How much do you make from bank Cashback/Rewards?

ZeroSum

[Deleted User] said:

I know this is not very MSE but all this switching accounts to make a few extra pounds and chasing cash back deals I just don’t get. For some of you it seems obsessive and in some cause verging on the unhealthy. I also believe the stretching of the rules some regularly undertake to make a few extra pounds in interest here and there has an impact on other bank customers too, as banks/building societies add restrictions to protect themselves. 

I last ‘switched ‘ a good few years ago to have everything completely with a building society to avoid being with a bank. There is one exception, as I have a second basic current account with the Co-Op for emergencies should there be an issue with IT with my other account. Up to now there hasn’t been.
I am quite happy with these arrangements. I make  a few hundred a year interest by doing hardly anything. Perhaps opening the occasional regular saver with the same company.
Outside my current building society I have one S&S ISA and Premium Bonds. Quite happy bumbling along.
Very pleased I do not have an addictive personality.

One of the weirdest humble brags about that you've got loads of money I've ever seen.

Katiehound

Baron_Dale said:

I know this is not very MSE but all this switching accounts to make a few extra pounds and chasing cash back deals I just don’t get. For some of you it seems obsessive and in some cause verging on the unhealthy. I also believe the stretching of the rules some regularly undertake to make a few extra pounds in interest here and there has an impact on other bank customers too, as banks/building societies add restrictions to protect themselves. 

I last ‘switched ‘ a good few years ago to have everything completely with a building society to avoid being with a bank. There is one exception, as I have a second basic current account with the Co-Op for emergencies should there be an issue with IT with my other account. Up to now there hasn’t been.
I am quite happy with these arrangements. I make  a few hundred a year interest by doing hardly anything. Perhaps opening the occasional regular saver with the same company.
Outside my current building society I have one S&S ISA and Premium Bonds. Quite happy bumbling along.
Very pleased I do not have an addictive personality.

I certainly don't have an addictive personality but I grew up with nothing as a child. My mother didn't even have enough money to pay the rent or to pay my father's funeral (I learned some years ago and I mean at the same time too))
If careful spending and juggling a few bank accounts makes me some cash so be it. I don't continually switch but I have had a fair few. i like some of the products that my 'new' bank account has so I stay, maybe for 5 years.

If you start off short of cash then you learn to save and be economical, if you have always had money then you are not bothered. that's what I have found with my friends anyway.

It's very unhealthy to be short of money. 

Incidentally switching accounts does not make a few extra pounds, in my mind £200 is not actually a few extra.

[Deleted User]

Oh dear some people do not like to hear the opinions of others. To be accused of 'insulting' others is a bit over the top and unwarranted.
As for 'bragging', certainly not. I actually have fairly modest means but with current interest rates improving the returns are greater.

WillPS

[Deleted User] said:

Oh dear some people do not like to hear the opinions of others. To be accused of 'insulting' others is a bit over the top and unwarranted.
As for 'bragging', certainly not. I actually have fairly modest means but with current interest rates improving the returns are greater.

You suggested that this is the stuff of addiction. That's rather more grave an accusation in my view than being a braggard.

pridehappy

I mainly earn more interest from choosing higher rates than instant cashback from the banks - as there aren't that many options out there at the moment for large cashback deals. 

I'm currently getting 2.52% on instant access savings with Virgin Money. I tend to make around £20-£30 a year from Virgin Money Cashback, which has retailers such as Sainsbury's, Sweaty Betty and even Crowne Plaza for some hotel stays. It isn't much, but it's better than nothing, and I get around £5 paid into my account due to interest anyway on my current account. I also get 2.25% from Nationwide on a few pots and 5% on £50 a month.

I personally use the Virgin Atlantic Credit Card as I find air miles more valuable than cash, especially for someone like me who regularly uses Skyteam Airlines. The reward rate is decent and I love their service so far.

One massive help, which in just months I've earned around £25 from is Airtime Rewards. You can link cards up from any bank and earn rewards which you then redeem off your phone bill with providers such as EE, O2, Vodafone and Three. I find the reward rates are far higher than those offered by banks.

ZeroSum

[Deleted User] said:

Oh dear some people do not like to hear the opinions of others. To be accused of 'insulting' others is a bit over the top and unwarranted.
As for 'bragging', certainly not. I actually have fairly modest means but with current interest rates improving the returns are greater.

People on here make upward of £1000 a year. If you're saying that it's not worth the effort of a few minutes a month, then most certainly sounds like a brag. Also the interest rates are irrelevant given its money on top of it.
My Halifax accounts return me 6000%

TheBanker

When I started the thread, I was just curious about how much people were generating through these incentives. I knew there would be some people who had multiple accounts and complex systems to cycle money through them, in order to gain every last possible penny of cashback and interest, and other people who would not care at all. I also know that MSE will be heavily weighted to the former group! But I didn't expect arguments. If people want to invest time in maximising their cashback, that's fine by me. Personally it's not worth it for a couple of extra pounds but everyone's circumstances are different. 

poshrule_uk

The way I see it is that I'm generating extra funds for later in life, it all adds up.

I'm not rich and anything that makes me more comfortable later in life is worth it and over the next 25 years it will make a massive difference over time 

TheBanker

poshrule_uk said:

The way I see it is that I'm generating extra funds for later in life, it all adds up.

I'm not rich and anything that makes me more comfortable later in life is worth it and over the next 25 years it will make a massive difference over time 

That's the way I see it too - If I get an extra £10 - £20 a month that's money that I otherwise wouldn't have had. It means I'm spending slightly less of my own money.

On the other hand, my time has a value too. In my OP I mentioned the Santander Edge account. I've worked out that if I opened this account and moved all my direct debits I might make 20p a month over the account fee. For me this isn't worth the hassle of having another account to keep on top of. For someone whose bills were higher, it might be worth the effort. 

Lumiona

TheBanker said:

poshrule_uk said:

The way I see it is that I'm generating extra funds for later in life, it all adds up.

I'm not rich and anything that makes me more comfortable later in life is worth it and over the next 25 years it will make a massive difference over time 

That's the way I see it too - If I get an extra £10 - £20 a month that's money that I otherwise wouldn't have had. It means I'm spending slightly less of my own money.

On the other hand, my time has a value too. In my OP I mentioned the Santander Edge account. I've worked out that if I opened this account and moved all my direct debits I might make 20p a month over the account fee. For me this isn't worth the hassle of having another account to keep on top of. For someone whose bills were higher, it might be worth the effort. 

I agree with this, I prefer to have every penny working for me. DH couldn't be bothered with any bank admin until I got him to do some bank switches last month, he's thrilled with his £575 for very little effort and has now got the bug to do more.