Halifax has recently announced a significant overhaul to its Reward account, prompting widespread reaction from customers. As reported by Examiner Live, the bank will eliminate key benefits such as the £5 monthly reward and other perks, leaving many to reconsider their banking options. With customers voicing frustration over the lack of communication and the removal of attractive features, the situation has led to a growing debate about the future of Halifax’s relationship with its account holders.
The End of the £5 Monthly Perk
The removal of the £5 monthly reward from Halifax’s Reward current account has drawn widespread criticism, including from well-known consumer advocate Martin Lewis. Lewis, the founder of Money Saving Expert, took to X (formerly known as Twitter) to share his concerns with his followers. He explained: “Halifax Reward bank account customer? It’s going to ditch your main £5/mth perks. It’s no longer worth it for most, full info..”
This change marks the end of a long-standing benefit that many customers have come to rely on. Previously, account holders could enjoy either £5 deposited into their account each month, a Vue cinema ticket, or access to three digital magazines—allowing customers to mix and match the rewards. However, with the upcoming changes, these perks will no longer be available, leaving many questioning the overall value of the Reward account.
Should You Close Your Account?
The removal of perks has raised concerns about whether the Reward account is still worth maintaining. According to Money Saving Expert (MSE), customers who are still receiving monthly rewards should keep their account open at least until the end of October, when any remaining rewards will be paid out. MSE advised: “Should everyone ditch the Halifax Reward account? If you’re due any monthly rewards, you should keep the account open until at least the end of October, when any remaining rewards will be paid out.”
After this point, however, many feel the Reward account will no longer offer sufficient value. The minimum monthly pay-in requirement of £1,500—coupled with a £3 monthly fee for those who don’t meet the criteria—makes it difficult to justify staying with the account for most customers. MSE further cautioned: “But after that, and for everyone else, it’s hard to see any killer benefits that justify sticking with the account – especially if you won’t meet the minimum pay-in of £1,500 a month and end up paying the £3 monthly fee.”
Social Media Backlash and Discontent Among Customers
The backlash on social media has been swift, with many Halifax customers expressing their frustration over the bank’s decision. Some have taken to Twitter to voice their concerns, with one user remarking on the sudden loss of perks: “Sounds like Halifax Reward’s done a runner with the good stuff—better to know now than be stuck with empty perks and a fiver a month.” This comment highlights the widespread sentiment among customers who feel the bank is abandoning them after years of offering rewards that encouraged loyalty.
Customer complaints have not been limited to the rewards changes alone. Many customers have expressed dissatisfaction with the bank’s customer service, with some individuals noting that they have been unable to access their accounts due to difficulties retrieving their account numbers. One disgruntled customer shared: “Halifax won’t help me access my account as I can’t find account number – 30-year-old account. They write to me every year but don’t include the number on the correspondence. I have all other details but their response was pretty much tough luck!”
These frustrations are compounded by a perceived lack of communication from Halifax regarding the upcoming changes. Customers claim they were not informed directly about the alterations to their rewards program, and many have only discovered the news via third-party sources or social media posts.