Santander has launched a new rewards credit card, offering a competitive 3% cashback offer on a range of everyday spending.

Customers can get the cashback by using the card on everyday travel, eating out, and takeaway spending for the first 12 months.

There’s no annual fee and no cap on the amount of cashback you can earn, making it a more attractive deal than some others on the market.

As well as the 3% cashback rate on the above purchases, users can earn 0.25% cashback on all other spending indefinitely.

In your second year after getting the card, the cashback rate on travel, eating out and takeaway spending falls to 0.25%.

The Santander Rewards credit card has a representative 24.9% APR (variable).

Jessica Sheldon, MoneyWeek's deputy digital editor, said: "Cashback can be a helpful reward if you were going to spend the money anyway, but with any credit card, always make sure you can pay off the statement balance in full by the due date."

How does Santander’s Rewards credit card compare to other cards?

Santander’s deal is directly competing with other popular cashback credit cards, like those from Chase, which offers 2% cashback up to £20 a month on certain expenditure,

While Santander’s cashback offer is competitive, it may not make sense for everyone.

The 3% rate is very generous, but remember that you only get this rate on two categories of spending in the first year and get the lower 0.25% on everything else.

That means you may earn more money by using cards paying lower rates of cashback.

The Lloyds Ultra card pays 1% cashback on all spending via the card for the first year.

For example, if you spend a total of £1,300 a month (assuming £100 on takeaways, £200 on travel, and £1,000 on everything else), you can expect £13 cashback with Lloyds. With Santander’s Rewards credit card, you’d get £11.50 back.

However, if you adjust the amount spent on these categories, the cashback available via the Santander card may rise.

For instance, if you spent £300 on travel, £200 on takeaways, and just £800 on everything else, the Lloyds Ultra card would pay £13 of cashback, but you’d get £17 with the Santander Rewards credit card.

Before you apply for a credit card with Santander, it is a good idea to look at which categories you spend the most on and work out if your travel and eating expenses are high enough to justify getting the card, or whether you may be better off with a different card.

Santander Rewards credit card: What can you get cashback on?

The Santander Rewards credit card pays 0.25% cashback on all spending for the first 24 months, but you can get a higher 3% rate on certain everyday travel and spending on eating out and takeaways for the first year.

The travel category includes things like buying petrol, diesel, or charging your electric vehicle. It also extends to public transport fares on trains, buses, and the London transport system, as well as taxi spending.

Meanwhile, the eating out and takeaway category includes spending at restaurants, coffee shops, and food delivered to you. Cashback earned is paid monthly.

On top of the cashback, the Rewards credit card can be used abroad without incurring any additional foreign exchange fees.

Unlike some other credit cards that offer cashback, there is no fee for the Santander card.

Who can open a Santander Rewards credit card?

To be eligible for the credit card, you must be a permanent resident of the UK and be over the age of 18.

You must also have a guaranteed annual income of £10,500 or more and have a good credit record. Acceptance for the account is subject to a credit check by Santander, which will determine whether you can be accepted and the maximum credit limit they can offer you.

You can only have one Santander Rewards credit card.

Is the Santander Rewards credit card worth it?

While the 3% cashback rate looks generous, few people will be able to get a truly significant cashback just from spending on travel, eating out and takeaways.

For example, if you commute to work every day and it costs around £10 per day, you will spend around £200 a month on travel. With the Santander card, you will receive 3% of this as cashback, which is just £6.

If you spend an extra £100 on eating out and/or takeaways a month, this will add an extra £3.

If you spend around £1,000 a month on everything else, you will receive 0.25% of this as cashback, or around £2.50.

Together, that means you will receive £11.50 a month in cashback. Assuming that your spending stays the same for a year, you can expect to receive around £138 for the period.

Whether or not this amount is enough to justify setting up a new credit card or shifting where you spend your money depends on your personal circumstances and the current perks you get from your accounts right now.

We compare the best cards for flight points and airline rewards in a separate article.

Not all banks are equal, so it’s no wonder that Brits are compelled to switch accounts in search for something better.

That could be anything, whether it’s a bank switching offer with a lucrative cash bonus, access to a bank branch, higher interest rates or spending benefits.

The latest Current Account Switch Service (CASS) data shows that more than 12.4 million switches have taken place since the service launched in 2013, with over a million switches made in 2025.

We look at the most popular banks that customers switched their accounts to, what made them move, and whether you should switch banks.

Which were the most popular banks in 2025?

Nationwide again proved to be the most popular banking company that customers switched to between July and September. The building society amassed the highest net switching gains (41,450).

