Halifax Reviews - Current Account

Ranked 4 of 9 Current Account providers

Halifax Reviews

Reviews

1,101

Review Score

5.82/10

Defaqto

Defaqto

Arranged Overdraft Interest Rate

39.9%

We take the hard work out of comparing reviews by collecting real user reviews from multiple platforms, as well as our own, before applying our unique algorithm to ensure you can find the best providers based on real-world customer experiences and personal reviews. Tell me more.

Reviews

1,101

Review Score

5.82/10

Halifax is reviewed on

TrustPilot gather reviews for a variety of different services and brands. They rate each brand or service out of ten and provide the additional option of reviewing them.
Read reviews on Trustpilot
Smart Money People allows consumers to rate a variety of financial services and providers. Each provider is rated out of five, with the average score taken from the ratings of each financial product.
Read reviews on Smart Money People

Benefits of Halifax Current Account

Halifax’s free everyday bank account is simply called the Current Account. Perfect for managing your money 24/7, wherever you are, it comes with a host of benefits and features, including but not limited to:

  • Free everyday banking – no fees for maintaining your account
  • Get up to 15% cashback – earn money back as you shop with Cashback Extras
  • Save the change® – round up your card payments to the nearest pound and put the remainder in your Halifax savings account
  • Mobile notifications – helps you keep track of deposits and payments
  • Switching incentive – with the current account switch service, you can switch to Halifax in just seven days
  • Arranged Overdraft facility – add an arranged overdraft to your account if you’re eligible

Compare current accounts to see how Halifax perform against their competitors.

What other current accounts do they offer?

On top of their standard Current Account, Halifax offers other current accounts that may be better tailored to your personal needs. These accounts come with all of the benefits listed above plus more.

Reward Current Account

If you pay in a minimum of £1,500 a month, you won’t be charged a monthly fee for maintaining the account. If you pay in less, a £3 monthly fee will apply and you won’t benefit from the rewards. You’ll qualify for a reward each month if you pay in at least £1,500, stay in credit and either:

Spend £500 on your debit card each month
OR
Keep your account balance at £5,000 above each day of the month

If you do either of the above, you’ll get a choice of the following rewards:

  • 2x digital movie rentals with Rakuten TV
  • 3x digital magazines, choose from popular titles such as Men’s Health and ELLE
  • 1x cinema ticket for any UK Vue cinema
  • £5 paid directly into your account

When you log in to your account, under your account options, you’ll find a Rewards Extras Tracker which will show you if you’re on course to get your reward each month.

 

Ultimate Reward Current Account

Halifax’s Ultimate Reward Current Account offers all of the benefits included in their Rewards Current Account plus much more for a £17 monthly fee.

Extra benefits include:

  • Worldwide multi-trip family travel insurance
  • AA breakdown cover including Home Start
  • Home emergency cover
  • Mobile phone insurance

 

Youth Account

This account is tailored to teens aged 11 to 17 and will help them make the most out of their pocket money. If you’re aged 11-12, you must visit a branch with a parent or guardian in order to open an account. You can apply for a Youth Account online if you’re aged 13-17, but you’ll have to visit a branch with your proof of ID and proof of address to get the account verified and opened. If you’re aged 13-15 you need to be assisted by a parent or guardian when visiting a branch.

With a Halifax Youth Account, you’ll get:

  • A Visa Debit Card with International contactless capability
  • Ability to withdraw up to £500
  • Access to 24-hour Online Banking
  • Credit interest on your account of 0.50% AER/0.50% Gross variable on balances between £1 and £2,499.999. No interest will be paid on any part of your balance over £2,499.999
  • Ability to send and receive payments with Pay a Contact
  • Tailored security and financial education available as part of the Online Banking experience (in association with Childnet and the Money Advice Service)
  • Free mobile alerts so you can stay on top of your finances
  • Access to Telephone Banking (from age 16)

 

Student Current Account

Halifax’s Student Current Account is available to anyone aged over 18 that’s on a degree course of equivalent full-time education. There is no monthly fee for maintaining the account. With a Student Current Account, you’ll get:

