Halifax Reward Current Account Review

Written by Karen Bryan

halifax reward current accountI’ve had a Halifax Reward Current Account for the last couple of years. If you pay in more than £1000 a month, you receive a basic rate tax paid reward of £5 a month. I also like the fact that you get an extra 0.2% interest on variable savings products for 12 months from the date of opening the savings account, as long as you pay in £1000 every month to the Reward Current Account. Having a qualifying Reward Current account also means that you can get a £5 bonus when you make £300+ worth of purchases on your Halifax Clarity Card.

Update 15 March 2013 – Halifax are changing the terms and conditions of their Reward Current Account from 1 May 2013. The funding requirement is being lowered to £750 monthly but you’ll need to keep your account in credit and pay at least two direct debits a month from the account, to qualify for the £5 a month bonus.

I do most of my banking online and find the Halifax site is very reliable.

I’ve been banking with the Halifax for more than 30 years. Now they’re by no means perfect; they could improve their premium current account, the Ultimate Reward  and their transfer arrangements for the maturity of the Halifax Guaranteed Reserve account left a lot to be desired.

Overall I’m not tempted to switch current account by the various incentives with Santander and Co-op both offering £200 sweeteners. In fact I recommended the Halifax Reward Current Account to one of our sons; he was with the Nationwide and their instant access savings accounts weren’t paying a good interest rate, plus they stopped offering free European transactions and cash withdrawals on their Flex Current Account.

Update 6 January 2013 – Halifax are offering new customers who switch to their current accounts a £100 incentive. I wish this had been available when I recommended the Halifax Reward Current Account to our son a couple of years ago.

Warning

This article is based on my personal research, usage and understanding of the product. Please read the current terms and conditions very carefully before signing up for any financial product.