It was followed by Monzo in second place (9,934), and NatWest in third (8,731).

We’ve compiled a list of the top banks and building societies in terms of net gains in a table below.

Customer data from the Current Account Switch Service is published three months in arrears, which is why the data here is from July to September, and not October to December.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 July and 30 September, 2025

Of the banks and building societies listed above, four have had cash bonuses for customers switching their accounts. This includes Nationwide, First Direct, NatWest and TSB.

Nationwide’s lucrative year-round offers, such as the £100 Fairer Share bonus, which it has offered for three consecutive years now, the Thank You bonus, and member-only savings products, may have proved attractive to a large number of customers.

Meanwhile, Monzo paid customers up to £50 to refer a friend, which may have driven its popularity.

Which were the least popular banks in 2025?

While a few banks gained new customers, a lot more lost out.

Santander saw the biggest losses (-19,989), as 42,609 switches were made from the high street bank, while it gained 22,620 new customer accounts.

In second place is Halifax with a net loss of -17,341, while Chase had a net loss of -7,623. Chase lost out on many customer accounts after axing its easy access saver rate.

In the table below, we list the banks that suffered from the highest net losses between July and September.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 July and 30 September, 2025

Access to online or mobile banking was the most frequently cited reason for choosing a new account, mentioned by 44% of respondents. This was followed by better customer service (36%), attractive interest rates (34%), spending benefits (28%) and other benefits or features (28%).

It comes after more than £31 billion was left in savings accounts paying 1% interest or less, with savers being urged to switch to an inflation-beating savings account.

Should you switch your bank account?

Switching has now become easier than ever before. According to the Current Account Switching Service data, 93% of customers in the last three years were happy with the switching process.

If you use CASS, it takes seven days for the switch to complete. It makes sure that your direct debits, standing orders, and any new payments to your old account are transferred automatically, even after you’ve switched.

However, that doesn’t always mean that moving your money to another account will be the best option for you. It’s always best to consider the long-term value of a current account, like whether you’re getting better customer service, how much you’ll incur in fees or charges, and if you have access to physical branches.

Depending on the type of account you hold, your bank may already be offering better savings rates, travel perks, or spending benefits. So if you’re switching for the cash incentive alone, it might not be worth it in the long run.

We look at whether switching banks can affect your credit score in a separate piece.

Santander is giving some savings customers a four-year railcard freebie.

The offer is open to new and existing customers who are aged between 20 and 25.

While the railcard won’t benefit savers who are over 25, those with children that age who are looking for a new savings account may want to share the news about the incentive.

The railcard will provide a third off train travel across England, Scotland, Wales. The discount also applies on the London Underground when the card is linked to an Oyster card.

Saket Jasoria, head of savings at Santander UK, said: “With the Easter and Spring Bank Holidays on the horizon, many people will be saving up for a quick getaway – whether that’s a weekend trip to see friends and family, or just making the most of the opportunity to explore somewhere new.

“We’re delighted to be able to help them make the most of the upcoming holidays, as well as supporting them to save even more over the years ahead, with both the railcard and through our range of savings products.”

Who is eligible for Santander’s four-year railcard offer?

Santander’s offer is open to new and existing savings customers who are 20 to 25 years old.

To be eligible, they will need to:

• Pay at least £50 into a new Santander savings account or cash ISA before 31 May.
• Maintain a minimum balance of £50 in the account until at least 30 June 2025.
• Set up online or mobile banking by 31 May 2025.

They can open an account either online or in a branch.

The average 16-25 Railcard user saves £192 a year with the card, according to the provider, which means a potential average saving of £768 over the four-year period.

Choosing the best bank for your money isn’t always straightforward. From switching incentives and customer service to branch access, spending benefits and the interest rates on offer, there’s a lot to weigh up before deciding where your cash goes.

We look at the most and least popular banks in a separate guide, where Nationwide stood out thanks to its lucrative cash bonus, Fairer Share payments and top savings rates.

New analysis from Which? sheds light on the best and worst UK banks and bank accounts.

We look at the winners and losers, so you can see where your provider sits.

The best UK banks – how they rank

Which? asked thousands of customers how they would rate their banking providers. The data is based on several parameters, including ease of application and service in a bank branch, over the phone, online and app-based, and customer helplines.

In top place is Starling Bank, which is one of Which?’s recommended providers for the seventh consecutive year. The bank ranks highly in customer service and current account users are happy with its online banking service. Starling also launched a new AI banking tool that helps customers learn more about their spending habits.

