The very best financial institution switching, cashback, curiosity & overdraft provide (August 2023)

Barclays

Barclays doesn’t have a particular reward account. As a substitute you possibly can add “Blue Rewards” to most Barclays accounts.

Barclays switching presents

Barclays often presents double Blue Rewards for a 12 months as a switching incentive. It final ran this in 2019. Right here’s my weblog put up asking Is the Barclays Blue Reward value switching for?

Nevertheless there’s an extra provide for brand spanking new Barclays Premier prospects who swap in. They’ll earn Avios factors that may be modified to £167ish value of Nectar factors.

That is just for prospects who’ve giant salaries or large quantities saved with Barclays (it could be doable to get accepted as a joint couple who meet this requirement mixed). You additionally must be model new to Barclays too.

It’s good to add on Barclays Avios Rewards which prices £12 a month, although you’ll earn most of that again in Avios factors (1,500 a month = £10 when transformed to Nectar). You possibly can’t have each Blue Rewards and Avios Rewards on the similar time.

Blue Rewards advantages

Factoring within the payment and assuming you’ll solely have the essential two Direct Debits, you gained’t get charged for including Blue Rewards to your Barclays present account. It will then provide you with entry to a 5.12% paying Wet Day financial savings account, paid on as much as £5,000 saved. Learn all the small print of Blue Rewards right here.

Financial institution of Scotland 

The principle present accounts at Financial institution of Scotland are the Traditional and Platinum. The latter is a packaged account with added insurance coverage and breakdown cowl for a month-to-month payment of £21.

There’s no set reward account with BoS, however you will get the Vantage add on which presents curiosity on balances. The Membership Lloyds account is analogous however has further freebies.

Financial institution of Scotland switching bonus

Financial institution of Scotland isn’t operating a switching provide proper now.

Financial institution of Scotland Vantage advantages

The Vantage add on is free however there are situations to fulfill so as to get the curiosity. You’re capable of get higher rates of interest elsewhere.

Chase

This new financial institution from Chase was launched in September 2021. You possibly can learn in regards to the options in my evaluation right here.

Chase Financial institution welcome bonus (ended)

The brand new £20 referral scheme started on 11 Might 2022 and ended 7 June 2022. You don’t want to modify. Right here’s extra on the way it works, and tips on how to refer your pals (incomes as much as £400).

Chase Financial institution advantages

Co-operative Financial institution

Co-operative Financial institution is thought to be a extra moral financial institution. The On a regular basis Rewards bundle will be added to the usual Present Account.

Co-operative Financial institution switching bonus

Co-operative Financial institution has began a refer-a-friend switching bonus value £125 for the brand new buyer and £125 for the present buyer.

There’s no restrict to how many individuals will be referred. You have to the identify, account quantity, type code and e-mail tackle of the particular person referring you to get the bonus – so ask round family and friends if you wish to benefit from the promo. My full evaluation is right here.

Co-op Financial institution On a regular basis Rewards advantages

The is an optionally available further you possibly can add to your account however requires extra effort than different accounts to get the cash. The majority of the £2.20 a month relies on utilizing your debit card, which suggests you’ll seemingly get much less in case you don’t use it 60 instances every month.

The month-to-month reward decreased on 1 July 2021, and probably the most you’ll get is £2.20 a month.

First Direct

First Direct all the time scores properly on customer support, however keep in mind there are not any branches – banking is all on the cellphone or on-line. It’s additionally a part of the HSBC group, so the FSCS safety is shared between the 2.

First Direct switching bonus

First Direct presently presents £175 for opening a 1st Account with them and switching in. Right here’s my full evaluation of the provide.

You can even presently get a £40 bonus in case you apply for the account through cashback web site Quidco. Should you’re not already a Quidco consumer you possibly can get a welcome bonus of as much as £17 if you be part of.

First Direct has persistently supplied some form of switching bonus, although this was paused for many of 2020 as a result of pandemic. The motivation has primarily been money, although in 2018 First Direct briefly changed it with a alternative of freebies. For some time there was additionally a “goodbye” provide, providing you with the prospect to get one other £100 in case you didn’t just like the account.

The bottom the provide has is been £50, and sometimes it will increase to £125 and even £150, however count on £100 as the usual price. A refer-a-friend provide ran till 2019.

First Direct 1st account advantages

First Direct historically supplied the very best paying common saver account, however since early 2021 this may be crushed or equalled elsewhere.

The £250 0% buffer is a helpful function for anybody who often goes overdrawn by a small quantity.

Halifax

Halifax has an ordinary and packaged account, however the Halifax Reward possibility is my decide for a month-to-month reward of £5 money, cinema tickets or film leases. The financial institution usually presents switching incentives.

Halifax swap deal

From 14 March till 3 April 2023 Halifax is providing £175 for switching to a brand new Halifax Reward or Final Reward account.

