Halifax has increased its current account switching incentive to £125 as it battles to win new customers.
The bank upped its switching bonus from £75 to £125 in a bid to attract more customers to its flagship Reward Current Account.
To take advantage of the offer, users must switch to Halifax using the Current Account Switching Service (CASS). This can be done in branch, online or over the phone and the £125 bonus will be paid within seven days.
The offer runs until 13 November 2017.
The Reward Current Account also pays £3 each month if customers pay in £750 or more, pay out at least two direct debits and stay in credit.
The £125 switching bonus is also available on Halifax’s Ultimate Reward Account. It charges a £12 monthly fee or £15 if you pay in less than £750 per month.
If you have received a switching bonus from Halifax since January 2012 you are not eligible to receive this offer.
How does Halifax’s switch bonus compare?
Halifax’s £125 cash bonus is competitive but can be beaten. Switch your current account to HSBC and you'll earn £150 when you switch plus a further £50 if you stay as a customer for a year. You must register for mobile or online banking within 60 days of the account opening and pay in a minimum of £1,750 each month.
The Co-operative Bank also pays a £125 cash incentive to new customers and will donate a further £25 to Centrepoint - a charity supporting young, homeless people in the UK. You must use the Current Account Switching Service and transfer four active direct debits.
First Direct pays £100 cash if you switch to one of its current accounts. It will also pay you another £100 if you are unhappy with the service and leave after the first six months. To qualify, you’ll need to transfer via the Current Account Switching service and deposit at least £1,000 in the first three months.
Finally, M&S Bank pays a £125 voucher to new current account switchers, plus a £5 voucher each month for a year, providing you pay in at least £1,000 a month.