Monzo is another one of Which?’s recommended providers. The challenger bank impresses customers with fee-free spending abroad, cashback on eligible spending and competitive savings rates, but falls short in customer helpline services.

First Direct is also in the top rankings – it’s one of only two banks which received full five stars for customer service and telephone banking. It also offers fee-free transactions abroad, and has an attractive bank switching deal.

Among more traditional high street staples, Nationwide ranks highly thanks to its extensive branch network. The building society has pledged to protect its branches from closures until at least 2030.

We look at the full results in the table below.

Source: Which? data based on a survey from September 2025. N/A means not enough responses for a star rating.

The best UK bank accounts – how they rank

Which? has analysed different bank accounts offered by bank and building societies. The parameters it has tested include interest paid, fee-free spending, interest-free overdraft and monthly fee.

Source: Which?. N/A means not enough responses for a product rating.

How to choose the best bank account for you

Despite the above findings, banking expert at Which?, Chiara Cavaglieri, says: “For too long, the biggest banks haven’t had to work very hard to keep customers, but challengers such as Monzo and Starling have quickly made their mark. They’ve forced bigger providers to innovate, and the result is a market where different providers shine in different areas. Even if you can’t bear to ditch your longstanding bank, think about what's important to you.”

With so many accounts to choose from, there are several factors to consider before you make a decision.

While a bank switching deal means customers have extra cash to cover the Christmas festivities, Rachel Springall, finance expert at Moneyfactscompare.co.uk, warns against making hasty decisions.

“An upfront free cash injection is a great sweetener, but consumers should only ever switch accounts if the new deal offers them better value,” she said, pointing out that while free cash offers don’t last forever, customers shouldn’t feel pressured to switch.

If you’re after spending perks and travel benefits, it might be worth checking out the best packaged bank accounts.

Springall said: “If customers opt into a packaged account, one that bundles in benefits, then they could find it to be more cost-effective than taking out separate insurance policies elsewhere, like travel insurance or mobile phone insurance.”

We look at whether travel insurance is worth it in a separate guide.

“There is a plethora of different benefits to choose from, such as high interest current accounts, those with a competitive overdraft tariff, as well as packaged accounts with integrated insurance plans or even accounts that reward savers or spenders,” Springall added.

“Those consumers who plan to make frequent trips abroad can also find accounts that don’t charge them for using their debit card in an ATM or in-store, so they can avoid paying out on transaction fees compared to a more traditional bank account.”

FSCS scheme: Are your savings safe?

The Financial Service Compensation Scheme (FSCS) protects your savings and investments if a financial services firm goes bust.

This includes current accounts, savings accounts, Shariah-compliant accounts, ISAs, and more.

On 1 December 2025, the FSCS limit rose from £85,000 to £120,000. It means that you will be covered for up to £120,000 if your money is with an FSCS-protected institution.

You can check which institutions are covered on the FSCS website.

Packaged bank accounts are current accounts that charge a monthly fee in exchange for certain perks. These could include insurance policies, car breakdown cover, cashback, higher savings rates, or monthly freebies.

Similar to a current account, you can receive or send money, make payments and pay your bills. The difference is that you’ll be charged a fee each month, depending on the type of account you choose, so it’s worth shopping around for the deal that best matches your needs.

The best packaged bank accounts

We’ve rounded up some of the top packaged bank accounts on the market right now.

We take a further look at the accounts below.

What to consider before opening a packaged bank account

Before opening a packaged bank account, make sure you consider all the elements to ensure the perks outweigh the costs.

• Take a close look at any insurance policies being offered. If travel insurance is included, make sure that you’re eligible, if your travel insurance covers any activities you intend on doing, and that the policy covers countries you plan on visiting.
• If you have any pre-existing medical conditions, make sure you tell the bank when you open your account. This could hamper your chances of being accepted for the account, but it’s a better outcome than not disclosing a condition, only for something to happen down the line and find out you are not covered. We look at how to get travel insurance for over 70s in a separate guide.
• Does it suit your needs?: If an account comes with additional perks, make sure if they’re useful to you. For instance, do you go abroad enough to make the most of travel insurance, or would you be better off paying for it separately? Don’t forget to check that the bank account is suitable for you. For instance, you might want to consider what its overdraft limit is and whether it offers branch access, if that’s important to you.

Are packaged bank accounts good value?

Working out if a packaged bank account offers value for money is straightforward: take the monthly charge and multiply it by 12 to get the annual cost. Then shop around to see what the benefits would cost you separately.

