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The Independent
4 days ago
- Business
- The Independent
Watch: How to earn £180 by switching banks this summer
A finance expert has provided advice on how to earn money by switching bank accounts. Laura Pomfre appeared on BBC Morning Live to highlight top banks offering incentives for new customers. Santander Edge offers £180 for new members, while First Direct 1st Account provides £175. TSB Spend and Save gives £100 for a switch, along with an additional £15 cashback per month for six months. Watch the video in full above.
The Independent
4 days ago
- Business
- The Independent
How to save £180 by switching banks this summer according to finance expert
A finance expert has shared her top tips on how to earn £180 by switching banks. Appearing on BBC Morning Live on Tuesday (23 June), Laura Pomfre revealed the top three banks you should consider switching to this summer if you want a bit of extra cash hassle-free. Santander Edge offers £180 for new members switching bank accounts, with First Direct 1st Account coming in a close second giving people who sign up to bank with them £175. TSB Spend and Save gives £100 for a switch, and new customers can also take out £15 cash back a month for six months.
Daily Record
6 days ago
- Business
- Daily Record
Major bank offers 6.5% interest rate on savings account but you'll need to act fast
The account can be opened with just £1, but is only available to those with a current account Despite the decline in UK savings rates, there is one major bank that still offers competitive returns, making it one of the top choices on the market. With that in mind, savers may want to take note, as there could be benefits aplenty. Nationwide's Regular Saver account still offers competitive returns of 6.5 per cent AER. Regular savings accounts typically require a set monthly deposit and limit withdrawals, making them perfect for disciplined savers looking to steadily increase their savings while earning higher interest than standard accounts. Nationwide's Flex Regular Saver can be opened with just £1, and interest is paid each year on the account's anniversary. Monthly deposits are capped at £200, allowing a maximum contribution of £2,400 over the year. At the current interest rate, this would earn £84.50 in interest after 12 months. The account is open to UK residents aged 16 or over who already have a Nationwide current account. Unlike many regular savings accounts, this option provides more flexibility by allowing up to three penalty-free withdrawals. However, making a fourth withdrawal will reduce the interest rate to 1.5 per cent, reports the Express. "With more bank rate reductions expected this year, those who want to preserve their return must act fast by securing the best deal possible while interest rates remain on the higher side," Alice Haine, personal finance expert at Bestinvest by Evelyn Partners, explained. "This is imperative for anyone with money idling in a current account or an old savings account offering a poor return, which is being slowly eroded by inflation. "Worse still, when savers consider their post-tax net return, they may find their cash is being eroded even faster than they feared." But are there other options available? Well, savers can invest up to £200 per month, allowing the pot to grow to a total of £1,200, and withdrawals are not allowed until the account matures. So, while it may have a market-leading AER, its six-month term limits the total interest earned. With a maximum investment of £200 per month, savers will end up with £1,227.53, including £27.53 in interest. First Direct closely follows with a tempting seven per cent AER over a year, permitting depositors to stash away £300 monthly, totalling an impressive £3,600 across the twelve months. By the end of this period, savers would pocket £3,736.50, with £136.50 earned as interest. Despite First Direct's lower rate, their extended term and more generous limit on deposits could prove a more fruitful choice for building greater savings pots. With Bank of England Base Rate cuts looming, savers are being encouraged to pounce quickly to catch these prime rates before they recede. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.
Metro
13-06-2025
- Business
- Metro
The best bank account switching deals for June — with bonuses up to £310
Four banks in the UK are now offering cash for you to switch allegiance. The bonuses start off at £100, but if you're willing to do a little more or stick with the bank for longer, the highest paying one is worth a healthy £310. If you've never switched before you'll be good to go on most of the offers, but sadly, if you've received a bonus for swapping from these banks before, you're ruled out for getting money again. Let's start with the easiest one to get… This June, there's a straight £180 from Santander if you open up an Everyday, Edge or Edge Up current account, set up two direct debits, deposit £1,500 and switch from a different bank within 60 days. Do all this and you'll get the money within three months of starting the process. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video There are some caveats though (aren't there always). First up, you can't have had a Santander current account on January 1, 2025. If you've opened one up since, then you'll be okay to proceed. Also, those direct debits must be from a named household bills supplier, so you'll need to check that your phone, broadband, water or energy provider are listed. Next up is First Direct. You'll get a little less at £175 but it's also one with comparatively fewer tasks to complete. You need to move over two direct debits from your old account as part of the switch (meaning they need to be on the old account rather than set up on the new one), deposit £1,000 within 30 days, and use your debit card five times in the first 45 days. Once you meet these criteria you'll get the cash on the 20th of the following month. However, if you've ever had a First Direct current account – even if it's now closed – you won't be eligible. You can't have opened a new HSBC current account since January 1, 2018, either. If you're already with Nationwide, and had a current account, savings account or mortgage with the building society on March 31, 2025, then you've got access to an exclusive £200 switching promotion. This one also requires you to transfer two direct debits as part of the switch from the old account. You'll then need to add £1,000 to the account in 31 days, and use the debit card once to have the bonus paid into your account within 10 days. What's different about this offer is you might be able to get it more than once! Though you can only take advantage with one personal current account, you can also do it in addition to a joint account. So as a couple, you could potentially get three lots of £200 back in your pockets. The final offer to share is potentially worth the most