

Halifax states this £3 fee will be waived to customers who do not meet the deposite limit until September 2020.

Those who are looking to take advantage of the benefits need to meet the requirements for a fee free account, stay in credit and:

  • Spend £500 on their debit card in the month; or
  • Keep £5,000 in their account throughout the month.

Customers who apply for a Halifax Reward Account before May 31 will have until June 12 to provide their instruction on their reward and criteria.

The changes will come into effect from July 1, the bank adds.

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