Halifax launches £150 switching offer for limited time

Savers switching to a current account with Halifax can get a bonus £150 payment to go towards their savings.

The bank has launched the switching offer for people switching to its Rewards or Ultimate Reward current accounts.

People need to act quickly as the £150 Halifax switching offer only lasts until August 31.

People switching to the account can also get £75 in cashback if they use the account’s debit card for making a certain amount of payments.

This rewards includes three £25 payments paid at the end of each of the first three months after the account has been opened.

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To get the cashback, a person will need to spend £750 or more on their debit card each month.

Halifax customers with a Reward account also get to choose one bonus each month to thank them for their use of the service.

Rewards include a £5 payment, a cinema ticket or a subscription to a digital magazine, including Cosmopolitan and Men’s Health.

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To get these bonuses, customers can either spend £500 on their debit card each month or hold £5,000 in the account each day. They will also qualify if they pay in at least £1,500 over a month.

The Ultimate Reward Account includes a range of extra bonuses, including travel and mobile phone insurance, AA breakdown family cover, and home emergency cover.

NatWest and the Royal Bank of Scotland currently offer a £200 switching bonus, with NatWest also offering a cashback reward.

Many banks and building societies have increased their interest rates in recent months as the base rate set by the Bank of England has continually increased.

The base rate is currently at five percent with many analysts predicting it could reach six or seven percent this year.

James Blower, head of Savings at Zopa bank, said when the latest rates hike was announced: “Now is a good time for consumers who are looking to start saving to start doing so, or for those who haven’t seen their savings account’s interest rate rise to shop around for alternatives.

“As a rule of thumb, newer banks in the market typically offer higher interest yields than high street banks do; this means consumers can benefit from up to 16 times more interest if they switch now.”

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