The Reward account is my decide of the 2 and you’ll earn a £5 month-to-month reward. The Final Rewards account has added options resembling insurance coverage however comes with a £17 month-to-month payment.

It’s open to present Halifax prospects too, even in case you already maintain one in all these accounts. Right here’s extra details about how to get the £175.

Halifax has usually been providing money bonuses of between £75 and £150 since switching started in 2013. Extra just lately it ran presents in April/Might and July/August 2021 (£100) and October/December 2021, March/Might 2022 (£125) and July/August 2022 (£150).

Halifax Reward account advantages

Should you bounce via just a few hoops you possibly can simply make £60 a 12 months from this Reward account. There are various rewards accessible that could possibly be value extra – try my evaluation for additional particulars.

In the identical article you possibly can see why I choose the £500 debit card methodology over the £5,000 financial savings choices.

HSBC

HSBC’s present accounts don’t have many further advantages with their accounts and rating badly in Moral Client’s listing of banks.

There are common switching bonuses, typically the very best paying ones out there.

HSBC and First Direct are linked banks for the aim of FCSC safety.

HSBC swap provide (ended)

You will get a £200 bonus when switching to the HSBC Advance present account, however that could possibly be elevated to as a lot as £250.

Cashback web site Quidco is providing £40 further if you apply through their web site.

You want two Direct Debits or standing orders to qualify for the bonus. Until you’ve got spare Direct Debits you wish to transfer, I’d go for the latter and easily switch cash from one other checking account (after which again once more!). Right here’s my information to the provide.

The account requirement of a £1,750 month-to-month deposit doesn’t want to remain within the account.

HSBC Advance account advantages

This account has larger thresholds than others, and profitable candidates should go a credit score examine for a £1,000 authorized overdraft.

Lloyds Financial institution

Membership Lloyds is Lloyds Financial institution’s reward account and sometimes comes with a switching bonus.

Membership Lloyds switching bonus

The brand new switching bonus from Lloyds Financial institution is value £150 and runs from 9 Might to 17 July 2023. As soon as the swap has accomplished you’ll get the fee inside 3 working days.

It’s just for Membership Lloyds, Membership Lloyds Silver and Membership Lloyds Platinum accounts and just for new accounts.

Current Lloyds prospects can take benefit although you don’t qualify this time in case you’ve obtained a switching bonus from Lloydsor Halifax since April 2020.

Just one fee will likely be made per buyer, so you possibly can’t get it twice through joint accounts.

All the small print on how to do that, and my full evaluation of the provide will be discovered right here.

Membership Lloyds account advantages

I’m a fan of this reward account because it’s comparatively easy to get the freebies. I’ve analysed which “Way of life Profit” is the very best worth for cash in my Membership Lloyds overview.

The curiosity on provide is identical because the Financial institution Of Scotland Benefit account, and this requires two energetic direct debits. Nevertheless you possibly can get larger rates of interest elsewhere.

Metro Financial institution

Metro Financial institution scores higher than the established excessive road banks in Moral Shoppers’s listing of moral present accounts.

Metro Financial institution switching provide (ended)

Metro launched a model new referral provide in 2020, however that ended 18th December 2020. The provide was £50 for each the particular person referring and the particular person signing up and switching. It was capped at £250 for the present Metro buyer. I’ll replace it right here it returns.

Monese

Monese is one other challenger financial institution that’s 100% opened and operated through your cell phone. You don’t want an tackle to open the account, however you do want picture ID.

There are 4 ranges of Monese, together with a free “Starter” tier. There’s a £4.95 payment on this degree on your debit card.

There are occasional particular reductions for account holders on present playing cards, eg 20% off Amazon, although these haven’t run in 2023.

Monese account opening provide – As much as £30

**My hyperlink appears to have reached its restrict nonetheless in case you discover somebody who can share their very own referral code you’ll be capable of take benefit.**

This provide may earn you as much as £30 in credit score, although you’ll must pay slightly below a fiver to get the cardboard.

Enroll with a promo code (ANDR4552 (code expired) or through this through this hyperlink). You possibly can join any tier, although I’d go for the free plan.

When you get the cardboard, use it for any transaction to earn £30. There’s no minimal spend required to set off this bonus.

To get the subsequent bonus, you might want to spend one other £500 on the cardboard or ship the identical quantity overseas. This may be any variety of transactions. When you attain that degree you’ll get one other £10 credit score added to your account.

IMPORTANT: Funds along with your Monese card in the direction of issues like bank card payments don’t rely, so you have to to “spend” the cash.

Monzo

Monzo is likely one of the unique digital-only banks. There are three choices:

Personally I’d solely go for the essential possibility.

New customers may also get £5 for signing up through refer-a-friend code, which you will get beneath.

