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

Photo of author

By smarttaxservice


Table of Contents

Your final listing of promotions, rewards and advantages you will get from switching your present account or opening one other.

One of many quickest methods to make some further money is to benefit from the very aggressive present account market and get a switching bonus, cashback or excessive curiosity in your financial savings.

There are all the time a lot of these and it may be arduous to know which is the very best for you. On this article I’ve damaged down the presents at every main UK financial institution.

Fast Hyperlinks

Listed below are some fast hyperlinks that will help you bounce via to extra data on the offers, or hold scrolling to see extra about every financial institution.

Switching bonus offers

You need to swap and shut your previous account to get the headline bonuses listed beneath.

Welcome money offers

You will get these presents only for opening an account, although they often require a referral hyperlink.

  • Monese – As much as £30 for opening an account and spending
  • Monzo – £5 welcome reward
  • Santander – £25 cashback when opening an account
  • Triodos – £60 voucher or charity donation
  • TSB – £20 to £40 cashback for opening an account

Excessive-interest present accounts

Cashback accounts

  • Chase – 1% again on purchases for 12 months
  • Santander Edge  – 1% cashback on payments & 1% on some spending (earlier than payment)
  • Santander Edge Up  – 1% cashback on payments & 1% on some spending (earlier than payment)

Reward presents

  • Halifax – £5 a month “reward” or cinema tickets after payment
  • NatWest –  As much as £3 month-to-month reward after payment
  • RBS – As much as £3 month-to-month reward after payment
  • Lloyds – free Disney+, journal subscription or cinema tickets
  • Co-Op – Earn as much as £2.20 a month further
  • TSB – As much as £5 a month for first six months

Charge-free abroad spending

Overdrafts

  • First Direct – £250 interest-free overdraft
  • Lloyds – £50 buffer
  • Nationwide – 12 months interest-free overdraft
  • Monzo – doable 19%, 29% or 39% overdraft
  • Starling – doable 15%, 25% or 35% overdraft

Moral banks

As rated by Moral Client journal. Hearken to my podcast episode on the subject for extra.

Pupil accounts

I’ve written a separate article trying on the finest pupil financial institution accounts.

Enterprise financial institution accounts

You possibly can learn in regards to the finest free enterprise financial institution accounts in my separate article.

** All efforts have gone into guaranteeing the accuracy of those offers. Nevertheless, modifications do occur so ensure you learn the phrases and situations of the account and any switching provide earlier than making use of**

Why switching is value it

Should you’ve been with the identical financial institution since your first job or College, you’re most likely lacking out. Since seven-day switching was launched in 2013 the banks have been providing free money, excessive curiosity and different extras to get you to maneuver to them.

Simply from switching, I made £1,900 between 2013 and 2018 – and some hundred extra since. And there’s extra to be constructed from different advantages simply by opening extra financial institution accounts. Sadly a raft of banks have reduce their high-interest charges in present accounts, however that doesn’t imply you gained’t be higher off transferring your checking account.

All checking account presents

I’ll replace this web page as new presents seem – although do examine the phrases and situations at every financial institution earlier than you apply to make sure it hasn’t modified.

Do do not forget that you’ll be credit score checked if you make an utility. And you may learn extra about tips on how to swap financial institution right here.

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.

Switching bonus 25,000 Avios factors (value £167ish if transformed to Nectar)
Bonus paid 4 months after opening the account
Open to present prospects No
Necessities Open a brand new Premier Banking account
Earn £75,000 a 12 months or have £100,000 saved / invested with Barclays
Add Barclays Avios Rewards to your account
Change utilizing the Present Account Change Service and shut your previous account
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Provide ends Unknown

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.

Advantages £5 a month reward
Further when you have a mortgage or residence insurance coverage with Barclays
5.12% AER curiosity financial savings account
Charge £5 a month
Necessities Pay in £800 a month
Pay out two Direct Debits a month
Entry to on-line or app banking to say your reward
Exclusions Can’t be added to Barclays Primary, Younger Individual’s, overseas foreign money or non-personal accounts
Notes You possibly can solely add Blue Rewards to at least one account
It’s good to switch your Blue Reward funds to your present account to make use of them

Again to prime


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.

Advantages 1.5% AER (variable) curiosity on steadiness between £1 and £3,999
3% AER (variable) curiosity on steadiness between £4,000 and £5,000
Entry to five.5% common saver
Restricted cashback
Charge None
Necessities Pay in £1,000 a month
Pay out two Direct Debits a month
Stability should stay above £0
A number of accounts? Most of three
Notes Shared FSCS safety with Halifax

Again to prime

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).

Welcome bonus £20
Bonus paid Unknown
Open to present prospects No
Necessities Use the hyperlink beneath (mechanically provides referral code)
Pay in £20 inside 30 days of opening the account
Exclusions Not have already got or had a Chase Financial institution present account
Provide restricted to as soon as per particular person
Provide ends 7 June 2022 at 23:59

Chase Financial institution advantages

Advantages 1% cashback
3.1% curiosity on financial savings
5% curiosity on roundups
Charge None
Necessities App solely

Again to prime

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.

Switching bonus £125
Bonus paid Inside 90 days of opening the account
Referral bonus £125
Open to present prospects No
Necessities Open up both a Normal or On a regular basis Further present account
Then inside 60 days full the next:
Change utilizing the Present Account Change Service and shut previous account
Deposit £800
Arrange two direct debits
Use the debit card at the least 5 instances
Arrange on-line banking
Full a referral kind on-line or in department with the referrer’s particulars
Exclusions Not have already got a Co-operative Financial institution present account or had one since 1 November 2022
Provide restricted to at least one welcome provide per particular person and account
Provide ends Unknown

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.

Advantages £1 credit score every month
2p cashback every time you utilize your debit card to a max of £1.20 a month
Charge None
Necessities Pay in £800 a month
Pay out 4 Direct Debits a month
Stability should stay above £0, or inside organized overdraft restrict
Go for paperless statements
Exclusions You possibly can solely have On a regular basis Rewards on one account

Again to prime


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.

Switching bonus £175
Bonus paid Inside 28 days of assembly standards
Open to present prospects No
Necessities Pay in £1,000 inside three months of opening the account
Change utilizing the Present Account Change Service and shut previous account
Exclusions Not have already got or had a First Direct account
Not have opened an HSBC account since 1st January 2020
Provide restricted to as soon as per particular person
Provide ends Unknown

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.

Advantages £250 0% overdraft (topic to standing)
Entry to 7% AER (mounted for 12 months) common saver (Save between £25 and £300 a month)
“Sweep” autosaving function (strikes spare cash in account to financial savings)
Charge None
Necessities None
Notes Shared FSCS safety with HSBC

Again to prime


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.

Switching bonus £175
Bonus paid Inside 3 working days of finishing the swap
Open to present prospects Sure (extra particulars right here)
Necessities Already maintain or open a brand new Reward or Final Reward account
Not have obtained a switching bonus from Halifax since April 2020
Change utilizing the Present Account Change Service and shut your previous account
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Provide ends 3 April 2023 (final date to start out the swap)

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.

Advantages Alternative of £5 a month / Vue cinema ticket / 2 Rakuten HD leases / 3 digital journal subscriptions
Save the Change auto-savings function
Restricted cashback with retailers through debit card
Charge £3 (£0 in case you pay in £1,500 each month)
Necessities Pay in £1,500 each calendar month
Both spend £500 in your debit card every month or hold £5,000 or above within the account all month
Keep in credit score (above £0) all month
A number of accounts? Three accounts in complete
Exclusions Your chosen Reward and qualifying methodology are mounted for 12 months

Again to prime


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.

Switching bonus £200 money
Further Quidco cashback £40 if you apply through Quidco
£10 further if you signal as much as Quidco
Bonus paid Cash paid inside 30 days of finishing the swap
Open to present prospects No
Necessities Open a brand new HSBC Advance present account
Pay £1,500 into the account throughout the first 60 days in a number of deposits
Change two Direct Debits or standing orders
Change utilizing the Present Account Change Service and shut your previous account inside 30 days
The previous account have to be from a distinct financial institution
Exclusions Not had an HSBC present account on or since 1st January 2020
Not opened a First Direct 1st account since 1st January 2020
Provide ends 3 July 2023

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.

Advantages HSBC “residence & away” presents
Curiosity Entry to three.25% restricted entry account on as much as £10,000
Entry to five% ER (mounted) common saver
Charge None
Necessities Qualify for a £1,000 overdraft
Notes Shared FSCS safety with HSBC

Again to prime

Watch new movies each week on the Andy Intelligent Money channel, plus a daily reside Q&A


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.

Switching bonus £150
Bonus paid Inside 3 working days of finishing the swap
Open to present prospects Sure
Necessities Change into a brand new Membership Lloyds, Membership Lloyds Silver or Membership Lloyds Platinum account
Change utilizing the Present Account Change Service and shut your previous account
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Can’t have obtained a switching bonus from Lloyds or Halifax since April 2020
Provide ends 17 July 2023 (final date to start out the swap)

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.

Advantages Alternative of 6 cinema tickets (Odeon or Vue) / Disney+ / Connoisseur Society membership / Journal subscription
Restricted cashback with retailers through debit card
Save the Change auto-savings function
Curiosity 1.5% AER variable curiosity on balances between £1 and £3,999
3% AER variable curiosity on balances between £4,000 and £5,000
Entry to six.25% AER (mounted) common saver
Charge £3 a month (£0 in case you pay in £2,000 each month)
Necessities Two energetic Direct Debits (to obtain curiosity on steadiness)
A number of accounts? One private and one joint
Exclusions Your chosen Way of life Profit is mounted for 12 months

Again to prime


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.

Again to prime

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.

Switching bonus £200
Bonus paid Inside 7 Days of finishing standards
Open to present prospects Sure (extra right here)
Eligible accounts Choose, Reward, Premier Choose or Premier Reward (for brand spanking new prospects, longer listing for present prospects)
Necessities Pay in £1,250 inside 60 days
Go surfing to on-line or app banking inside 60 days
Not have obtained a switching bonus from RBS or Natwest since October 2017
Change utilizing the Present Account Change Service and shut your previous account
You need to begin the swap from the Natwest web site or your cellular app
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Provide ends Unknown

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.

Advantages £5 month-to-month reward, made up of:
– £4 for having two Direct Debits
– £1 for opening the cellular app every month
Restricted cashback with retailers through debit card
Curiosity Entry to six.17% (variable) AER Digital Month-to-month Saver (max £150 a month) Learn extra
Charge £2 a month
Necessities Two energetic Direct Debits of at the least £2 every
Open the app as soon as per 30 days
A number of accounts? Sure, however you possibly can solely declare Rewards as soon as per particular person
Notes It’s good to withdraw your rewards to make use of them

Again to prime


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.

Switching bonus £200
Bonus paid Inside 10 days of the swap finishing
Open to present prospects Sure (extra particulars right here)
Necessities Open a brand new or have already got a FlexPlus, FlexDirect or FlexAccount
Switch two Direct Debits
Change utilizing the Present Account Change Service and shut your previous account inside 30 days of beginning the swap
The previous account have to be from a distinct financial institution
Not obtained a bonus from a switching ofer since August 18 2021
Provide ends 30 November 2022

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.

Advantages 0% overdraft for the primary 12 months
Curiosity 5% AER (mounted) curiosity on the primary £1,500 saved for 12 months (drop to 0.25% after a 12 months)
Charge None
Necessities Pay in £1,000 a month
A number of accounts? Two – one private and one joint
Notes Transfers in from different Nationwide accounts don’t rely in the direction of the £1,000

Again to prime


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.

Switching bonus £200
Bonus paid Inside 7 Days of finishing standards
Open to present prospects Sure (extra right here)
Eligible accounts Choose, Reward, Premier Choose or Premier Reward (for brand spanking new prospects, longer listing for present prospects)
Necessities Pay in £1,250 inside 60 days
Go surfing to on-line or app banking inside 60 days
Not have obtained a switching bonus from RBS or Natwest since October 2017
Change utilizing the Present Account Change Service and shut your previous account
You need to begin the swap from the Natwest web site or your cellular app
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Provide ends Unknown

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.

Advantages £5 month-to-month reward, made up of:
– £4 for having two Direct Debits
– £1 for opening the cellular app every month
Restricted cashback with retailers through debit card
Curiosity Entry to six.17% AER (variable) Digital Month-to-month Saver (max £150 a month) Learn extra
Charge £2 a month
Necessities Two energetic Direct Debits of at the least £2 every
Open the app as soon as per 30 days
A number of accounts? Sure, however you possibly can solely declare Rewards as soon as per particular person
Notes It’s good to withdraw your rewards to make use of them

Again to prime


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.

Switching bonus £200
Bonus paid Round 90 days after requesting the swap
Open to present prospects Sure (extra right here)
Necessities Open a brand new or maintain an present 123, Edge, On a regular basis, Choose or Personal present account
Arrange two Direct Debits after the swap
Deposit £1,000
Log into app or on-line banking
Change utilizing the Present Account Change Service and shut your previous account inside 60 days of beginning the swap
The previous account have to be from a distinct financial institution
Not have obtained a bonus already
Provide ends 23:59 on 9 February 2023 (final date to start out swap course of)

Santander Edge advantages

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

Advantages 1% cashback on some payments (£10 cap)
1% cashback on some debit card spending (£10 cap)
4% curiosity on balances as much as £4,000 in a separate account
Charge free spending overseas
Charge £3 a month
Necessities Pay £500 into the account every month
Have at the least 2 direct debits
Paper free
Over 18 and reside within the UK
A number of accounts? One private and one joint

Santander Edge Up advantages

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

Advantages 1% cashback on some payments (£15 cap)
1% cashback on some debit card spending (£15 cap)
3.5% curiosity on balances as much as £25,000
Charge free spending overseas
Charge £5 a month
Necessities Pay £1,500 into the account every month
Have at the least 2 direct debits
Paper free
Over 18 and reside within the UK
A number of accounts? One private and one joint

Again to prime

Hearken to Money Chats, Andy’s award-winning podcast. Episodes each Tuesday.


