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Top bank accounts that pay

top bank accounts that pay

I bet you’d love it if your bank paid you right? Well newsflash they do!

Over the last few years more and more banks are releasing bank bribes and monthly interest to encourage people to switch and bank with them.Offers include everything from £150 to switch or 3% monthly interest. So what’s on offer and what do you need to take part? Here’s the lowdown.

Santander 123 account
Originally the Santander 123 account offered 1% interest on balances £1000+, 2% on balances £2000+ and 3% on everything £3,000 and over. Sadly they’ve cut it to 1.5% on balances up to £20,000 due to brexit. You will still get 3% cashback on direct debits though so if you have a lot of bills to pay or a lot of savings it’s definitely still the winner in terms of how much it pays. I’ve been with this bank for just over a year and it pays so much more than any other savings account I’ve ever had, another benefit is that the interest pays monthly rather than annually.

TSB Plus bank account
The TSB account pays 3% interest on balances up to £1,500 in addition to a bonus offer of an extra £10.00 per month. To qualify for the extra £10.00 you will need to have two direct debits set up for two different companies and use your debit card twenty times over the course of the month (online, contactless, Android and Apple Pay count.)

First Direct account
If you switch to First Direct you can qualify for their £125.00 switch offer. Another plus is you’ll get the chance to open a linked 5% savers account.

HSBC Advance account
HSBC are currently offering the highest cash reward for switching, a tidy £150.00. It’s not the easiest account to qualify for however as you need to pay in £1,750 and they will decline you if you don’t meet their strict criteria. If you stay with them for a year you will get an additional £50.00.
To get the reward you will need to switch – you can’t do this online unfortunately. You can apply online and then you will have to switch over the phone or in branch.

The Co-operative Bank account
If you switch to the Co-Operative they will reward you with £110. They also offer a Everyday Rewards scheme where you can earn an additional £5.50 every month.

M&S Bank
Switch to M&S and you’ll get a reward of a £50 M&S gift card. You can also get a linked 5% savings account and reward points every time you use your M&S debit card in Marks and Spencers. As a added perk you will get a extra £5.00 added to the gift card every month if you deposit £1,000 into your account on a monthly basis. The offer will last for two years.

Halifax Reward account
By switching to Halifax you will get a reward of £75.00 which is paid before the switch completes. There is also the chance to get an additional £3.00 every month.

Nationwide Flexdirect account
By switching to Nationwide Flexdirect you can get a fixed rate of 5% interest per year on up to £2,500. This rate is fixed so it won’t be changing anytime soon. After one year the rate drops to 1%.

Bank of Scotland Vantage account
The classic account pays 3% interest on balances from £3,000 to £5,000. The rate will sadly drop to 2% from 11 June 2017.

Club Lloyds
The Club Lloyds account will pay 2% interest on balances up to £5,000. You can earn up to £99.00 per year.

Natwest account
If you’ve got a lot of bills to pay and not a lot of savings you may want to try the Natwest cashback account. They offer 3% cashback on seven different bills that are paid by direct debit.  This can include bills like council tax, gas, electricity etc

Santander 123 Lite
Similar to the 123 traditional account – but without the interest. You will get 1-3% cashback on bills you pay by direct debit. Perfect if you have a mortgage with Santander as you can get cashback of up to £10.00 a month on that alone.

Barclays Blue Rewards
If you have a current account with Barclays you can apply for their Blue Awards perk. By paying £3.00 a month you can get £7.00 back.