We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Looking for a reward/cashback account - but don't want to switch
pinkduvetdiva
Posts: 405 Forumite
My boyfriend and I are looking for a joint reward account for all our household bills. We'd be looking to deposit around £1500 per month, but want to keep our individual accounts for personal spending, so will be opening the joint account from scratch and not switching. Which bank accounts would you recommend or avoid? MTIA.
0
Comments
-
Only really three to choose from:
Santander 123 accounts (regular and lite) or the Natwest account are the ones that give cashback on select bills.
Santander 123 requires minimum £500 a month pay in on both and two active direct debits, the regular pays 1.5% interest (but charges £5 a month so is effectively 1.2% interest), the lite pays no interest and charges £1 a month.
Natwest is IIRC £1500 a month pay in, pays 2% on the same bills as Santander and charges £2 a month but IIRC the cashback doesn't work in the same way as Santander, and Santander doesn't run on a calendar month basis for your account either.
Regards individual accounts, Nationwide is 5% on £2.5k for the first year and 1% afterwards. Other accounts give access to a regular saver that pays 5%. The 123 Lite account gives access to a 5% regular saver.
All these you can apply for direct (and joint), no need to switch anything.0 -
Neil_Jones wrote: »Only really three to choose from:
Santander 123 accounts (regular and lite) or the Natwest account are the ones that give cashback on select bills.
Santander 123 requires minimum £500 a month pay in on both and two active direct debits, the regular pays 1.5% interest (but charges £5 a month so is effectively 1.2% interest), the lite pays no interest and charges £1 a month.
Natwest is IIRC £1500 a month pay in, pays 2% on the same bills as Santander and charges £2 a month but IIRC the cashback doesn't work in the same way as Santander, and Santander doesn't run on a calendar month basis for your account either.
Regards individual accounts, Nationwide is 5% on £2.5k for the first year and 1% afterwards. Other accounts give access to a regular saver that pays 5%. The 123 Lite account gives access to a 5% regular saver.
All these you can apply for direct (and joint), no need to switch anything.
Thank you very much Neil - lots of food for thought there.
0 -
Just a quick update - we decided to go for the Santander 123 Lite.0
-
Neil_Jones wrote: »the regular [Santander 123 account] pays 1.5% interest (but charges £5 a month so is effectively 1.2% interest)
Only if you've got £20,000 in it. The lower the balance, the lower the "effective" interest rate.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards