Earn hundreds of pounds a year from reward bank accounts
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- Опубликовано: 10 май 2021
- I talk a lot on the channel about the different reward accounts that can earn you a little extra in exchange for very little effort - a few direct debits here, some standing orders there.
These accounts from the likes of Halifax, Lloyds, Santander and Barclays bring in small amounts of passive income every month - but when are they worth it and how many should you have?
To help you decide whether you want to open up more accounts I've broken down how much you can earn from your personal accounts and which ones will let you earn double rewards via a joint account.
W A T C H N E X T
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R E A D N E X T
My guide to all the different bank reward offers and conditions
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A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.
Great video Andy!
Thanks!
Hi Andy, recently discovered the channel and have quickly become a fan! Just a quick question on the Halifax Reward Acc you mentioned that spending £500 on your debit card was one of the requirements. Would withdrawing the cash count as a way of 'spending'? - Thanks in advance.
Using two of the accounts you mentioned, moving money back and forth using standing orders makes automating this very easy.
That's great. Yes you can automate everything and it's hardly any admin
Another great video Andy, thanks for the tips.
Do you think if I paid off a credit card bill prior to the monthly roll over in small payments that would count as debit card uses?
E.g pay a £30 charge £1 at a time off my debit card would that satisfy the TSB Debit card uses for the £5?
Hi Kelvin, yes I think it would. Same with topping up a Monese or Revolut card. But is it worth the time it takes to do this 30 times?
Hey Andy, looking at opening the accounts to start capitalising on the 'free' cash! Just wondered your thoughts on opening all these accounts at one time, remember you mentioning this impacting your credit score? Thank you and loving the content!
Thanks George. Definitely space them out. How much you space them out depends on how good your credit report is right now, and whether you have any major applications (eg a mortgage or credit card) on the horizon. There's more in this video ruclips.net/video/OEnfxavcxvs/видео.html&t
I have the Barclays and Halifax accounts and do enjoy these perks. I had the NatWest as well but got rid of it.
You can't complain about an extra £96 a year! Yes, the Natwest one was better when it was cashback on bills!
Great video. Very informative
Glad it was helpful!
Andy. I love your very informative information. I've just signed up for a Halifax deal - to get three feffin' quid a month - Why! That's a whole £36 a year. Which has so many hoops to jump through. Make one mistake it's sorry you loose! You also mentioned that their app was quite good.. Perhaps it is. I don't know. Why? Because it's just so difficult and outdated to set it up - who runs their 'online/app'? Capt. Mannering? Thanks to your excellent chanel thing here I've, with no trouble, have set up an account with Starling - result? Tried it tonight with the simply 'tap yer phone and go' for my weekly shop. Worked perfectly and I was on my way.
Good video this might be helpful. I'm looking actively for a 2nd income.
Best of luck!
Andy great video i got a few accounts all good how can i get direct debits. Finding it tough
Hopefully some of the ideas in this video will help!
Which accounts would you definitely open. Would you recommend the NatWest Reward?
Top reward accounts for me are Halifax Reward and Santander 123 Lite. After that, Natwest is probably better than Barclays Blue as you get access to the Digital Regular Saver as well as the £3 monthly reward (after fee)
Hi Andy,about the Halifax reward,Transferring my rent of over £500 is spending £500 on my debit card right?
Hey Lawrence. Only if you use your debit card to pay. I imagine it’s probably a standing order from your account to your landlord/agency. In that case it won’t count.
But there are some workarounds. Eg you can transfer £500 to Revolut or Monese accounts - and then pay it straight back to you Halifax account
Is Halifax reward £5 if you have £5000 balance each month ? And £3 monthly fee is waived if you deposit £1500 each month plus £100 incentive for opening account
Hi Bhai, So there are two ways to get the £5. Either have £5k in the account every day of the month, or spend £500 on your debit card. I favour the latter as it means you can earn interest elsewhere on the savings.
The £3 a month fee is waived if you pay in £1,500 a month. It doesn't have to be in one go.
Sadly the £100 switch incentive has finished for now, but I expect it'll return this year
I also use Hyperjar to generate debit orders. What I really like about this app is that you can get kids cards so it's an easy way to set aside pocket money for them. I got this tip from the "Conversation of Money" channel.
Hi Chris. Yes it's a decent app for budgeting but you've got to be really careful with it for "savings". It's so restrictive you're best to avoid it. More here becleverwithyourcash.com/hyperjar-app-not-a-savings-account/