MoneySavingExpert.com Feature by Martin Lewis, MoneySavingExpert Banks
Once upon a time, bank accounts were ugly creatures that bit hard when you went overdrawn, and gave nowt back when you were in credit.
Today most still do exactly that. Yet a few innovative gems are starting to sparkle. So instead of bank bashing, today I’m applauding the bank accounts that pay. It couldn’t be a better time. Last September, in response to multiple wrist-slappings for blocking competition, the banks finally made switching easier, launching the new ‘seven day switching’ system.
They now switch your direct debits and standing orders within a week, close your old account and ensure payments get forwarded to your new bank for 13 months.
The bank that pays you to pay your bills Three years ago,
Santander.co.uk was a customer service pariah. Now its innovative 123 current account is the customer service silver medallist, with 74% rating it great. Roly tweeted me: “We’ve been using it for seven months – we’ve earned £350 with the credit card.”
You gain in two ways. Pay bills by direct debit and you get 3% cashback on mobile, phone and broadband; 2% on energy; and 1% on water, council tax and Santander mortgage payments. These should dwarf its £2/month fee, as someone with typical bills earns £10/ mth. It also pays a best buy 3% AER savings interest if you’ve £3,000-£20,000.
To qualify, you must pay in £500/month (ie, a £6,000+ salary). You can also apply for its linked credit card which gives 3% back on petrol spend (repay IN FULL to avoid interest).
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The bank saving you up to £500 on travel, mobile and roadside insurance Many have been ripped off for years with fee-charging bank accounts. Some are even entitled to reclaim years of fees, which can add up to to £100s (full help in
www.mse.me/ reclaimpackage).
Used correctly, a few fee-paying accounts can win.
Nationwide.co.uk’s FlexPlus tops the tree. You pay £10/mth and included is European breakdown cover, family worldwide insurance (max age 74) and family smartphone insurance. A family needing them all could pay £600/year separately. For travel cover, ensure you disclose pre-existing conditions.
The bank that pays you £100 then £5 each month The
Halifax.co.uk Reward account pays no interest, just pays you £5 monthly after tax if you stay in credit. It also gives £100 for switching, so provided you don’t keep savings in there, it can add up well.
The bank service gold medallist Your bank account’s the one financial product you interact with day-to-day, so service counts. So every six months, I poll on my site to find out which bank you rate the most.
And every time I’ve done it
Firstdirect.com has won the gold medal by a mile. Financially, it’s decent too, giving £100 to join and a 0% overdraft for up to £250.
The banks that give you a 0% overdraft An overdraft’s a debt like any other. If you go into the red often, the most crucial thing’s cutting its cost to give you respite to clear it. While
Firstdirect.com offers a 0% overdraft
To advertise in thew
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