money, but it does require the most action each month – so it's up to you whether you think it's worth it. This deal from TSB offers £100 for the switch itself, and it's for the Spend & Save or Spend & Save Plus accounts. You'll need to use the debit card five times before 19 July 2025 and switch from a different bank. So far, so simple. But for the next level of the offer, worth £15 a month for six months (so a total of £90) you'll need to increase your debit card usage to 20 times each month. And then , if you do the same in December this year, you'll be able to claim a £120 credit for Expedia in the new year. So it's a long game, but you could end up with £310 back. More Trending Be sure to check all the terms and conditions again on all these before you apply, as there may be one or two extra t's to cross and i's to dot. And remember, as part of the switch, your old account will completely close, so be sure you don't want or need to keep hold of it for any reason, such as a connected savings account. It's worth having a look out TopCashback and Quidco first too, as there's up to £40 extra available for the TSB, First Direct and Santander accounts if you click through from there. Better still, if you're new to either site, search for welcome offers worth up to £20 to grab. View More » Follow award-winning blogger and podcaster Andy on Instagram and YouTube or visit MORE: NatWest banking app goes down leaving thousands unable to access their money MORE: I make an extra £500 a month by selling old clothes — this is my recipe for success MORE: Pride doesn't come cheap — the LGBTQ+ 'queer tax' has cost us thousands Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Daily Mirror
12-06-2025
- Business
- Daily Mirror
Martin Lewis MSE names 5 major banks offering Brits free £175 bonus
Martin Lewis' MSE website has revealed how cash-strapped Brits can earn up to £200 for simply opening a new bank account, as five major lenders continue to offer lucrative incentives Brits are being urged to make the most of lucrative bank bonuses worth up to £200 - and they aren't just for new customers. If you're still feeling the financial wrath of 'Awful April', which saw a slew of household bills spiral, moving banks could help alleviate some of the pressure. It might sound too good to be true, but many high-street lenders actually offer huge incentives for new (and sometimes even existing) customers to lure them in. Often, this includes free cash bonuses, often referred to as legal bank 'bribes', or perks such as access to cashback deals, 0 per cent overdrafts, and high interest rate savings accounts. However, there will always be a slew of criteria customers need to meet in order to be eligible for the rewards. READ MORE: Tesco introduces huge Clubcard perk in car parks but there's a catch Martin Lewis ' MSE website states there are currently five banks offering switch bonuses this month, with one particular lender offering a hefty £200 free bonus. "Switching's usually quick and easy," MSE states. "In Martin's recent social media poll, 90 per cent of the 5,500 who'd switched said it was easy and hassle-free." First Direct - free £175 As previously reported, First Direct is currently offering newbies £175 if they open up an account using the Current Account Switch Service. Within 45 days of opening the account, you'll need to transfer at least two Direct Debits or standing orders, deposit £1,000, make five or more debit card payments, and log on to digital banking. First Direct is also offering a £250 interest-free overdraft (subject to status) and access to its 7.00 per cent AER/gross Regular Saver account. However, this offer is only available to new customers - and excludes those who have previously held a First Direct product or those who have opened an HSBC current account on or after January 1, 2018. Co-op Bank - free £100 The Co-operative Bank is still offering £100 for new customers, as long you deposit £1,000, have two or more Direct Debits, you register for online/mobile banking, and make at least 10 debit card transactions within the first 30 days of switching. Co-op warns that deposits or transactions made prior to the switch completion will not count towards the £100 criteria. You can also get £25 for three months (worth £75) by continuing to actively use your current account. This requires customers to deposit £1,000 or more, make ten or more card or digital wallet transactions, and have two active Direct Debits. If you do not meet the eligibility criteria for one of the months, you can still meet it in one of the following months. TSB - free £100 TSB is another bank offering newbies a £100 welcome bonus for completing a full switch to their Spend and Save account. You'll need to log into the TSB Mobile Banking App and make at least five payments on your debit card before July 19, 2025, to earn the bonus (which will be paid between August 2-16, 2025). Customers can also earn £15 cashback each month for up to six months, which is worth a whopping £90. To qualify for this separate bonus, you'll need to make 20 or more debit card payments in a calendar month (pending payments don't count) and the cashback will be paid into your account the next calendar month. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Santander - free £180 Santander is offering customers using the Current Account Switch Service £180 when opening up a Santander Edge current account. Similar to the other banks, you'll need to have at least two Direct Debits and pay in £1,500 within 60 days of submitting your initial switch request. The generous offer isn't available for anyone who has held a current account with Santander on January 1, 2025, or if you've previously made use of a Santander switcher incentive. However, there is a big catch with this account, as you will have to pay in £3 per month to maintain it, and need to pay in £500 into your account each month. Still, with one per cent cashback on energy bills, council tax, broadband, TV, mobile and water bills (maxed at £10 per month) it could still be worth paying for the account. According to MSE, Santander is also offering one per cent cashback on supermarket, fuel and train spending. This is capped at £10 per month and is only valid until September 9, 2025. Nationwide - free £200 Arguably saving the best until last, Nationwide is offering a whopping £200 for those opening a Nationwide FlexDirect account. However, this freebie is only for those who already have a Nationwide personal savings account (including cash ISAs) or residential mortgage who are switching a different current account from another bank. You'll need to be a qualifying member as of March 31, 2025, have at least two Direct Debits, pay in at least £1,000 and make one debit card payment within the first 31 days of opening the account. *This article does not constitute financial advice. Always read the full terms and conditions before moving bank accounts.