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.

Referal bonus £60 voucher or charity donation
Open to present prospects No
Necessities Open a brand new Triodos present account through a referral hyperlink
Put £100 within the account inside 30 days
Provide ends Ongoing

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.

Advantages Moral banking
Charge £3 a month
Necessities None

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.

Switching bonus £125
Further bonus £75 further cashback
Cashback web site bonus As much as £40, plus doable £10 on prime
Bonus paid First fee by 30 September 2023 & second by 31 March 2024
Open to present prospects Sure
Switching necessities Change utilizing the Present Account Change Service and shut previous account by 31 August 2023
Change two direct debits
Use the debit card
Log in to on-line or app banking
Further bonus necessities Pay in £500 a month between September and February
Make 5 debit card transactions a month between September and February
Maintain two energetic direct debits between September and February
Cashback web site bonus necessities Make two debit funds in three of the 4 months from opening
Pay in £500 a month in three of the 4 months from opening
Exclusions Not have already got obtained a TSB switching bonus since 1 October 2022
Provide restricted to as soon as per particular person and account
Provide ends Unknown (seemingly sooner or later in August 2023)

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.

Cashback bonus £20 (Spend & Save) / £40 (Spend & Save Plus)
Bonus paid Inside 180 days of the account being opened
Open to present prospects No
Necessities Open a brand new TSB Spend & Save or Spend & Save Plus account through TopCashback
Maintain your account open for 120 days
Pay in £500 a month for 3 of the primary 4 months
Make two debit funds a month for 3 of the primary 4 months (this consists of debit playing cards, Direct Debits, standing orders and quicker funds)
Exclusions You possibly can solely get fee from TopCasback for opening one account
You possibly can’t have already got any TSB present account
Provide ends Unknown

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.

Advantages £5 cashback a month for six months
Financial savings pots incomes 2.52% AER
Save the pennies autosavings function
Charge None
Necessities Make 20 debit card funds every calendar month
A number of accounts? TBC

TSB Spend & Save Plus account advantages

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

Advantages £5 cashback a month
Financial savings pots incomes 2.52% AER
Save the pennies autosaving function
£100 interest-free overdraft buffer
Charge-free spending abroad
Charge £3 a month
Necessities Make 20 debit card funds every calendar month
A number of accounts? TBC

Again to prime


Again to prime

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.

Switching bonus £200
Bonus paid Inside 7 Days of finishing standards
Open to present prospects Sure (extra right here)
Eligible accounts Choose (for brand spanking new prospects, longer listing for present prospects)
Necessities Pay in £1,250 inside 60 days
Go surfing to on-line or app banking inside 60 days
Not have obtained a switching bonus from Ulster, RBS or Natwest between 1 October 2017 and 13 February 2023
Change utilizing the Present Account Change Service and shut your previous account
You need to begin the swap from the Ulster web site or your cellular app
The previous account have to be from a distinct financial institution
Exclusions Provide restricted to as soon as per particular person
Provide ends Unknown

Again to prime

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.

Switching bonus 25% cashback on grocery store and gas spending for 60 days, as much as £160 (extra particulars)
Bonus paid You’ll get an e-mail with the small print to start out incomes cashback inside 14 days of assembly the switching standards, then you’ve got 60 days to earn the cash
Further provide £30 Amazon in case you apply and swap through Snoop, and a £5 voucher in case you’re new to Snopp till 31 October 2022 (extra right here)
Open to present prospects No
Necessities Open a brand new Virgin M Plus present account
Put £1,000 within the linked M Plus Saver account till you’ve got obtained the provide code
Switch or arrange two Direct Debits which should stay energetic till you’ve got obtained the switching provide code
Change utilizing the Present Account Change Service and shut your previous account
Join the Virgin Cashback within the app
Exclusions Not had a Virgin Cash, Clydesdale, Yorkshire Financial institution present account since 30 April 2022
Not beforehand had a “Bundle” or “Factors” switching provide from Virgin Cash
Provide ends Noon 30 September 2022

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.

Advantages Charge-free spending abroad
Reductions with different Virgin manufacturers
Curiosity 2.02% AER (variable) on the primary £1,000 saved
2.52% AER (variable) in linked M Plus Saver quick access account (as much as £25,000)
Entry to three% AER (variable) Money ISA & 4.25% one 12 months mounted ISA
Charge None
Necessities None
A number of accounts? Just one solo account and one joint account

Again to prime




Supply hyperlink

Leave a Comment