Martin Lewis issues warning to Halifax customers over £60 payment | Personal Finance | Finance

Martin Lewis has issued a warning to Halifax customers over a £60 payment that is being axed. Customers who have a Halifax Reward current account are no longer being paid £5 cash each month, meaning they are losing a perk of £60 per year. The bank axed the “Reward Extra” on June 17, although customers who opened the account before this date will continue to get the monthly payments until September 30, 2025. After this date, customers who are still due the money will get it automatically by the end of October, according to Money Saving Expert (MSE).

But now that the free £60 per year has gone, Martin Lewis says the account is no longer worth keeping for most customers and they may be better off ditching it for another.

In a post on X (formerly Twitter), Martin warned: “Halifax Reward bank account customer? It’s going to ditch your main £5/mth perks. Its no longer worth it for most, full info…”

MSE says customers that are still due to get any monthly £5 or equivalent rewards should keep their account open until “at least the end of October”, as this is when any remaining rewards will be paid out.

Customers had the option of getting £5 free cash each month paid into their account, or there was an option to get a cinema ticket, or digital magazines, providing they paid in £1,500 per month.

But once any remaining rewards have been paid out, the account offers little in the way of other perks to make it worth keeping as new perks being introduced can be beaten elsewhere.

MSE says: “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.”

A new perk being introduced from July 7 is fee-free debit card spending abroad and from October 1, customers can get up to 3% interest on up to £5,000.

But MSE argues these perks, combined with the ones that will stay the same on the account like up to 15% debit card cashback at some retailers and a £100 interest-free overdraft buffer, can be beaten by other accounts.