How much do you make from bank Cashback/Rewards?

phillw

3xhalifax, natwest, rbs, 123 lite, club lloyds. If you count cinema tickets at face value, then it's about £35 a month usually plus £50 every three months from yougov.finance.

I made a few pounds on nationwide cash back the last couple of months, because I didn't fancy buying a load of gift cards. I've ended up with another tsb spend and save, so I have 6 months of 20 debit card transactions to gain an extra £5 a month

I don't count switch bonuses, compensation or 0% credit card stooze interest. 

gary1312

RBS & NatWest Reward accounts net me £6pm plus I get a free subscription to Mojo magazine with a Club Lloyds which is worth £60 a year - a very tangible benefit as I am a regular reader. I could get more but I don't have the tenacity or patience to faff on with as many transfers/DDs as some on here do. My RBS Reward is my main current account and the NatWest Reward is a weekly Moneybox DD so it's simple. My small purchases are made in cash and my large ones with a credit card for the consumer protection so I don't really see much benefit from the Chase debit card that nets some others on here decent cashback.

However, as I've said before on this board, the suite of banking services that RBS, and the other providers with whom I hold accounts, provide would come with a chunky monthly fee in some countries so I'm not at all unhappy with my arrangements.

EDIT - I've just seen someone else mention YouGov Finance which I'd totally forgotten about. That's £200 per year for linking up ten otherwise unused current accounts I hold with various providers. I had originally considered closing most these accounts, all old ones and some unused for many years, but they're now kept just for YouGov purposes.

Lumiona

Currently only Sant lite £9.25 net of £2 fee and Hfx £5 reward. It covers the £13 NWide package fee. I'm considering setting up a secondary hfx reward but I struggle with the debit card spend. The rest is variable, chase 1% cashback, credit card cashback, receipt apps and bank switch rewards although there very little available to me now.

TheElectricCow

datz said:

TheBanker said:

so the only advantage would be access to the 4% savings account.

You can qualify for the Edge Saver account without ever paying a fee on the Edge Current Account - just don't add any Direct Debits to the current account (refer to [3] in the key facts document: 'The monthly fee will only begin to be charged once you have paid in £500 and set up 2 active Direct Debits for the first time').

Thanks for sharing this tip, much appreciated! I’d been eyeing up that saver a few days ago but disregarded it after seeing I most likely wouldn’t be able to get enough cashback out of the Edge current account each month to cover the fee, so I didn’t think to read that far into the terms.

Was about to open a Post Office saver today at a lower rate, but I’ll definitely be taking a closer look at the full T&Cs for Edge now.

As for the question raised by OP, my cashback is lower and less elaborate than some here, but it works for me.

£5 monthly from a Halifax rewards account plus all non-mortgage spending put through a cashback credit card at either 0.25% or 0.5%, depending on who takes Amex. 

Halifax debit card spend requirement is met by CC payments, I generally prefer to avoid direct debits and don’t really spend enough to make most other reward schemes worthwhile for me. My free cash flow has improved recently though, so might look into some others soon to see what could be gained by diverting funds on the way to various savings accounts.

phillw

datz said:
You can qualify for the Edge Saver account without ever paying a fee on the Edge Current Account

What are the odds they close edge saver accounts that don't ever pay the fee?
I still have a 123 lite and I don't want to goad them into withdrawing banking services.

edge saver is only worth about £18 a year, 

Band7

The Edge Saver is limited to £4k. For max benefit, you need to leave your money in there for 12 months - so you might as well put the £4k into a 1 year fix, which would pay much better interest than the Edge saver.

If you want easy access to your £4k, there are quite a few places that pay more than 4%, starting from the Barclays Rainy Day Saver to a variety of Regular Savers that offer easy access.

TheElectricCow

Band7 said:

The Edge Saver is limited to £4k. For max benefit, you need to leave your money in there for 12 months - so you might as well put the £4k into a 1 year fix, which would pay much better interest than the Edge saver.

If you want easy access to your £4k, there are quite a few places that pay more than 4%, starting from the Barclays Rainy Day Saver to a variety of Regular Savers that offer easy access.

Got a few regular savers at higher rates already getting maximum monthly payments, mainly looking for an good instant access to hold money that would otherwise be sitting in a current account on zero interest between salary payments and needing to spend it - Edge appeals here as there’s essentially no requirements or fees if you don’t set up the DDs.

Good suggestion on the Barclays one, looks like it has a few more hoops to jump through for that higher interest rate but might be able to make it work.

Band7

Have you got the Coventry first home saver? It’s available to all, takes £1,000 a month, easy access, current version pays 4.15% up to £36k (you missed the 5% version)

TheElectricCow

Band7 said:

Have you got the Coventry first home saver? It’s available to all, takes £1,000 a month, easy access, current version pays 4.15% up to £36k (you missed the 5% version)

Looks like the current 4.15% version they offer has a 60 day notice period (or a fee for instant access) for withdrawals unfortunately.

I think the Barclays Rainy Day Saver would probably be quite good after all, I’ve worked out that by sending my regular savings to where they’re already going in a bit more of a roundabout way I should be able to meet the Barclays Blue requirements without any trouble. 

Luckily I’ve already got an account that I can set up DDs to myself with, and my regular savers are already being funded from a secondary current account with a minimum deposit requirement, so with a bit of rerouting via Barclays it should all come together and work out. I think this will be the best option to go with!

datz

phillw said:

datz said:
You can qualify for the Edge Saver account without ever paying a fee on the Edge Current Account

What are the odds they close edge saver accounts that don't ever pay the fee?
I still have a 123 lite and I don't want to goad them into withdrawing banking services.

edge saver is only worth about £18 a year, 

Unless they change the terms at some point in the future, I'd say you're probably fine. I've held both Edge products since launch, not been charged a fee, and am receiving the interest each month. In my case, I upgraded an old Everyday current account that had never previously had any direct debits added to it (but a new application works too).

Btw, that clause in Santander T&Cs is not new. I still hold a 123 Lite account that I have had for years without paying a fee (originally set up for access to their 123 preferential rates). Their system does send me an occasional email, warning me that I am spending more in fees than I receive back in cashback, and asking if the account is still suitable for me (lol).