The bank offered a similar switching incentive in August and September 2020 after most banks scrapped their switching offers during the pandemic.

To get the cash, current account customers need to use the Current Account Switching Service to move their current account.

The £100 will be paid directly into the new bank account within three days of the switch completing.

What does the Reward account offer?

Halifax says the Halifax Reward Account was created to reward customers who hold their main bank account with the bank.

As well as the £100 offer, customers are also able to pick their choice of one ‘reward’ from the following:

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• Stream two movies a month for a year
• One free cinema ticket a month at Vue cinemas
• A choice of three digital magazines
• £5 in cash each month

To qualify for the monthly reward, customers need to pay in £1,500, stay in credit and either spend £500 on their debit card or maintain a balance of £5,000 each month. If these criteria are not met, the Halifax Reward Account levies a £3 monthly fee.

The Ultimate Reward Current Account costs £17 a month and offers additional benefits such as worldwide travel insurance and mobile phone insurance. Customers switching to this account can also pocket £100 for switching.

Martin Turner, head of personal current accounts at Halifax, said: “Our Reward and Ultimate Reward accounts are already a popular choice for switchers, and now new applicants will receive £100 when they switch to us using the industry switching service. Both continue to reward customers with a choice of fantastic lifestyle benefits, from monthly movie streams to magazine downloads.”

You won’t be eligible for the £100 incentive if, since April 2020, you’ve received a switching offer for switching to a Reward Current Account or Ultimate Reward Current Account.