Top bank accounts that pay interest and bank bribes

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 on bank accounts include everything from £175.00 to switch or 5% monthly interest. So discover what bank accounts are on offer and what do you need to take part. Here’s the lowdown on the best bank accounts that pay bank bribes and interest.

Santander 123 account

Originally the Santander 123 bank 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 1.75% on balances up to £20,000 due to brexit. You will still get 3% cashback on direct debits though (capped at £5.00 on each tier) 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. One benefit of the Santander 123 bank account is that the interest pays monthly rather than annually.

• There is a monthly fee of £3.00
• If you have a partner you can set up a joint account alongside your sole account

TSB Spend & Save Plus

The TSB Spend and Save Plus bank account lets you earn £5.00 cashback every month when you make 30 debit card payments. You can also earn 1.51% gross interest in a seperate savings pot. If you need an overdraft they allow you to borrow £2,000.00 with £100 interest free.

• There is a monthly fee of £3.00.
• You can opt in for the TSB Spend and Save account which has no fee but you can only earn cashback for six months and there are other fees that will be applied.

First Direct bank account

If you switch to First Direct you can qualify for their £175.00 switch offer. Another plus is you’ll get the chance to open a linked 7% savers account.

• To get the bonus you will need to switch using the Current Account Switch Service and pay in at least £1,000.00 within three months of opening the account.
• If you have opened a HSBC or First Direct account since 01 January 2019 you won’t qualify for the Switch offer.

The Co-operative Bank account

If you switch to the Co-Operative Bank they will reward you with £125.00, however there is a catch- you need to know an existing customer. If you have any friends or family who bank with The Co-Operative Bank, simply ask them to invite you to sign up.

• To get the bonus you will need to switch using the switch service.
• The offer is currently closed but opens up again regularly.

Halifax Reward account

By switching to Halifax you can choose from a £5.00 monthly cash reward, 1 cinema ticket, 3 digital magazines or 2 digital movie rentals.

• To get the reward you will need to either spend £500.00 on your debit card each month or keep £5,000.00 and above in your account.
• There is a fee of £3.00 for this account, however if you pay in £1,500.00 a month and stay in credit the fee will be refunded.

Nationwide Flexdirect account

By switching to Nationwide Flexdirect you can get a fixed rate of 5% interest per year on up to £1,500. This rate is fixed so it won’t be changing anytime soon. After one year the rate drops to 0.25%. They also offer a interest free arranged overdraft for 12 months.

• To qualify you will need to pay in £1,000 a month from a seperate account.
• Nationwide do regular switching offers so it may be worth waiting till they start a new one. I recently earned £200.00 for switching to Nationwide!

Bank of Scotland Vantage account

The classic account pays 0.60% interest on balances from £1 to £3,999.99 and 1.50% on balances from £4,000.00 up to £5,000.00.

• Beware the interest isn’t automatically applied – you need to apply for the Vantage feature. You can easily do this during your initial application.
• You will need to pay in £1,000 per month, stay in credit and have two different direct debits set up.

Club Lloyds bank account

The Club Lloyds account will pay 0.60% interest on bank accounts that have balances from £1 to £3,999.99 and 1.50% on balances from £4,000.00 up to £5,000.00. Every year you also get to choose either 6 cinema tickets at ODEON or Vue, a annual Gourmet Society membership or 12 digital movie rentals. The good thing about this account is that you don’t need to choose betwen the cash or the other rewards as you get both. You can also earn up to 15% cashback on purchases.

• There is a £3.00 monthly fee, to get this refunded you will need two direct debits and pay in £1,500.00 a month.

NatWest Reward account

If you’ve got a lot of bills to pay and not a lot of savings you may want to try the NatWest Reward account. They offer from 1% cashback when you purchase from their partners such as Caffee Nero, EuropCar, Boux Avenue etc. You can also earn £5.00 a month back for having two Direct Debits set up that are at least £2.00 each, and an extra £1.00 for logging in on the app every month. The £5.00 reward can either be put towards purchases from their partners or you can request it be paid in cash to your current account or a credit card.

• There is a £2.00 fee
• You can cash in your rewards as soon as you reach £5.00, this can be in vouchers such as Cineworld, cash or you can donate to charity.

Santander Edge account

The Santander 123 Lite account has been scrapped and the Santander Edge has been created to replace it. You will get 1% cashback on bills you pay by Direct Debit if they’re at least £10.00 a month. Perfect if you have a mortgage with Santander. You can also earn 1% cashback at supermarket and on travel costs. You can also apply for a savings account with Santander that pays 4% on balances up to £4,000.00.

• There is a monthly fee of £3.00
• You will need to pay two Direct Debits, pay in £500 and log into online or mobile banking.

Barclays Blue Rewards

If you have a current account with Barclays you can apply for their Blue Awards perk. By paying £5.00 a month you can get £5.00 back. The reward for this account used to be a lot better and the only reason I am still recommending it is that you can open a linked Rainy Day savers account that pays 5% on balances up to £5,000.00. It may also be worth applying if you have other products with Barclays like a mortgage or insurance as they pay extra cashback if you have those.

• You will need to pay in £800.00 a month and have two active Direct Debits.

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Want to earn a bit extra? Why not check out how to make money in your lunchtime or the best survey apps that pay.