Halifax will close its £100 switch offer a week early but you can

Consumers after money for switching bank accounts have until midnight tonight to take advantage of one of the most generous offers around, after Halifax said it would end its £100 switch offer a week early.

The bank’s three-figure welcome bonus was launched at the start of August and originally supposed to end on 14 September.

However, the ending date has been brought forward by six days, due to what the bank called greater than expected demand, and the £100 offer will be shuttered just before midnight on 8 September.

Halifax's £100 switching offer will close at midnight Tuesday

Halifax's £100 switching offer will close at midnight Tuesday

Halifax’s £100 switching offer will close at midnight Tuesday

It means consumers have one more day to earn £100 by switching to the bank’s Reward or Ultimate Reward accounts.

The switch bonus, which has since been matched by Royal Bank of Scotland, was the first three-figure offer available since late March, and came just days after official figures found current account switching collapsed between April and June due to the coronavirus pandemic.

Customers were previously spoilt for choice, with four switch offers of between £100 and £175 available throughout February and early March, before banks pulled them from sale as they focused on existing customers.

With the switching landscape a wasteland for several months, it is hardly a surprise that consumers on the hunt for cash jumped at the offer.

Lenders are now back to competing for current account customers, with RBS offering £100 to customers who switch and pay in £1,500 by 19 November, and Metro Bank unveiling a refer a friend bonus too

Halifax’s current offer doesn’t come with any requirements beyond opening an account and switching through the Current Account Switch Service, provided consumers haven’t received a bonus for switching to Halifax since April 2018, but the accounts themselves come with plenty of hurdles.

Customers of its Reward account must pay in £1,500 a month or pay a £3 monthly fee, and then if they want rewards, in the form of £5 cashback each month; two digital film rentals a month; a Vue cinema ticket; or three digital magazines a month, they must either spend £500 a month on their debit card or keep £5,000 in their account for an entire month.

Its Ultimate Reward account costs £17 a month and includes a £50 fee-free overdraft buffer, plus a range of packaged bank account benefits like breakdown cover, mobile phone insurance and travel insurance. However, the travel insurance does not cover coronavirus-related holiday cancellation.

Halifax shed a net 92,000 accounts between January 2019 and January 2020 according to switch service figures. It came in sixth place in the latest rankings of current account providers published in August, with 62 per cent of customers saying they’d recommend the bank to friends and family.


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