A MAJOR bank is offering £225 in free cash to new customers.
Halifax has unveiled its latest switching bonus which is available from tomorrow until August 31.
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Customers signing up to the bank’s New Reward or Ultimate Reward current account will receive £150 free.
The money is paid into your account within three working days of completing the switch.
Plus, you can earn £25 in cashback when spending £750 or more on one of the new Halifax debit cards each month.
If you do this for three months, you will receive £75 cashback – when combined with the £150 this adds up to £225 in total.
However, there are fees incurred for holding either of the two accounts – £3 a month for the New Reward and £17 for the Ultimate Reward Current Account.
Meanwhile, certain transactions on the accounts won’t count towards the £750 monthly bonus.
This includes transactions made abroad in a foreign currency, gambling transactions and money withdrawn from a cash machine.
To claim the bonus you just have to switch from your current bank or building society to Halifax between July 25 and August 31.
You can make the switch through the Current Account Switch Service (CASS).
You won’t be able to get the switching bonus if you’ve received one for switching to Lloyds or Halifax since April 2020.
Nor will you be able to receive a bonus if you are switching to a joint account and one of you has already received a switching bonus since April 2020.
Lloyds Banking Group employees also can’t apply for the incentive.
Always remember, don’t just switch bank accounts for the free cash – make sure you do your research and see what else a bank has to offer.
For example, check out how its customer service rating stacks up and how easy it is to open an overdraft, should you need one.
If you are in your overdraft, bear in mind it might mean you are unable to switch current accounts.
You will have to get your new bank to agree to moving it over first.
It might offer you a way of paying it off. If you can’t do this you may have to repay any overdraft before being able to switch.
How do I switch bank account?
Banks and building societies regularly offer switching bonuses to entice new customers in.
It’s easy to make a switch – the vast majority of mainstream banks are signed up to the CASS.
You can find the full list on CASS’ website.
Through the service, you apply for the new bank account and your old one will let the new one know you are moving.
If your application is accepted the bank will then make the switch for you and ask you to choose a date to do it.
Your old bank will then talk to the new one and everything will be switched across, including your balance, direct debits and salary.
There are some steps you can take before switching, 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.
What other banks are offering switching bonuses?
Bank customers signing up to First Direct can get £175 free cash and access to a 7% savers account.
You just have to pay in £1,000 or more within three months of switching and then wait up to 28 days for the £175 to appear in your account.
NatWest is offering switchers £200, although you can’t get the bonus if you made a switch from NatWest, RBS or Ulster since October 2017.
To get the £200 you just have to open the account online or on the app, switch in the account then pay in £1,250 or more and use the app within 60 days.
The £200 should then be transferred within seven days.
Meanwhile, TSB is offering customers £200 in free cash if they switch.
TSB’s Spend & Save and Spend & Save Plus accounts also come with instant access savings paying 2.52% AER variable.
Lastly, RBS is offering new customers £200 switching to its current account online or via a mobile app.
You just have to deposit £1,250 into your account and log in to the mobile banking app within 60 days of starting the switch to trigger the payment.
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