Halifax Reward Current Account Review (2026): Is It Still Worth It?
If you’re looking to get a little extra back from your bank, a reward current account can sound like a no-brainer. Get paid a few pounds a month, earn some interest, maybe even bag a freebie, all for doing what you already do with your money.
In practice, reward current accounts only work if the rules stay simple. Once the hoops pile up, the value evaporates fast. And that’s exactly what’s happened with the Halifax Reward Current Account.
This is a full, honest review of the Halifax Reward Current Account as it stands in 2026, not how it used to be sold, but how it actually performs today.
Halifax Reward Account review
The 2025 “shake-up” effectively gutted this account. By scrapping the £5 monthly cash and cinema tickets in favor of basic credit interest, Halifax has made the account significantly less rewarding for the average user.
Pros
- Fee-free spending worldwide
- Earn up to 3% interest
Cons
- Monthly cash/cinema rewards axed
- Requires 2 active Direct Debits
Halifax Reward Current Account: key features at a glance
Feature | Details |
|---|---|
Monthly fee | £3 (waived with £1,500 pay-in) |
Minimum pay-in | £1,500 per month |
Direct Debits required | |
Monthly cash reward | ❌ Removed (late 2025) |
Cinema / lifestyle perks | ❌ Removed |
Interest on balance | Up to 3.00% AER (with conditions) |
Fee-free overseas spending | Yes |
Linked savings account | Reward Bonus Saver |
Who it suits | Existing Halifax customers who meet criteria naturally |
What is a reward current account?
A reward current account is a UK bank account that gives you something back for using it. That “reward” might be:
- Monthly cash payments
- Cashback on spending or bills
- Credit interest on your balance
- Lifestyle perks like cinema tickets or subscriptions
In return, banks usually expect you to meet conditions such as a minimum monthly pay-in, active Direct Debits, or a monthly fee.
When these accounts work well, they’re an easy way to earn extra money from everyday banking. When they don’t, they become more effort than they’re worth, and Halifax is now firmly in the second camp.
What happened to the Halifax rewards?
For years, the Halifax Reward Account actually felt like a reward. Each month, you could choose:
- £5 cash
- A Vue cinema ticket
- Magazine access
That perk quietly disappeared in late 2025.
If you open the account now, there is no monthly reward at all. The “reward” is now limited to interest on your balance and fee-free overseas spending. For anyone who valued the predictable £5 a month, this is a major downgrade.
How much does the Halifax Reward Account cost?
The account has a £3 monthly fee, but it’s waived if you pay in £1,500 or more each month.
That’s manageable for many people, but miss the threshold once and the fee quickly eats into any interest you might earn. There’s no flexibility here.
Halifax Reward Current Account interest rate (2026)
Interest is now the main selling point. Halifax currently pays:
- 1.50% AER on balances up to £3,999
- 3.00% AER on the portion between £4,000 and £5,000
The catch
To earn any interest, you must:
- Pay in £1,500 every month
- Have at least two active Direct Debits paid from the account
Fail either condition and the interest drops to 0%. That makes this a poor choice as a secondary or low-usage account.
Fee-free overseas spending
One genuine positive is that Halifax doesn’t charge fees for debit card spending or cash withdrawals abroad. That’s useful if you travel.
However, this isn’t unique anymore. Chase and Starling both offer fee-free overseas spending without requiring monthly pay-ins or Direct Debits.
Linked savings: helpful or harmful?
Halifax Reward customers can open a Reward Bonus Saver, currently paying around 2.75% AER.
The problem is the withdrawal rules:
- Make four or more withdrawals in a year, and the rate collapses to 0.65%
In today’s market, where easy-access savings accounts pay more without penalties, this feels outdated and risky, especially for emergency funds.
How does it compare to other reward current accounts?
Compared to other reward current accounts, Halifax now sits firmly in the middle… at best.
- Chase offers cashback on spending and fee-free overseas use with no monthly hoops
- Santander Edge pays cashback on bills and everyday spending
- Club Lloyds still offers annual lifestyle rewards like cinema tickets or Disney+
Halifax used to combine rewards, interest and perks. Now it really only competes on interest, and even that comes with strings attached.
Verdict: is the Halifax Reward Current Account worth it?
Honestly? Not really.
This used to be one of the best reward current accounts in the UK. In 2026, it’s a standard current account with interest, wrapped in more conditions than most people need.
If you already bank with Halifax and naturally meet the criteria, it’s fine. But if you’re actively looking for a reward current account that genuinely pays you back, there are better (and simpler) options elsewhere.
Is there a switching incentive?
Although I’m not keen on the account, it may be worth joining if you can get your hands on a switching bonus. These come and go but usually pay you in the region of £150. And you can always switch away again after you’ve received your money. Take a look at my post on the latest bank switching incentives.
Further reading
Why not check out the other banks offering reward accounts? These are accounts which offer far better incentives.
Halifax Reward Account FAQ
What is a reward current account?
A reward current account is a bank account that gives you cash, interest, cashback or perks in return for meeting certain conditions, such as monthly pay-ins or Direct Debits.
Does the Halifax Reward Account still pay £5 a month?
No. Halifax removed the £5 cash reward, cinema tickets and magazine perks in late 2025.
What is the Halifax Reward Current Account interest rate?
In 2026, Halifax pays up to 3.00% AER on balances between £4,000 and £5,000, but only if you pay in £1,500 a month and run two active Direct Debits.
Is the Halifax Reward Account free?
It costs £3 per month, but the fee is waived if you pay in at least £1,500 each month.
Is the Halifax Reward Account good for travel?
It’s decent. Halifax doesn’t charge fees for card spending or cash withdrawals abroad, but other banks offer the same benefit with fewer conditions.
Are there better reward current accounts?
Yes. Depending on what you want. Cashback, perks or interest accounts from Chase, Santander Edge and Club Lloyds are often better value.
