Changes to Halifax Reward Current Account Terms & Conditions

Written by Karen Bryan

Halifax logoI’ve been very happy with my Halifax Reward Current Account as it gives me a bonus of £5 a month, as long as the account is credited with a minimum of £1,000 a month. However, when I was on the Halifax site checking if new Reward Current Account customers still get a £100 welcome bonus, I noticed there are some new terms and conditions on the account.

These changes to the Halifax Reward Current Account terms and conditions will come into effect from 1 May 2013:

  • You need to pay in a minimum of £750 into the account every month. It doesn’t specify if that has to be an external payment or if it can be a transfer from another Halifax account.
  • You must have at least two different monthly direct debits coming out of  your Halifax Reward Current Account each calendar month.
  • Your account must be in credit at the end of every day during each month.

If you don’t fulfil all these qualifying criteria, you will lose the £5 reward.

You need to be careful with the direct debits;  for example most Council Tax direct debits are only paid for ten months out of the year from April to January, so there would be no payments made on this direct debit in February or March.  Halifax say that they will be monitoring Reward Current Accounts and if you don’t have the minimum two monthly outgoing direct debits, they may move your account to to a standard current account, at two months notice.

So don’t get caught out with these changes to the Halifax Reward Current Account and lose out on this better than free banking deal.