Make sure you repeat those processes each year rather than sticking with a packaged account for years that may no longer offer you good value.

Santander's 5.2% easy access rate mentioned in this article is now off the market. See our guide to best savings accounts for the latest offers on cash savings.

High street giant Santander has boosted the interest rate on its easy access savings account hitting a table-topping 5.2% - making it the best deal on offer by the bank in 14 years. 

Santander’s rate is now the closest to the Bank of England base rate of 5.25% - though it doesn't beat the rate of inflation, it is still a decent offer if you have cash savings that you may need to use in 12 months or less. 

Santander's rate hike follows as the competition in the savings market heats up and a warning from the Financial Conduct Authority that banks were not doing enough to give savers better rates. 

The FCA found only around 28% of large high-street banks pass interest rate rises onto easy-access savings accounts. 

Since the FCA crackdown, Nationwide, Chase and Starling are amongst some of the banks that have upped rates on their savings products.

Andrea Melville, Director of Current Accounts, Savings and Business Banking at Santander said: “We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”

Here’s everything you need to know about Santander’s interest rate hike, how it compares to other accounts, and why savers will need to act fast to get it. 

This article may contain affiliate links – when you purchase through links on our site, we may earn a commission*

How much interest can I earn with Santander’s easy account? 

Santander’s easy access account means you can now earn a whopping 5.2% AER (variable) - this is the bank’s highest rate in 14 years. 

You can open the account with £1 and save up to £250,000 - but note, you will only be protected for up to £85,000 by the Financial Services compensation Scheme should the bank go bust. 

Interest is paid annually, and the rate drops to 5.08% AER if you choose to receive interest monthly. 

The introductory rate is applicable for 12 months and once the account matures after one year, your money is transferred to a Santander Everyday Saver or another account of your choice.

When the account reverts back to its original rate, it will drop to 2.5% AER.

Who can have the Santander 5.2% interest account?

The good news is Santander’s account is available to both new and existing customers and you do not have to have a current account to take advantage. 

If you are looking to open the account, you will need to act fast as this deal is only available until 17 September 2023, and could be withdrawn before that if there is high demand.

You can open the account online, on the Santander app, in branch or by phone. 

How does the Santander easy access account compare to the rest of the market? 

The Santander Easy Access Account limited edition tops the easy access table with its new 5.2% rate. As the account only requires £1 to open, it will be in high demand. 

If you miss the chance to open the Santander saver, here are some other easy-access accounts offering top returns, just below Santander: 

• Shawbrook Easy Access Account is offering 4.93% AER- open this account with £1,000, online
• Monument Bank Easy Access Saver is offering 4.85% AER- open with £25,000, on the app 
• Chip Instant Access Account is offering 4.84% AER*- open with just £1, on the app

There’s a good variety of easy-access savings accounts below Santander’s rate which can be opened from as low as £1 or up to £25,000.  

What other products has Santander hiked its rates on? 

Santander has also upped the rates on its fixed ISA accounts as of 4 September. 

• The Santander One year Fixed ISA has upped its rate from 4.15% to 5.05%
• Santander’s Two year fixed ISA was hiked its rate from 4.2% to 5.1%

Neither rate tops the ISA tables, as the top 1-Year Fixed ISA is offering 5.78% by Shawbrook. The top 2-year fixed ISA offered by Aldermore stands at 5.61%. 

If you are interested in putting your money away tax-free, check our best cash ISA guide for the top rates on the market.  

Santander is increasing its savings rates following a comprehensive review of its products in line with Consumer Duty principles, which comes into effect at the end of July.

Rates will rise by between 0.15% and 0.5%, and the lowest interest rate on an on-sale savings account will now be 2.5%.

Some savings products will be pulled from sale while others will be renamed, in an effort to simplify and streamline the product range. 

Customers with a Santander Easy Access Saver or Easy Access ISA will be able to access their accounts via all channels: online, in branch and telephone banking. Previously, these products could only be managed online.  

The overhaul has been done to meet the Consumer Duty rules, a new regime from the Financial Conduct Authority aimed at putting customers’ needs first. It will be introduced on 31 July. There could be more changes to come from banks, insurers and other financial providers as firms strive to prove that they are delivering good outcomes and fair value for consumers.

Santander boosts interest rates

 The Santander changes all come into effect today. Its full range of savings products are now: 

• Regular Saver (5% AER/gross for 12 months). This was previously called Regular eSaver.
• Fixed-rate ISA (4.15%-4.25% AER depending on term length) 
• Santander Edge Saver (4% AER/gross for 12 months) 
• Easy Access ISA (3.2% AER/tax-free variable for 12 months). This was previously the eISA.
• Easy Access Saver (2.5% AER/gross for 12 months). This was previously the eSaver paying 2%.

