Halifax £225 switching offer 25/7/23 to 31/8/23

Bridlington1

The switching offer terms are now live on the Halifax website. I've edited the first post to reflect this. 

worriednoob said:

So if you are an existing halifax customer and have a standard (non-reward) current joint account, you just need to upgrade?  Also would it be better or even possible for joint account-holders to open a sole account each instead?

You'd need to open a new reward current account to qualify for the offer so upgrading an existing non-reward current account won't work.

I'd say it's certainly better for those who have an existing joint account with Halifax to open a sole reward account each as provided you each meet the terms of the offer you can get £225 each, rather than £225 between you.

Also the terms state:

Financial services transactions like money transmission orders, purchases of foreign currency or travellers' cheques, purchases of financial services such as insurance.

So I'd interpret that to mean depositing £750 into a savings account by debit card wouldn't earn you the £25.

EDIT:
I've just remembered Lloyds offered me £25 cashback last year for spending £500 in October and November with the following exclusions:

i. Payments made to a Credit Card.
ii. Transactions made in a foreign currency.
iii. Gambling transactions.
iv. Overseas transactions.
v. ATM transactions and cash withdrawals.
vi. Financial Services transactions for example, money transmission orders, purchases of foreign currency or travellers cheques, purchases of financial services such as insurance.

These are almost identical to the exclusions in current switching offer. I deposited £500 into YBS by debit card in October and November but never got any cashback so I'm pretty certain that you won't get the £25/mth for making deposits into savings accounts.

Section62

Bridlington1 said:

...

You'd need to open a new reward current account to qualify for the offer so upgrading an existing non-reward current account won't work.
...

Given your recent experience with LBG I personally wouldn't be closing one of my existing Reward accounts just to be able to open a new one to take advantage of the switching offer.  Not a hoop I'd willingly jump through.

(BTW, appreciation to you for researching and highlighting this offer despite you not being able to get it yourself)

Volcane

Just opened a Halifax Reward Account to switch into. A remarkably quick process and didn’t even have to do the passport/photo check which is weird as it’s not as if I’ve already got any sort of other account within LBG.

kaMelo

Unfortunately that April 2020 cut off excludes me and no doubt many others but it is a good offer.

I too think the reference to financial services as an excluded payment would mean deposits into savings accounts.

flaneurs_lobster

I'm assuming that the £500 I currently "spend" on my debit card by topping up a Revolut account to qualify for the £5/mth reward would not count for the purposes of this new offer?

boingy

kaMelo said:

I too think the reference to financial services as an excluded payment would mean deposits into savings accounts.

It's worth asking them.

[Deleted User]

boingy said:

kaMelo said:

I too think the reference to financial services as an excluded payment would mean deposits into savings accounts.

It's worth asking them.

They will say Yes.

It will depend on how they've configured their systems, not what a person in a call centre or branch says. 

dcs34

kaMelo said:

I too think the reference to financial services as an excluded payment would mean deposits into savings accounts.

The implication is yes, also based on other's experience of other LBG banks with similar terms.

Of course those deposits do currently count for meeting the card spend for the Rewards requirement.

Which makes me think they might try to tighten that up soon as well?

NotWhereIWantToBe

I've been waiting for this offer (as I last had a Halifax switch incentive in August 2020) so I can open a rewards account, but it excludes all the LBG offers since 2020 so I won't be eligible now for the foreseeable future. Mildly annoying but maybe a good time to streamline things a bit instead. 

NotWhereIWantToBe

I've been waiting for this offer (as I last had a Halifax switch incentive in August 2020) so I can open a rewards account, but it excludes all the LBG offers since 2020 so I won't be eligible now for the foreseeable future. Mildly annoying but maybe a good time to streamline things a bit instead.