Dangerous information as modifications are coming for our favorite reward present account.
We’ve been large followers of the Halifax Reward account because it’s launch, however with a revamp on the playing cards prospects are set to lose their month-to-month perk. Right here’s what we all know to this point.
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What’s the Halifax Reward account?
Because it stands the Halifax Reward account is a present account that gives a month-to-month ‘Reward Further’ perk when you meet a spending or saving standards. You’ve been in a position to selected between:
- £5 in your account
- 1 Vue cinema ticket
- 3 digital magazines
You choose one reward each 12 months, although you may also have three Reward accounts, which means you might double or triple up on one perk, or combine and match.
The Further would final for a 12 months, and also you’d then need to both select to resume it, or swap to a distinct selection,
Personally I’ve been claiming the £5 throughout three accounts every month, including as much as a pleasant £180 revenue every year.
The account comes with a £3 month-to-month payment, although that may be averted by paying in £1,500 every month, which means nobody must be charged this. You may learn extra about it in our full Halifax Reward account review.
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How are the rewards altering?
Halifax informed me that the entire account is being revamped, and that there will likely be new rewards later this 12 months – however they couldn’t inform me what these are simply but. The brand new options will likely be introduced in July.
All we all know is what goes – and that’s the Reward Further perk. For brand new prospects, you’ll be able to’t add in your Further from 17 June 2025. For present prospects you received’t find a way renew or change your perk from the identical date.
Of my three accounts, one is because of renew in July and one other in August, in order that probably means I’ll solely get two rewards in July and one a month from August.
Then, from 30 September 2025, anybody who continues to be incomes a reward will cease receiving it. Presumably that is when the alternative rewards will start.
The £3 month-to-month payment is remaining, as is the flexibility to cancel it out with a £1,500 deposit every month.
Why are Halifax making the modifications?
In line with Halifax, most Reward account prospects don’t really choose a reward, and solely somewhat over a 3rd really then qualify every month to obtain their chosen perk.
Different account modifications
One change that has been revealed is that from 1 August 2025 the Halifax Reward debit card will likely be fee-free to make use of abroad. This follows an identical change to the Membership Lloyds card final month. That’s excellent news, however there are a lot of different choices that additionally don’t charge for spending abroad., together with a couple of that’ll earn you cashback.
A uncommon £100 interest-free overdraft was added earlier this 12 months, which is a helpful further when you typically go under zero – although it’s value noting that underneath the present Reward Further guidelines doing so would imply you don’t qualify for the perk.
Do you have to ditch Halifax Rewards?
It’s clearly an enormous disappointment that we’ll not obtain the money or cinema ticket on as much as three accounts, but it surely’s far too early to say if this variation will imply you’re higher off transferring your banking elsewhere.
So till we all know what the alternative rewards are (and we’ll let you already know as quickly as we discover out), I’d keep put and make sure you’re claiming your freebies when you can.