Monzo account opening provide

*11 June – I believe this provide might have been paused. Ask mates in the event that they nonetheless have a hyperlink you should use that explicitly mentions the £5*

You will get £5 free money from Monzo if you be part of for the primary time. You’ll have to get a refer-a-friend hyperlink from an present buyer, or use the one beneath. These hyperlinks will be restricted, so ensure the touchdown web page explicitly says you’ll earn £5. If it doesn’t, see if you’ll find one other hyperlink. You’ll get the fiver when you’ve accomplished this.

Natwest Financial institution

Natwest usually presents a switching bonus and has a Reward account providing a reimbursement every month.

Natwest swap provide

A brand new provide from Natwest began on 14 February 2023, with no revealed finish date. You will get £200 for a swap from one other financial institution into a brand new or present account.

As with RBS when it has run it’s been accessible to present prospects, although you couldn’t get the cash from Natwest too.

I’ve written a full evaluation of this provide with extra particulars on the way it works.

In each 2018 and 2019 Natwest supplied switching bonuses on three events. The standard provide is £100 however has been as excessive as £150. It returned in October and November 2020 providing £125. It additionally ran 24 January 2022, and runs till 7 April 2022 providing £150. A £175 provide ran September to November 2022.

Natwest Reward account advantages

This was a significantly better account, providing cashback in your payments each month. However that modified in early 2020 and now it’s a set fee every month, so long as you meet the factors.

There’s a £2 month-to-month payment which you’ll’t keep away from. As soon as this payment is taken into consideration you’re taking a look at a return of £36 a 12 months.

That is paid right into a separate MyReward account that you must money out to your account or a present card.

You do nonetheless get entry to a prime paying common saver.

Nationwide Constructing Society

Nationwide is seen as probably the most moral of the principle excessive road banks (it’s truly a constructing society). The FlexDirect account presents curiosity on balances and a 0% overdraft for first 12 months. The FlexPlus account presents insurance coverage and breakdown cowl for a month-to-month payment of £13.

Nationwide switching provide (ended)

The most important ever switching provide began October 3 2022, providing £200. Beforehand it was £100 for brand spanking new Nationwide prospects and £125 for exiting members. The provide ended on 30 November 2022

You can even declare this provide twice. As soon as for a private account and as soon as for a joint account (although this latter one is one fee for each events within the joint account). I’ve written intimately about this switching provide right here.

Nationwide used to supply a refer-a-friend promotion the place each individuals bought £100 if the brand new buyer switched from one other financial institution. This was paused when the pandemic began in March 2020 and was changed by the brand new switching provide in August 2021.

Nationwide FlexDirect account advantages

This account pays the very best in-account curiosity (on as much as £1,500) and has the most important 0% overdraft. You possibly can solely get the account advantages in your first 12 months.

Nevertheless, the app will also be very irritating to make use of. Extra particulars in my Nationwide FlexDirect overview.

RBS (Royal Financial institution of Scotland)

RBS usually presents a switching bonus and has a Reward account providing a reimbursement every month.

RBS switching provide

RBS launched a £200 swap deal on 14 February 2023.

As with Natwest when it has run it’s been accessible to present prospects, although you couldn’t get the cash from Natwest too.

I’ve written a full evaluation of this RBS provide with extra particulars on the way it works right here.

The earlier presents embrace £150 from 3 February 2022 till 21 April 2022 and £175 in October 2022.

RBS Reward account advantages

That is equivalent to the Natwest Reward account. You will get a £5 month-to-month bonus however should pay a £2 payment too. This implies probably the most you’ll make from this account in a 12 months is £36.

That is paid right into a separate MyReward account that you must money out to your account or a present card.

You do nonetheless get entry to the prime paying common saver.

Revolut

Revolut is a well-liked digital-only financial institution with 4 tiers.

• Normal – £0 a month
• Plus – £2.99 a month
• Premium – £6.99 a month
• Metallic – £12.99 a month

Personally I’d solely go for the essential possibility, although this solely comes as customary with a digital debit card. In order for you a bodily card you’ll have to pay for it.

Revolut account opening provide (ended)

You will get a £10 free credit score from Revolut if you be part of for the primary time through this hyperlink and entry to at least one month’s free Premium.

To get the tenner you might want to prime up your account from one other financial institution after which spend at the least £1 on the cardboard.

You’ll must pay in order for you a bodily card so I wouldn’t trouble. There’s a digital card you should use immediately from the app or add to your cellphone’s pockets.

You don’t must take the one-month free Premium however in case you do it needs to be inside 72 hours of signing up. Should you don’t wish to proceed with Premium as soon as the preliminary month you possibly can simply downgrade within the app. Don’t overlook otherwise you’ll pay £6.99 a month. Should you ordered the cardboard you’ll must pay for it, so once more, don’t do that until you’re going to stay with Premium.

