While the practice of switching providers to reduce your energy bills or mobile phone costs is well documented and commonly used, one easy money hack that is less commonly used is the process of switching bank accounts. There is always an option out there regardless of your income or budget so it’s always worth a look to see what’s out there!
With increasing competition between the UK’s major banks, brands now have to work much harder to entice customers into opening an account with them. This is great news for account holders, who are now able to access a range of cash offers and other incentives just by simply switching to another provider.
Here we take a look at five of the best perks and freebies on offer from banks across the UK that could help provide a simple boost to your income.
An instant cash incentive: Halifax Reward Current AccountPut simply, the Halifax Reward Current Account pays new customers £125 within seven working days of switching to this account – the offer ends on November 13th so you will have to move quickly!
There are no fees associated with this account, and if you are able to deposit more than £750 a month and set up two direct debits, you will receive a monthly £3 bonus. There are no penalties or hidden fees for months with no deposits so you can add to your account as and when you want to, as long as you don’t go more than £50 overdrawn at any time (this overdraft is interest free too!)
For the savvy shoppers: Tesco Bank Current AccountFor those of you who shop with the retailer, this account could be one for you. The Tesco Bank Current Account also acts as your Clubcard when you use it to makes purchases in-store. For every £1 you spend, you will receive two Clubcard points up to April 2019.
If you do your weekly shop at Tesco, you could earn a significant number of points very quickly which can then be used to get money off your shopping or used towards vouchers for days out, restaurants, holidays and many other uses.
Perks galore: Nationwide FlexPlus AccountIf you want to take advantage of features including worldwide family travel insurance, UK and European breakdown cover and recovery assistance, family phone insurance and commission-free international cash withdrawals, the Nationwide FlexPlus Account is ideal for those looking for a bit on the side of their normal bank account.
While it does cost £13 a month to open an account, the cost of add-ons of the account outweigh the monthly retainer payment significantly. Plus, you can earn up to 3% AER variable interest up to £2,500, meaning you can still earn potentially an extra £74 per year.
For cashback on your bills: NatWest Reward Silver Current AccountThe Natwest Reward Silver Current Account is a great option for those looking to save money on their bills. If you pay by direct debit using this account, you can earn 2% in rewards on bills including council tax, mobile, TV packages, water, gas, electricity and broadband! Rewards can be exchanged into money for your current account, gift cards at selected retailers or can be donated to charity. You could recoup hundreds of pounds per year!
At £12 a month, account holders are also covered by NatWest European travel insurance, mobile insurance, have access to 25% cashback on concert and event tickets and receive a Tastecard, providing 2 for 1 or 50% off at thousands of restaurants across the UK.
Ideal for gift shoppers: M&S Current AccountLooking to save money on Christmas coming up? How does a £125 gift card from M&S sound? With the M&S Current Account you will receive the gift card just for signing up and setting up two direct debits. You can also earn reward points when you shop with the retailer and if you can afford to, earn an extra £5 per month when £1,000 is deposited into the account (to the value of up to £185 for the year!)
The overdraft option on this account is also good, you get £100 interest free – ideal for any small necessary purchases in the lead up to pay day.
Have any of you already made a switch, or know about any other great deals? Share your tips with us on Facebook and Twitter.
This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.