Halifax has launched a new switching incentive to help lure new customers in and persuade them to open a current account.
The bank is offering the cash to customers who switch to a Reward Current Account, or Ultimate Reward Current Account, from tomorrow (March 14) to April 4.
The offer is even open to existing customers if they switch an account they hold with another bank and haven’t claimed a bonus before.
Any customers who choose to switch will need to do so using the Current Account Switch Service (CASS) to qualify for the £175 cash.
Those who open a Halifax Reward Account will also get either £5 cash each month, or a range of benefits including cinema tickets, magazine downloads or movie streaming.
To qualify, you will need to meet a monthly qualifying criteria.
The Sun has asked Halifax what the criteria is, and we’ll update this article once we hear back.
The Reward Current Account has a £3 monthly fee to maintain the account.
You won’t qualify for the offer if you received a cashback from switching to Halifax since April 2020.
Customers can apply to switch either in branch, online or over the phone.
It comes as NatWest and First Direct also launched switching offers of up to £200 in free cash.
NatWest is currently offering £200 free cash if you switch to a Rewards account from a different bank and do so online or through the app.
While First Direct is giving customers who switch from a different bank to a 1st account a £175 switching bonus.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How to find the best bank accounts
With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
Research websites like MoneyFacts and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
Do you have a money problem that needs sorting? Get in touch by emailing email@example.com