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Current accounts with cashback

Last year I had a bank account that I no longer used. I saw Halifax were offering about £125 at the time, so switched the redundant account to this for the cashback with no problems. This account is used only for eBay and nothing else.

I have another redundant account and I'd like to open another account to receive cashback. But a lot of current accounts say that you must have a certain amount of direct debits coming out of a minimum amount or a minimum incoming into the account. Obviously as this will only be used for Paypal, this is impossible.

I do not wish to switch my primary current account. I only want to try and benefit from the cashback offers with my redundant accounts if possible.

I'd really be interested in what bank accounts people suggest to me.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    None of the current offers meet your criteria.
  • eskbanker
    eskbanker Posts: 37,600 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    But a lot of current accounts say that you must have a certain amount of direct debits coming out of a minimum amount or a minimum incoming into the account. Obviously as this will only be used for Paypal, this is impossible.
    Not impossible at all but just takes a bit of effort - as above, there's no avoiding these stipulations, so if you want to take advantage of switching offers from a little-used account then you need to be creative, by setting up DDs (PayPal is an obvious source of one for a start) and/or shunting money around multiple accounts....
  • Westie983
    Westie983 Posts: 5,215 Forumite
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    Incentives are paid when you switch your account, if you don't want to switch your main bank account then switch another, if you don't have another then open a new account, add the required DD then switch that account.

    Lots of information about how to do this on this forum, with a little bit of work, you may qualify for some pennies.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
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    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
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