“We have a range of savings products to fit our customers’ different needs and we will continue to work with customers to ensure they are aware of our full range of accounts and can pick the right product for their needs,” said Andrea Melville, director of current accounts, savings and business banking at Santander.

Meanwhile, the interest rate on its Everyday Saver and Easy ISA will rise by 0.15%, from 0.85% to 1% for existing customers. From today, these products will no longer be available to new applicants; 

A range of off-sale savings accounts will also have their interest rates hiked from 0.85% to 1%. 

Anna Bowes, co-founder of the savings website Savings Champion, said she welcomed Santander increasing the rate on its on-sale easy-access account and making previously online-only accounts available to branch and telephone banking customers too. However, she added: “Existing customers also need to check what they are being offered, for example, the Everyday Saver, which was the key easy-access account available via branch as well as online until today, has been removed from sale and the rate has only increased from 0.85% to 1%. S, the devil is in the detail. You may be able to improve the interest you are earning, but you’ll need to be proactive.”

How to check what rate you are on with Santander

Santander UK has about 14 million active customers. It says it contacts customers rolling off their fixed-term products to let them know of the alternative savings products available. In addition, customers receive annual statements showing their interest rates, which are also visible when accessing online or mobile banking.  

Alongside preparing for the Consumer Duty rules, banks have also been told to improve savings rates. The Bank of England has been steadily increasing interest rates - base rate is currently 5% - and while mortgage rates have soared, some banks have been accused of being slow to pass the rate rises onto savers, and essentially, of profiteering. 

The average easy-access savings rate is currently 2.61%, while the average one-year fixed savings rate is 5.1%, according to the comparison site Moneyfacts.

Looking for the top savings rates? Check out our guides to the best easy-access accounts, fixed-rate accounts, cash ISAs and regular saver products. 

If you’re unhappy with your current account, switching banks by taking advantage of the best bank switching offers can be a good way to move your money and get ‘free’ cash in the process.

More than a million bank account switches took place last year, according to the Current Account Switch Service (CASS). Nationwide recorded the largest net gain, attracting 41,450 customers. Digital bank Monzo ranked second with 9,934 switches, followed by NatWest with 8,731. We delve into the most and least popular banks among customers in a separate piece.

Kalpana Fitzpatrick, editor of MoneyWeek.com, says: “Bank switching deals are a great incentive for anyone looking to move banks. But, before you switch, make sure the bank you are moving to offers what you need – don’t switch just because there is a cash bonus on offer.”

There are currently six bank switching offers on the market, with incentives of up to £250 in cash, as much as £750 in cashback, or a signature experience worth £600.

We round up the deals available now and explain how to qualify for the bonus.

The best bank switching offers

NatWest – get up to £250

NatWest is offering £250 to new and existing customers who didn’t have a NatWest current or savings account as of 10 March 2026. To qualify for the switching bonus, you must:

• Open a NatWest Premier account and complete a switch using CASS
• Pay in £5,000 within 60 days (either as a single deposit or in multiple instalments)
• Log in to the NatWest mobile app

The £250 will be credited automatically within 30 days of meeting the requirements.

Customers can also earn up to £9 a month through NatWest’s rewards programme. This includes setting up two Direct Debits, 1% cashback at select retailers, and £1 per month for logging in to the app. Once the balance reaches £5, you can redeem the rewards for cash or vouchers.

Get up to £750 in savings interest

Alongside the switching offer, NatWest is offering a savings bonus worth up to £750 to customers who deposit £100,000 into its Flexible Saver account. This means high earners could get up to £1,000 from NatWest.

Here’s how to qualify:

• Deposit £100,000 into the account
• Maintain the balance for at least 30 consecutive days.

You don’t need to wait to receive the £250 switching bonus before opening the Flexible Saver.

In order to be eligible for a NatWest Premier account, you must meet at least one of these criteria:

• Have an income of at least £100,000 or £120,000 in joint income
• At least £100,000 held in savings or investments with NatWest
• A NatWest mortgage of at least £500,000

However, it’s worth noting that NatWest Group is closing 18 more bank branches by 2027, so if your local branch is shutting down and you prefer in-person banking, it may not be suitable for you to switch.

