Millions of Halifax customers can get free £200 before bank disappears forever

Millions of Halifax customers could bag a free £200 before the bank closes for good.

We could all do with a boost to the old bank balance as the cost of living crisis continues, and there's a nifty hack you can use to get some extra money this summer as bills continue to rise.

It comes as the Lloyds Banking Group announced today that the Halifax brand is closing for good, reports The Guardian.

Halifax started life as a building society, but after 173 years the name will be disappearing from our high streets and banking apps.

The announcement confirmed they will stop opening new accounts under the Halifax name, and will start to transfer existing Halifax accounts to Lloyds branding in the next few days.

The 190 Halifax-branded branches will have their signage changed over at the start of next year, but no branches will be closed.

This is a chance for customers to make some cash to the tune of £200.

Halifax bank will be disappearing from the high street as the name is removed (Getty Stock)

Get a free £200 for switching from Halifax now

If you're not familiar with bank switching, many banks will offer a lucrative deal to tempt you to switch your current account banking to them.

Some have more rules than others, and may want you to switch a certain number of direct debits, pay in a certain amount each month, or reach a particular spend threshold to be eligible.

Money Saving Expert Martin Lewis often shares news of these switching deals with his followers, and it's a simple way to land some much-needed cash.

This new deal will get you £200 (£175 with a £25 boost on top) for switching to First Direct's current account, with no monthly fee, if you click here.

To be eligible, you have to be a brand new customer to First Direct - if you've already had an account with them or have opened an HSBC current account on or after 1 January 2018, then it's bad luck.

You could bag yourself £200 for switching over (Getty Stock/Pamelajane)

In order to bag the bonus, within 45 days of opening a First Direct account you need to 'switch to us using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking.'

The extra £25 offer is available for accounts opened between 18 May and 15 July 2026, so you'd better be quick.

Switching is easy as they let your old bank know, and transfer everything over.

Martin Lewis advises his subscribers: “We say grab the cash if it works for you, but don't let it buy your loyalty. You needn't stick with the bank for other products, so bag yourself the best credit card, loan, savings, mortgage and more from across the market. However, don't let that stop you getting paid for your custom.”