Best Offers To Switch Bank And Savings Accounts Now

For those with mortgages, higher base rates mean bad news, and other borrowings are likely to be higher. But it has a silver lining.

These rate hikes will also create more cash in banks, so many banks are increasing incentives to bank and save.

I had some big offers from banks last week, so this week’s column is dedicated to my best buys.

Combined, these could net you hundreds of pounds by Christmas and even more next year, so don’t delay.

Andy’s Best Buys: Switch Deals Up To £200

Switching banks is easy and banks are now flying over each other to help you choose between them with some of the highest paying offers I’ve ever seen.

Topping the table is the National Building Society, which has doubled its bonuses to £200. Both new and existing customers can receive cash as long as they haven’t already used a similar offer. The offer is also available for joint accounts, so couples can win a total of £600.

This is followed by TSB, where exclusive offers are only run via the MoneySavingExpert site. There is an initial £125 for this, but you can raise another £55 if you continue to bank until next summer.

Other straight cash offers are from NatWest (or RBS) and First Direct, currently offering £175 each, while Lloyds offers £150. Some accounts are continuously awarded additional rewards.

How quickly you receive your switching money depends on your bank, but if you’re happy to keep switching, you can keep adding up all your bonuses. Please note that a rigorous credit check is required for each new account application.

All these promotions and checking accounts have some little hoops you have to jump through such as direct debits and making monthly deposits. There are many things. All details can be found here: becleverwithyourcash.com/banks.

Andy’s Best Buys: Discounts up to 5%

Some of the highest paying savings accounts are for current account holders only. Best of all is Barclays’ new Rainy Day Saver, where he pays 5.12% on the first £5,000 saved.

Saving the full amount for a year would yield a profit of £256. You will need to add a Blue Rewards membership to access this. This requires two monthly direct debits and a deposit of £800 (which can be withdrawn immediately).

There is also a £5 monthly fee, but this goes away when you get an extra £5 reward.

The same rates are available from NatWest and RBS (you can have an account with each). The customer-exclusive Digital Regular Saver limits him to £150 in a month, but after seven months he reaches £1,000 if paid in full. This is the maximum amount you can earn 5.12%.

Virgin Money M Saver (2.02%) and Santander 123 (1.5%) customers are also up, but these can be beaten by other easily accessible accounts. Get all the information you need at becleverwithyourcash.com/ Savings.

Andy Webb is an award-winning blogger and podcaster for Be Clever With Your Cash. Use @andyclevercash to follow Andy on Twitter, YouTube and Instagram.

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