Halifax customers may be better off switching their account to another bank if they want higher cash payouts.
M&S Bank’s current account has a £185 gift card offer for switching to it. That’s £125 when you sign up and £5 per month for up to 12 months, as long as you pay in £1,000 per month. It also comes with a £100 fee-free overdraft.
You also get 1 point for every £1 spent on your M&S debit card in store in the M&S Loyalty Scheme. An attached regular saver pays 5 per cent.
That’s worth £86 more over the course of a year than the Halifax account but only if you shop at M&S. The perk also only lasts for a year.
Natwest’s Reward Account instead offers cashback on your household bill payments made from the account.
The account costs £2 per month but average customers earn £83 per year in cashback. It is also offering free purchases abroad until August 31. However you will need to pay in at least £1,500 per month and log in to online or mobile banking once every three months.
Customer service favourite First Direct has ditched it’s cash reward for switchers and replaced it with the choice of several rewards. Those apply for its First Account get an £150 Expedia e-voucher, online self-development course or free tech (including Bose on-ear wireless headphones, Amazon Echo, Fitbit.
If you prefer interest on your balance Santander and Nationwide offer two of the best options.
Santander’s 123 Account still comes out on top for those who have a big balance, paying 1.5 per cent interest on up to £20,000. It also pays up to 3 per cent tiered cashback on household bills, however it has a monthly charge of £5.
Nationwide FlexDirect pays 5 per cent interest on balances up to £2,500 – but this only for the first year. You must pay in a minimum monthly income of £1,000.