Full phrases and situations can be found if you click on via. Ends 31 December 2022.

Santander

There are two key Santander accounts, the Edge Up, which has a £5 payment but in addition presents curiosity, and the 123 Edge which is £3 a month. Each present cashback in your family payments.

Santander cashback provide – £25

Should you apply for a Santander On a regular basis, Edge or Edge Up present account through Quidco or TopCashback there’s a £25 cashback fee. You possibly can be part of Quidco or TopCashback for a welcome bonus right here.

Now you can now not get a 123 or 123 Lite account, although they’ll stay open for present account holders.

Santander swap provide (completed)

Santander has not often supplied any switching incentives – however in 2021 it launched a suggestion for brand spanking new and present prospects.

It’s good to swap right into a 123, Edge, On a regular basis, Choose or Personal account. Right here’s my full evaluation.

Santander Edge advantages

This account replaces the 123 Lite, although it’s not fairly the identical. My full overview is right here.

Santander Edge Up advantages

This account replaces the complete 123. My full overview is right here.

Triodos

Triodos is thought to be one of the moral present accounts on the market – nevertheless it does include a £3 a month payment. Herre’s my full overview.

Triodos referral provide

Signal as much as Triodos’s present account through a referral hyperlink and you will get a £60 voucher to make use of at Moral Superstore or Neals Yard. Or you possibly can select to have the cash donated to charity. The present buyer that refers you’ll have a £25 donation made on their behalf.

You don’t want to modify to get the bonus, however you have to pay in £100.

Right here’s extra on the present deal.

Triodos account advantages

You’ll pay for this account however you’ll have peace of thoughts in return that your cash isn’t used for investing practices and organisations that would battle along with your values.

TSB

TSB’s standard Traditional Plus accounts stopped paying curiosity in December 2020 and have been changed for brand spanking new candidates by the Spend & Save account.

Bizarrely you’re higher off with the free model of the account, probably incomes you £30 within the first six months. The premium model may web you double that with £60 – however the £3 month-to-month payment would go away you with a £24 revenue.

TSB switching provide

A brand new switching deal runs 10 July 2023 value as much as £200. There’s no set finish date, nevertheless it’ll seemingly be in August.

It’s additionally doable to get an additional cashback bonus through cashback websites Quidco and TopCashback, and from the accounts themselves. Learn my full evaluation right here.

TSB cashback provide

Should you don’t wish to swap you possibly can earn cashback from each Quidco or TopCashback when opening both the Spend & Save account or the Spend & Save Plus account. The quantities are normally £20 to £30 for the previous and £40 for the latter.

You don’t have to comply with the separate Spend & Save necessities to get the cashback. Should you’re new to both cashback web site you may also get a welcome bonus, although it gained’t monitor on this provide as each require a minimal spend.

TSB Spend & Save account advantages

I believe the trouble to make use of your debit card 20 instances a month isn’t value it and also you’re higher off utilizing a cashback bank card.

TSB Spend & Save Plus account advantages

The additional options discovered with this account can be found at no cost elsewhere.

Ulster Financial institution

Ulster Financial institution generally presents a switching bonus.

Ulster switching provide

Ulster launched a £200 swap deal on 14 February 2023.

As with Natwest and RBS when it has run it’s been accessible to present prospects. Although technically you possibly can’t get the cash from Natwest and RBS too, some have been capable of.

I’ve written a full evaluation of this Ulster Financial institution provide with extra particulars on the way it works right here.

Virgin Cash

Virgin Cash has taken over from Yorkshire Financial institution, Clydesdale Financial institution and their digital B Financial institution. Right here’s my overview of the financial institution’s primary present account.

Virgin Cash switching provide (ended)

Virgin Cash has supplied six totally different switching presents since December 2020 below the identify “Brighter Cash Bundle”. The most recent is for 25% cashback on grocery store and gas buying (particulars right here).

Till 31 October 2022 you may also get an additional £30 Amazon voucher in case you open the account through the budgeting app Snoop, and there’s a £5 Amazon welcome provide if you enroll too

Up to now it appears like they’re altering the provide each three or 4 months. Earlier presents have included:

• 15 bottles of wine from Virgin Wine (Dec 20 to Mar 21)
• 12 bottles and a £50 charity donation (Mar 21 to summer time 21)
• £150 Virgin Experiences voucher
• £100 Virgin Expertise voucher and three% bonus curiosity (Jan 22 to April 22)
• 20,000 Virgin factors (April 22 to August 22)

Right here’s extra on the present deal.

Virgin Cash M Plus account advantages

The massive draw with this account is the curiosity you possibly can earn on the primary £1,000 saved within the account, after which on the linked account. It’s additionally fee-free to suse the cardboard abroad.