HSBC – get £220

HSBC’s switching offer is offering new customers £220 for switching to an HSBC UK bank account. Here’s how to qualify:

• Complete a full switch with CASS
• Transfer two direct debits
• Deposit at least £2,000
• Spend £500 on your HSBC debit card

Once you meet the requirements, you will receive the bonus within 60 days.

This offer isn’t available for existing HSBC or First Direct customers, or those who have held an account with either of the banks since January 2023. You will need to apply for the switch on the HSBC app.

Barclays – get £200

Barclays is offering £200 to new customers who open a current account with the bank. To qualify, you need to follow these steps:

• Open a Barclays Bank Account through the Barclays app.
• Complete a full switch, including at least two direct debits.
• Deposit a minimum of £2,000 within 30 days of opening the account.

Once you’ve followed these steps, you’ll receive the £200 in your new account within 28 working days. The switching offer ends on 27 August 2026.

Get a premier experience worth up to £600

Barclays is offering an experience-led reward worth up to £600 for customers who switch to its Premier account. You will need to follow these steps to qualify:

• Open a Premier account using the Barclays app
• Complete a full switch, including moving two direct debits
• Pay in at least £4,000 within 30 days

After you open the account, you can choose from four types of high-end experiences:

• Dining: Restaurant experiences at select UK venues, including the Gordon Ramsay Restaurants. Specially curated menus for Barclays customers, wine pairings, welcome drinks and £50 Uber credit.
• Stay: Luxury UK hotel stays with select partners such as De Vere, Dakota Hotels and Harbour Hotels, including champagne on arrival, a three-course meal, spa access and complimentary breakfast.
• Live events: Tickets to stadium concerts at Wembley, sporting fixtures like England cricket at Headingley and exclusive matchday perks.
• Family: Annual passes to Merlin Entertainments’ attractions, tickets, food and drinks at Cineworld and Picturehouse Cinemas.

Moreover, with a Barclays Premier account, you can get free Apple TV, cashback on spending, improved savings rates, rewards like free drinks from GAIL’s, and 5% cashback at Tesco fuel.

However, in order to qualify for the Premier account, you will need:

• An annual income of £75,000
• At least £100,000 in savings or investments with Barclays

You will not be eligible for the switching offer if you opened an account with Barclays before 9 June 2026.

First Direct – get up to £200

First Direct’s switching bonus is offering new customers £200 if they open an account before 15 July. To qualify for the bonus, you will have to complete the following steps within 45 days:

• Deposit a minimum of £1,000 (in single or multiple deposits) in your account.
• Switch at least two direct debits or standing orders into your First Direct account.
• Register and log on to digital banking.
• Use your debit card at least five times.

Once all the steps are completed successfully, the £200 bonus will be paid to your account on the 20th of the following month.

You are not eligible if you've held an HSBC current account on or after 1 January 2018.

The account gives you access to its 7% regular saver. Plus, there are no fees when spending abroad, and the current account comes with a £250 interest-free overdraft, although this depends on your credit history.

Santander – get £180

Santander’s £180 switching deal is for both new and existing customers. To qualify, you must do the following:

• Complete a full switch using the CASS within 60 days of opening your account
• Pay £1,500 into the account either as a one-off payment or in instalments.
• Set up two direct debits in the eligible account.

Eligible accounts include Santander Everyday, Edge (£3 monthly fee), Edge Up (£5 monthly fee) and Edge Explorer (£17 monthly fee).

The bonus will be paid within 90 days of initiating the switch.

Existing customers can get the bonus by transferring £1,500 from an account held with a different provider to their new Santander account using the bank’s switch service. Plus, they will need to set up two direct debits.

Santander is closing 44 bank branches this year, so if your local branch is closing and you prefer in-person banking, it may not be suitable for you to switch to Santander.

Nationwide – get £175

Nationwide is offering a £175 bonus to new customers. You can get the cash by switching a non-Nationwide current account into a new or existing FlexPlus, FlexDirect or FlexAccount.

To qualify, you must complete the following:

• Use the CASS to complete a full switch within 28 days.
• Pay in at least £1,000 and make at least one debit card transaction within 31 days.
• Switch over a minimum of two Direct Debits.

You’ll receive the bonus within ten days of meeting all the requirements.

Alongside the new switching offer, Nationwide has also launched a 5% Member Exclusive Bond and has started paying its £100 Fairer Share bonus to over four million members for the fourth consecutive year.

How to switch bank accounts

The Current Account Switch Service makes it quick and painless to switch banks, as the banks are required to do the legwork and complete the switch within seven working days. All you do is open a new current account and request a switch via CASS. The service will then close your old account and move all your money, direct debits and standing orders to your new account within seven days.

