Halifax relaunches £100 current account switching offer

NotesHalifax has relaunched its £100 switching bonus for people that move their current account to the bank.

Available until the 2nd December, £100 will be credited to the new account on the day customers begin the switching process. This is unusual, as other banks that offer similar switching bonuses tend to wait a couple of months before handing over the cash.
The switching bonus first popped up in January and reappeared in June. It's no doubt helped make Halifax even more popular, given it claims more than 220,000 people have moved their bank account to Halifax this year, up 54% on the same time last year.

I have a Halifax Reward account myself. So long as you pay in £1,000 a month, you get £5 cashback, no matter how much money you have left in the account at the end of the month.

There's also the Ultimate Reward account, which offers worldwide multi-trip family travel insurance, mobile phone insurance and AA Breakdown Cover for £10 a month. The Ultimate Reward Account also comes with a £300 fee-free overdraft facility.

One other current account is offering a switching bonus at the moment, the 1st Account from First Direct. This pays £100 for taking out the account and a further £100 if you leave after a year if you're not happy with the service.

With this account you'll need to pay in £1,500 a month or have another First Direct product to avoid the £10 monthly charge. But you can rest assured that you'll have the most popular bank account around – First Direct wins every award going when it comes to customer service.

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Halifax relaunches £100 current account switching offer

Figures from charity Age UK show that 29% of those over 60 feel uncertain or negative about their current financial situation - with millions facing poverty and hardship.

Even though saving for retirement is not much fun, the message is therefore that having to rely on dwindling state benefits in retirement is even less so.

To avoid ending up in this situation, adviser Hargreaves Lansdown recommends saving a proportion of your salary equal to half your age at the time of starting a pension.

In other words, if you are 30 when you start a pension, you should put in 15% throughout your working life. If you start at 24, saving 12% of your salary a year should produce a similar return.


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