This comparison simply includes all savings accounts.
Halifax Reward Current Account
Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.
Why we like it: 3.0% AER fixed interest on balances up to £2,500. No fees on arranged overdrafts up to £250. UK & Europe Breakdown Cover, Worldwide family travel insurance. Free mobile banking app, text alerts and secure online banking. £13 monthly account fee
Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.
Why we like it: Free gift worth up to £150 for switching into account. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee - £100 if you leave within 6 months
Why we like it: Everyday current account. 3 months interest-free overdraft and no monthly account fee
Why we like it: Earn rewards of up to £180 a year when you bank with Barclays - Get an annual loyalty reward of £84 plus £60 on your Barclays residential mortgage and £36 on your Barclays home and contents insurance. Start earning rewards with a monthly £3 fee based on £800 paid into your account and 2 direct debits paid out every month
Halifax Reward current account review
The Halifax Reward Current Account has some great features including £100 extra, paid in to your account before your switch is complete. Most accounts with cash incentives will make you wait up to a few months before paying the money in to your account.
There is also the bonus of monthly rewards if you qualify for their Reward Current Account. You can also earn as you spend with their cashback extras once you've activated your offers in Online and Mobile Banking.
Halifax current account features
With any Halifax current account you can benefit from:
- Easy access to your account with 24 hour online, mobile and telephone banking
- A VISA debit card with contactless payments.
- £10 overdraft buffer, so you won’t get any daily overdraft fees if you are in debit by £10 or less.
- Access to Control - For £10 a month, you can add this feature to help you by stopping your account from going into an unplanned overdraft.
Extra reward options
If you are able to pay £750 or more in to your account, pay out at least 2 different direct debits and stay in credit each month, you could earn £3 each month with their Reward Current Account.
Also, if in any month you miss out on the £3 reward, you can still have it in future months too, when you are able to meet the qualifying requirements.
Combine this option with the Switch Reward and you could earn £136 in a year. This is one of the few accounts that pay both a switching bonus and an ongoing reward.
Other Useful Information
- You won't be able to get the bonus if you have received any incentive for switching to Halifax since January 2012
- You also don't qualify if switching from a Bank of Scotland account
- Halifax shares its £75,000 UK savings safety guarantee with the rest of the HBOS group, so if you hold more than £75,000 across the group the excess will not be protected
- To qualify for the £100 switching offer you must use the ‘Current Account Switch Service’ and meet the following conditions:
- Use the 'Current Account Switch Service' to switch into a new or existing Reward Current Account, Ultimate Reward Current Account or Halifax Current Account
- Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank and close this account
While the £10 overdraft buffer and Access to Control will help stop any unwanted bank charges, the fees for the Halifax Current Account can quickly add up.
Halifax Reward current account fees
The fees at the moment are:
- A planned overdraft up to and including £1,999.99 - £1 a day
- A planned overdraft of between £2,000 and £2,999.99 - £2 a day
- A planned overdraft of £3,000 and over - £3 a day
- An unplanned overdraft - £5 a day or £1 a day with Control
