The Money Saving Expert and consumer champion has warned that Halifax is making a change to its Reward current account which could leave thousands of people out of pocket
Thousands of Halifax customers have been dealt a heavy blow as they’ve been urged to “CLOSE” their accounts and take out their money. Martin Lewis, the Money Saving Expert founder and a familiar face on BBC and ITV, has spearheaded the backlash following Halifax’s announcement of a policy shift.
On X, the financial guru and consumer advocate alerted followers: “Halifax Reward bank account customer? It’s going to ditch your main £5/mth perks. Its no longer worth it for most, full info.” This development arises as Halifax plans to axe the principal advantage of its ‘Reward’ current account – the monthly reward.
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Currently, the Halifax Reward account is a type of current account that provides a monthly ‘Reward Extra’ benefit if you satisfy certain spending or saving conditions.
Customers have had the option to choose from receiving £5 in their account, 1 Vue cinema ticket, or 3 digital magazines, reports Birmingham Live. You can select one reward every 12 months, but with the possibility of holding up to three Reward accounts, customers could potentially double or triple up on a single perk, or diversify their rewards.
However, in a significant overhaul, from 30 September 2025, any customer still accruing a reward will cease to receive it. MSE issued a warning: ” Should everyone ditch the Halifax Reward account?”
They advised: “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.
“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.”
Responding to Mr Lewis, a Twitter/X user commented: “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.
“Halifax won’t help me access my account as I can’t find account number – 30 year old a/c. They write to me every year but don’t include no. on the corresp. I have all other details but their response (DM on X) was pretty much tough luck!” another shared.
“They haven’t told customers about this yet, but instead told of closure of prize saver draw (and that they’re removing fees on purchases and withdrawals abroad),” a third concurred.
Another lamented: “I had the £5 reward when it was the free account and it was nice to get then they moved it to a paid account which I didn’t have and now they’ve taken it away. Things are just getting worse and worse.”