Plus, for three years, any money that is paid into your old bank account or tries to leave that account will automatically be put into your new account. Still, it is important to remember that while these offers might look attractive, you should only switch to an account that suits your needs, as some accounts may also charge a monthly fee.

You should always check the terms and conditions to make sure you qualify for the bonus before you start the switch process. If you're applying for any credit in the next six months, such as a mortgage, it's also worth being aware that switching bank accounts could affect your credit score.

National Savings & Investments (NS&I) has relaunched its one-year fixed bonds in a bid to lure back savers into the government-backed bank.

NS&I is offering rates up to 4%, making the bonds a strong contender against the best one-year fixed savings accounts.

Currently, the highest fixed savings account via Santander gives the same amount of return, unless you bank with Barclays, where existing customers can earn over 5%.

The Guaranteed Growth Bonds and Guaranteed Income Bonds are available for general sale for the first time since 2019.

From 1 February Guaranteed Growth Bonds will allow savers to earn 4% gross AER, while Guaranteed Income Bonds will offer 3.9%. These are the best rates both have offered since 2010.

The relaunch of the bonds follow recent increases to savings products and the interest rate on its Premium Bonds, which will see more winners in the February premium bonds prize draw.

Customers looking for the best savings accounts have benefitted from the Bank of England’s interest base rate rises, which has seen some banks increase their interest rates.

But those happy to lock their cash away for a year have another option and can benefit from the safety associated with NS&I’s Treasury backed guarantee, which exceeds the £85,000 cap set by the Financial Services Compensation Scheme.

How much can I save in NS&I bonds?

NS&I’s one year bonds have a minimum investment of £500, and a maximum of £1m.

If you’re looking for a short-term home for your cash holdings, the 4% rate looks competitive and is protected with the government seal of safety.

NS&I increases rates for existing customers

If you are an existing fixed rate bond holder, you can also benefit from the new rate.

Nearly half a million one, two, three and five year Guaranteed Growth Bonds, Guaranteed Income Bonds and Fixed Interest Savings Certificates accounts will also benefit from the new interest rates when their Bonds and Certificates mature if they decide to reinvest at maturity.

The two, three and five-year products are only available to existing customers with maturing products.

“With talk that savings rates may be past their peak, today’s news from NS&I will come as welcome news to savers looking to get the most by tying up their cash,” says Helen Morrissey, senior analyst at Hargreaves Lansdown.

“Savings rates have been starting to slide down in recent months, but these products are competitive and come off the back of further rate hikes for other NS&I products in the last few months.”

NS&I chief executive Ian Ackerley said the NS&I has “continued to respond to the current market to ensure that NS&I’s products are priced appropriately when compared with the rest of the savings market.

“This also ensures that NS&I continues to balance the interests of savers, taxpayers and the broader financial services sector.”

Wondering what to do with old £20 notes and £50 notes? While paper notes ceased to be legal tender in 2022 and can no longer be used for everyday transactions, you can still exchange them for the same value in polymer notes.

It’s worth checking any unused bags, wallets and even your children’s money boxes for old notes that are no longer in circulation.

We look at what to do with old £20 and £50 paper notes and where to exchange them.

Are paper notes still legal tender in the UK?

No, paper notes stopped being legal tender in October 2022 when they were withdrawn from circulation and replaced with polymer notes.

A spokeswoman from the Bank of England told the BBC that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value” and there is “no expiry on the period in which we will exchange banknotes”.

What is legal tender?

According to the Bank of England, the term ‘legal tender’ means that if you offer to fully pay off a debt to someone in a form considered to be legal tender – without any contract specifying another form of payment – you cannot be sued by anyone for failing to repay the debt.

In simple terms, it’s the officially recognised money by law that works as a means to settle a debt or meet a financial obligation. It tends to be the national currency of a country, per Investopedia.

What counts as legal tender in the UK?

If you live in England and Wales, then Royal Mint coins and Bank of England notes are considered legal tender.

In Scotland and Northern Ireland, Royal Mint coins are accepted as legal tender – but not the English banknotes. Both Celtic nations have their own banknotes, issued in the two countries by authorised banks.

As for coins, it’s slightly complicated. For instance, 1p and 2p coins count as legal tender for any amount up to 20p, while 5p and 10p coins are for any amount up to £5. £1 and £2 coins are acceptable for any amount.

You will also find that most of the common payment methods, like debit or credit cards, contactless payments, or paying by cheque, are not legal tender. We look at how to pay with a cheque in a separate guide.

