Halifax Reward current account review (2024)

If you’re looking for a bank account that will allow you to earn benefits in return for everyday spending, a reward account might be your best option. Many UK banks offer these types of perks and Halifax is one of them, with their Reward current account.

In this guide, we’ll give you a detailed 2024 Halifax Reward current account review. We’ll tell you all about its most important features and help you decide whether this is something you might want to consider.

And if you’re looking for an alternative to traditional banks, we’ll touch on the Wise account from the money services provider Wise which is designed for sending and spending money abroad. It allows you to manage your money in GBP and dozens of other currencies, with mid-market currency exchange and low, transparent fees*.

Learn more about the Wise account 💰

What is the Halifax Reward current account?

The Halifax Reward current account is an everyday account with a twist. Besides having basic banking features, it allows its users access to various rewards and cashback offers.

The rewards are earned each month and you can get them by spending or keeping a certain amount in your account, as well as by staying in credit. It also gives you the option to apply for an arranged overdraft.

Let’s start our Halifax Reward current account review by exploring its most important features in more detail.

Halifax Reward current account - key features¹

Here’s what you get with the Halifax Reward current account:

• The Halifax Reward current account allows you to receive a monthly reward, but you’ll only get it if you meet certain criteria. You’ll need to choose one of two things - spending £500 on your debit card each month or having at least £5000 in your account each day of the month. Along with this, you’ll need to stay in credit and pay in at least £1500 into your account monthly.
• You get to choose your reward once every 12 months. If you meet the conditions we mentioned, the rewards you could get are £5 in your account, one cinema ticket or three digital magazines. If you don’t meet the eligibility criteria, you won’t get your rewards that month and you’ll have to pay a £3 fee.
• Along with the rewards, this account lets you earn up to 15% cashback from selected retailers. You can activate your Cashback Extras offers through the Halifax app or online banking platform. This applies to both online and in-person purchases and the money will be in your account at the end of the month.
• Another benefit of this account is that it comes with access to the Reward Bonus Saver savings account. At the moment, it pays 3.80% AER/3.74% gross (variable) when you make three or less withdrawals per year or 1.20% AER/1.19% gross (variable) when you make four or more withdrawals.
• Other perks include preferential travel money rates, access to Halifax’s Family Boost Mortgages and their free spend and save account for kids called Money Smart.

Pros and cons of the Halifax Reward current account

Let’s go through some pros and cons of the Halifax Reward current account to help you weigh them:

How to open a Halifax Reward current account

All Halifax current accounts, including the Halifax Reward current account, are only available to UK residents over the age of 18.¹

You can apply in person, online or by phone, but opening your account online is the quickest option. Head over to Halifax’s website, click on the Reward current account and then select ‘I’m a new customer’. This is what you’ll need to provide:²

• Proof of identity – your driving licence or passport
• Your personal details – your full name, preferred title, date of birth, gender, marital status, nationality
• Address details – your current home address, how long you’ve lived there and any previous addresses if you’ve lived there for less than three years
• Contact details – your main phone number, email address and marketing preferences
• Income & expenditure details – your total monthly income after tax, answering whether you’ll be receiving your monthly income into your new bank account, your employment status and total amount of savings

You can also use Halifax’s Current Account Switch Service. It takes a bit longer, but the bank takes care of the whole process for you. Also, you’ll receive 6 months of 0% interest free overdraft if you switch.

Halifax will move all your payments, direct debits, standing orders and remaining balances to your new account. The switch is completely free and it will be carried out within 7 working days.³

How to close a Halifax Reward current account

You can close your Halifax bank account online or by writing to them. The address is:⁴

Halifax,

Account Closure Team,

PO Box 548,

Leeds,

LS1 1WU

There’s only information on closing a Halifax savings account on their website, but the process is likely similar with current accounts.⁵

If you’re closing your account through the mobile app, these are the steps:

• Sign in
• Click the three dots next to the account you want to close
• Select ‘Close account’ from the drop down menu

And if you’d like to do this online, this is what you should do:

• Sign in
• Select ‘More actions’ next to the account you’re closing
• Select ‘Account Services’ and then ‘Close account’

It’s best to contact Halifax directly for precise instructions.

Can I use my Halifax Reward account abroad?

The Halifax Reward current account comes with a contactless Visa debit card. This means that you can use it wherever Visa cards are accepted.⁶ Besides this, Halifax points out that all of their credit and debit cards can be used worldwide.⁷

When you use your Halifax Visa card abroad, there are some fees that you’ll have to pay. Here are some of them:

• Foreign transaction fee: 2.99%
• Foreign currency purchase fee: £0.50
• Foreign currency cash fee: £1.50
• Foreign cash fee: £1.50

Halifax uses Visa and ECB exchange rates. To know exactly how much that is, you can use Visa’s currency converter.

Check out the international Wise account and card

After reading our Halifax Reward current account review, you should have an idea of whether this account would fit into your lifestyle. Even though it has various benefits, it’s up to you to decide whether this sounds like the right choice for you.

And if you’re considering an alternative to traditional bank accounts, check out the Wise account. It allows you to manage your money in GBP and dozens of other currencies, with mid-market currency exchange and low, transparent fees*.

There’s also the Wise card, designed for low-cost spending around the world. For a one-time fee of £7, you can spend in 150+ countries. The Wise card auto-converts your pounds to the local currency, only adding a tiny, transparent conversion fee* or it’s free if you already have the currency in your Wise account.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

Sources last checked on date: 11-Sep-2024