With inflation reaching its highest level in 30 years and wages struggling to keep up, many people are wondering how they can bag some extra cash. Well, good news – what if I said you could make hundreds of pounds from the comfort of your living room? And better still, all it takes from you is up to an hour of your time! That’s where the competitive world of high street banking comes in. High street banks are always competing for new customers, and many will offer you great incentives to switch to one of their accounts. I’ve rounded up my top four deals available right now:
Virgin Money – £100 experience day voucher, plus 5.02% interest on up to £1,000
Thrill seekers will love this reward from Virgin Money, who will give you a £100 experience day voucher for making the switch to their M Plus account. With over 2,000 experiences available, there’s certainly something for everyone. Ever fancied skydiving, a track day or scuba-diving? Well, now’s your chance! But the fun doesn’t stop there – they also offer a boosted interest rate of 5.02% on up to £1,000 for the first year, worth over £50 for those savvy savers. To qualify for this fantastic offer, pay in at least £1,000, use the mobile app and set up two direct debits – then sit back and let the rewards roll in!
About the account:
- Minimum pay-in: None
- 19.9%, 29.9% or 39.9% EAR variable on arranged overdrafts
- 19.9%, 29.9% or 39.9% EAR variable on arranged overdrafts, in addition to a £4 unpaid transaction fee
Chase Bank – 1% cashback for a year
Chase don’t offer a cash bonus for switching; what they do offer, however, is 1% cashback on all your purchases for an entire year, certainly worth considering for big spenders. That’s 1% back on all those Saturday morning lattes, lunches out with friends and trips to the cinema – it all counts! Another nifty trick is that the interest gets supercharged to 5% via the account’s roundup feature, where it will round up purchases to the nearest pound and the difference gets moved into another account paying a substantial 5% AER. Admittedly, it’s unlikely you will save much money in this roundup account, but hey, look after the pennies…. Sound interesting? To qualify, just switch to the Chase current account, activate the deal in the app and off you go. Do note that Chase currently can’t set up direct debits, although this feature is ‘coming soon’ so keep an eye out if it’s important to you.
About the account:
- Minimum pay-in: None
- Overdrafts not available
- Direct debits not available (for now)
First Direct – £150 switching bonus
Next is First Direct, who will pay you a cool £150 to switch to their current account. And that’s not the only reason you might want to join them, as they also ranked second in the latest customer survey for overall service quality, with a whopping 81% of polled customers claiming they would recommend the bank to friends and family – only Monzo scored higher. This makes it especially suited for those who value good old-fashioned customer service. To benefit from this deal, all you need to do is switch and pay in £1,000 or more, it’s that simple.
About the account:
- Minimum pay-in: None
- 0% EAR variable on the first £250
- 39.9% EAR variable over £250
Santander – £140 switching bonus, plus 1-3% cashback
Santander, the Spanish bank that has become a stalwart of the British high street, has a tasty deal for those willing to make the switch. Not only do they offer a very competitive £140 in cash, but they will also give you up to 3% cashback on household bills – a nifty bonus considering the recent rise in energy prices. To qualify, just switch your main current account to Santander, pay in £1,000+, have at least two direct debits and log into online banking at least every three months. It’s worth noting, however, there is a £2 monthly fee for using the account.
About the account:
- Minimum pay-in: £500 per month
- 0% EAR variable on unarranged overdrafts
- 39.94% EAR variable arranged overdrafts
