From current accounts to saving accounts, there has been a whole host of changes when it comes to interest rates in recent months. The Bank of England Base Rate still remains at a historic low of 0.1 percent with this impacting many savers, however, Martin Lewis has today highlighted some opportunities when it comes to one’s personal finances.
Writing in his weekly MoneySavingExpert.com Money Tips newsletter, the financial journalist and campaigner addressed the “return of the big brank bribe”.
Not only that, but the Money Saving Expert founder also flagged “more hot deals”.
“Banking has been in turmoil for the last six months, with interest rates slashed, 40 percent overdrafts introduced and all switch incentives axed,” he said.
“But from Tuesday, one account is now offering £100 to move to it, giving new hope to switchers.”
The bank offering the payment is Halifax, and those who switch to the Reward Current Account or the Ultimate Reward Current Account can get it.
Halifax announced the new offer this week, stating those who make the switch using the Current Account Switch Service will get £100 paid into their account before the switch completes.
Martin Turner, Head of Personal Current Accounts at Halifax said: “It’s never been a better time to open a new account with Halifax.
“Both our new Reward and Ultimate Reward accounts come with the opportunity to earn a fantastic lifestyle benefit and now new applicants will also receive £100 when they switch to us when using the industry switching service.
“The switching process takes just seven days and customers will receive their £100 before the switch is complete.”
There is a deadline for accessing this offer, however.
The £100 payment deal will end on September 14, 2020.
Additionally, it’s important to note that should a person have received an incentive for switching to a Halifax current account since April 2018, then they wouldn’t be eligible for the offer.
While Halifax – at the time of writing – is currently the only bank offering a £100 payment when a customer switches to the account, there are some other options available.
Giving a banking update, the Money Saving Expert team explained that these range from offering cashback on bills to cheap spending abroad.
Halifax announced changes to its Reward Current Account earlier this year.
Now, if less than £1,500 is paid into the account each month, there is a £3 per month fee.
Those who do pay in £1,500 or more each month will not face a monthly fee for maintaining the account.
When announcing the changes, Halifax said the £3 fee would be waived to customers who do not meet the deposit requirement until September 2020.
The account also offers a range of monthly reward options, which are as follows:
- 2 x Digital Movie Rentals – with RakutenTV
- 3 x Digital Magazines – Choose from popular titles such as Cosmopolitan and Men’s Health
- 1 x Cinema Ticket – See a film at any UK Vue Cinema (each ticket valid for 12 months)
- £5 into account – Paid direct into the account
In order to access the benefits, customers need to meet the requirements for a fee free account, stay in credit, and either spend £500 on their debit card in the month, or keep £5,000 in their account throughout the month.