When can I close/downgrade Halifax reward £175 acc?

TheLondoner

Hi,

i recently switched one of my old accounts to halifax for the £175 bonus. I don’t really need the account and was wondering if there’s anything stopping me just downgrading it to a free account now that i’ve got the bonus? Read the T&Cs and couldn’t see any info on how long I need to keep the account. There seems to be no info. on any possible reclaim of the switching incentive.

Thanks

surreysaver

Go into the app, click 'change account type'

grizzlegrizzle

You're good to close or downgrade as soon as the incentive is paid. 

PRAISETHESUN

Once the incentive has been paid, there's no obligation to keep the account. Close/downgrade at your leisure. The reward account is worth £60/year though if you meet the criteria, so that's something worth considering however.

TheLondoner

PRAISETHESUN said:

Once the incentive has been paid, there's no obligation to keep the account. Close/downgrade at your leisure. The reward account is worth £60/year though if you meet the criteria, so that's something worth considering however.

Thanks. The reward is bit of a joke. £5k in the account with poor interest rate, or spend £500/month on the current account, which I'll never do. Fingers crossed they don't try reclaim the £175 after I downgrade!

Edit: The downgrade took literally 1min. Literally log in, touch the three dots against the account, scroll down on the app, click 'change account type', and select the free account and it's done! Simple as! Thanks Halifax for the free dosh . 

AmityNeon

TheLondoner said:

The reward is bit of a joke. £5k in the account with poor interest rate, or spend £500/month on the current account, which I'll never do.

Not many actually spend £500 in expenses for the reward. It's more common to transfer into savings accounts that accept deposits by debit card, benefitting up to £180 a year (with 3x Reward accounts).