Well almost nothing..?
Use my plan to get an extra cash (you have to have a regular income & money to save to generate some extra cash)
No time to read the whole post ?
Jump to a summary table 🙂
If you do not have your current account in:
– M&S Bank
– First Direct
– Clydesdale Bank
Keep reading, if you do keep reading too because you may make some adjustments.
If you are e.g in NatWest or Barclay and have you wage paid in to this account and by the way have a couple of direct debits than SWITCH your account to a bank which will give you more than your current bank does. You can have as many accounts as you wish, I tested almost all of the mentioned above. If however you can’t afford opening all of them choose the one(s) which is best suited to your personality and lifestyle.
IDEAL FOR SERIOUS SAVERS & MOTORIST
The best saving accounts at the moment is still offered by Santander (Santander 1-2-3) but only if you have more savings than £4k, so that you can cover this account fee which is £5.
Savings: The account allows you to save up to £600/year on balances up to £20k.
Required: 2 direct debits, 500£ paid in monthly.
Pro Tip: Get Santander 123 credit card for at least a year (its fee is covered by your savings account for the 1st year) & it offers a nice cash back e.g 3% on petrol, National Rail and TFL.
IDEAL FOR M&S LOVERS & NICELY EARNING
Another great account is offered by M&S but it will be appealing to you only if you are M&S regular customer. If you switch to it from your current account you may get up to £220.
Savings: £100 welcoming cash + £10 each month – up to £220/year
Required: An account Switch using the Current Account Switch Service, staying with M&S for 12 months. 2 direct debits and £1500 money paid monthly.
Pro Tip: Get M&S credit card to pay at M&S to get get 1 point for every £1 you spend at M&S, and 1 point for every £2 you spend elsewhere which will be exchanged for vouchers to be used ta M&S every quarter. Additionally to set up 1 direct debit for that card payment.
IDEAL FOR SERIOUS SAVERS & NICELY EARNING -don’t brother if you are disorganised. This account is perfect if you earn above £1500 (or have as much at your disposal to transfer) and have reached your £20k balance at Santander and are now looking for some more interest rates on your remaining savings.
Savings: Loyds Club offers 4% on balances up to £5k = £200/year
Required: 2direct debits &£1500 in once a month
IDEAL FOR LESS SERIOUS SAVERS & TRAVELERS
If you go for switching to Halifax you will get £100 switching money and £5/month =£160 in your first year.
Savings: £160 – 1st year, £60 each year later.
Required: Account switch, 2 direct debits & £750 paid in once a month
Pro tip: If you travel abroad frequently get Halifax Clarity which will allow you to shop online and offline when abroad without currency exchange fee usually added on top of your shopping when paid with any other debit or credit card.
IDEAL FOR EASY- GOING OR DISORGANISED & STUDENTS
If you can’t be bothered to set up many accounts or standing orders to transfer money between them go for the ‘lazy’ option. TSB are giving you 5% on balances up to £2k and £5 cashback on a monthly shopping up to £100/month.
Savings: Up to £160 per year
Required: £500 in /month & setting up online banking with paperless statements and correspondence. Monthly spent up to £100 to qualify for the cashback.
EASY SWITCH WITH NICE ONE OFF PAYMENT FOR IT
If you still have some non profitable account available for a switch choose between First Direct or Clydesdale Bank.
FIRST DIRECT offers £150 for an account switch & £100 if you leave after 6th but before 12th month :-)so you it could up to £250.
Required: Account switched in the first 3 months since the account opening + £1000 paid in the first 3-6 months since the account opening.
Clydesdale Bank offers £150 for an account switch.
Required: Account switch, 2 direct debits, at least £1000 paid in each month for two months and activate online or mobile banking
Nationwide – if you have 2 spare direct debits and can be referred by a friend you and your friend will get £100 each for the account switch (pun unintended:-) )
Pro Tip: Use Quidco to boost the above by another £75. Pay in £2500 into the account to get another £75 from 3% interest rate applied to your savings.
Disclaimer: I am not affiliated with any described above bank. I just test(ed) and share(ed) my findings here, so you don’t have to waste your time for that 🙂
Please be careful when opening multiple accounts and before doing so ensure you will have all the requirements covered, so that you qualify & make the most of their benefits.
I’d not advise going for multiple accounts /cards if you know you have poor credit score.