  • A contactless Debit Card
  • An interest-free arranged overdraft up to £1,500. This will last the length of your course plus you’ll get an extra year after you graduate, up to a maximum of 6 years
  • Mobile alerts to help you stay on top of your finances
  • Cashback when you spend if you’ve registered for Online Banking and activates
  • Cashback Extras
  • Credit interest on any credit balance 0.10% AER (0.10% gross) variable. Interest paid monthly
  • The ability to Save the Change® so you can save your pennies each time you spend

Basic Account

If you don’t meet the criteria for one of their other current accounts, Halifax may offer you their Basic Account. This could be because you’re bankrupt, in financial difficulty, or if Halifax isn’t able to obtain enough information about your credit history.

With a Basic Account, you’ll get:

  • Free everyday banking
  • Visa Debit Card that can be used at any CashPoint® or other cash machine
  • Mobile alerts so you can stay on top of your finances
  • Cashback Extras
  • The ability to Save the Change® so you can save your pennies each time you spend

You won’t benefit from:

  • Switching offers
  • Monthly cash rewards
  • Arranged Overdraft
  • Cheque book
  • Contactless Debit Card or Apple/Google Pay

Can I have more than one Halifax current account?

Yes. You can have as many Halifax current accounts as you like, which is great if you like the look of more than one of the current accounts that Halifax offers. However, you should always check out what other banks are offering and be wary of opening more accounts just to benefit from certain features like overdrafts.

How do I open a Halifax current account?

Opening a current account with Halifax is easy. You can do it online or by visiting a branch. If you apply online, they’ll be able to give you a decision in just ten minutes. You’ll have to provide them with:

  • How much you expect to pay in each month
  • Information about your income
  • Your employment status
  • Your home addresses over the last three years
  • Photo ID
  • Proof of address

If you want to switch your current account to Halifax, this can be done during the application process. Simply tell them the sort code and account number of your existing account and they’ll deal with the rest. The switch will happen within seven working days.

What overdraft options do they offer?

If you’re over 18, you can set up an arranged overdraft through Online Banking or Mobile Banking, either when you apply for a current account or once you’ve already got an account. It’s free to add an overdraft to your account and you’ll only pay the daily arranged overdraft interest if you have to use it. If you dip into your overdraft but pay it back before the end of the day, you won’t have to pay any arranged overdraft interest for that day.

To an extent, you have control over your overdraft. You can remove or reduce your arranged overdraft anytime you like through Mobile Banking, Online Banking, Telephone Banking or by visiting your local branch. However, if you want to make this change, you must pay back anything over the new reduced limit first. You can also apply to increase your overdraft limit and this change will be effective pretty much immediately if you’re accepted. This application won’t impact your credit score. You can use Halifax’s eligibility tracker or cost calculator to check if you’re eligible for an arranged overdraft and to calculate the cost.

If your account is short of money and you need to make a payment but don’t have an arranged overdraft, Halifax will either let you borrow through an unarranged overdraft or refuse the payment. It’s important to remember that missing payments and using an unarranged overdraft can have a negative impact on your credit score. If you’re having problems with payments, get in touch with Halifax and they may be able to offer support.

How much does an overdraft cost?

Representative example
A variable representative rae of 39.9% APR
A variable interest rate of 39.9% EAR
Based on borrowing £1,200

As an example, if you were to borrow £500, the interest cost would be £3.22 for 7 days, £13.86 for 30 days, £28.09 for 60 days.

Does Halifax have a mobile app?

Yes. Their top-rated mobile app is safe, simple to use and comes with a host of great features to make banking easier.

  • Quick and secure login – with the option of using Touch ID or Face ID
  • Fast & simple payments – pay people and bills on the go
  • Ability to freeze your card – if your card is lost or stolen you can freeze it in the app
  • Pay in cheques – cheques can be deposited via the app simply by taking photos
  • Update your details – if you need to make any changes to your personal details, this can be done quickly in the app
  • Contact Halifax through the app – if you ring Halifax from the app, they know it’s you and can help you much quicker without you having to answer security questions