Halifax Reward Account Axed—Why Customers Are Urged to Act Now
Hey everyone, I just came across some important banking news that really affects a lot of people—especially if you're with Halifax. So if you're a Halifax customer, you’ll want to listen closely because there’s a big change happening that could impact your finances more than you think.
So here's the deal: Halifax has announced it's scrapping the main perk of its Reward current account. You know that £5 monthly reward many of us counted on? That’s gone. If you’re used to getting £60 a year just for meeting a few account conditions, that benefit is being completely phased out.
Now, if you opened the account before June 17th, you’ll still receive the monthly payments until the end of September 2025. After that, Halifax will pay out any final rewards by the end of October—but then that’s it. No more freebies, no more perks. The Reward account will essentially lose its defining feature.
Also Read:- John Tavares Takes Hometown Discount to Stay a Maple Leaf
- Rain Delays, Division Rivalries, and Prime-Time Hype for the Tigers vs Twins
Consumer finance expert Martin Lewis has been vocal about this change. He’s strongly advising most customers to seriously reconsider whether the Halifax Reward account is worth keeping. In fact, he’s gone as far as saying that if you don’t meet the £1,500 monthly pay-in threshold, and you’re being charged the £3 monthly fee, you’re essentially paying for nothing.
It’s not just about the loss of perks. Customers are also expressing frustration over how poorly the change has been communicated. Some people didn’t even get notified directly by Halifax. One person said they only learned about it through social media. Others are struggling to access decades-old accounts and getting very little support from customer service.
And yes, Halifax is introducing a few new features—like fee-free card spending abroad and up to 3% interest on up to £5,000 starting in October—but Martin Lewis and his Money Saving Expert team argue that these perks don’t come close to making up for what’s being lost. They say you can get better deals with other banks, especially when it comes to interest rates and cashback offers.
So what should you do? If you’re still due any rewards, make sure you keep your account open until those are paid out in October. But after that? Honestly, you should seriously consider withdrawing your funds and switching banks. There are far more competitive options out there now.
Bottom line—Halifax’s Reward account used to be a no-brainer for a bit of extra cash each month. But with that benefit now being taken away, it might just be time to move on.
Read More:
0 Comments