Where can I exchange old banknotes?

There are various places you can take old £20 and £50 paper notes. Depending on where you live, some locations may be easier to access than others.

It’s also worth noting that you won’t receive the next series of banknotes featuring British wildlife just yet – replacing historical figures like Winston Churchill and Jane Austen for the first time in over half a century.

Instead, you’ll receive current polymer banknotes featuring King Charles III or the late Queen Elizabeth II, as they remain legal tender.

At the Bank of England

One option is to take the old paper notes to the central bank.

There is currently no time limit when it comes to exchanging your old UK banknotes at the Bank of England. However, you may need to present an original photo ID and proof of address when exchanging notes.

You can do this in two ways:

• In-person: You can swap your old notes at The Bank of England Counter, on Threadneedle Street, London. The counter is open between 9:30am and 3pm on weekdays (excluding bank holidays). Do be aware – even though the last entry is at 2:45pm, you may not be served if it has reached capacity after midday.
• By post: This is done at your own risk, and you may want to insure yourself against loss before sending banknotes in the post. The Bank of England website states that they are currently taking up to 90 working days to process postal banknote exchanges – so this method is only suitable if you don’t need the cash in a hurry. You’ll need to fill in a postal exchange form and send photocopies of your proof of ID and proof of address if you’re exchanging more than £700. It’s also worth tracking your post as the bank states that it cannot confirm receipt of postal exchanges.

At the Post Office

There are 53 Post Office branches across the UK that will let you swap your old banknotes for new polymer ones – even if you don’t have a bank account.

These are the notes you can exchange at a Post Office:

• £5 note – ceased to be legal tender on 5 May 2017
• £20 note – ceased to be legal tender on 30 September 2022
• £10 note – ceased to be legal tender on 1 March 2018
• £50 note – ceased to be legal tender on 30 September 2022

You can exchange up to the value of £300 every two years. You will need to show a form of photo ID so that the Post Office can keep track of how much you exchange and that you do not exceed the limit.

Valid forms of photo ID include your passport, driving license or a national identity card.

Find all the participating Post Office branches where you can exchange old notes.

At a bank or building society

Different banks have their own rules in place covering how they will handle paper banknotes. While some are happy to exchange them for new polymer notes, others are not so understanding.

Banks and building societies happy to exchange the old notes include Halifax, Lloyds Bank, Nationwide, Barclays, NatWest and Santander.

Banks that let you exchange paper notes will generally allow you to deposit the money into your account with them.

In some cases, you can still exchange the paper notes even if you don’t have an account with that particular bank, for example, with the Bank of Scotland and Virgin Money.

Can I exchange old coins for new ones?

Old £1 coins were demonetised in 2017, but you are still able to exchange them for new ones. We look at what to do with old £1 coins in a separate guide.

You can do this at your local high street bank, though it is entirely up to the bank whether they choose to accept the old tender. Retail banks which say they accept old coins include: Barclays, Lloyds, HSBC, Nationwide, Santander, and Virgin Money.

You cannot exchange old coins at the Bank of England. You can exchange your old coins at the Post Office, so long as they are in good condition.

Can I sell old notes and coins online?

You may find that some of your old notes and coins sell for more than their face value if they are part of special limited runs.

The Royal Mint issues gold coins, primarily for investment purposes, which you can also buy.

If you have a collectable coin, then you might decide to list it online on e-commerce platforms like eBay or Facebook Marketplace, or by selling it to a dedicated reseller. You could find that your old coins could be worth far more than you expect – here’s how to spot valuable coins.

However, just because coins are listed as rare on online marketplaces doesn’t mean they are worth that much money. The price of rare coins is determined entirely by the market, and a sale is contingent on finding a willing buyer.

It is entirely legal for you to sell your old coins online or to a reseller, but make sure you do your due diligence to ensure you are not scammed. It is a good rule of thumb to use reputable platforms and insure your items.

If you’re planning a holiday abroad or often go on business trips, using the best cards for travel could help you make your funds go further.

There are many ways to save on holiday, whether it’s booking flights or buying travel money in advance.

But thinking about how you’ll pay for things on your trip is also important, as the wrong card could see you stung with high exchange fees.

You can avoid these charges by using a competitive travel card that comes with zero fees on foreign transactions. We have compiled a list of the best cards for travel abroad, and the host of perks they offer.

Best credit cards for travel abroad

If you are using a credit card, make sure you are in a position to pay off your bill in full at the end of each month. Otherwise, any interest charges will cancel out any benefits.

Lloyds Ultra Credit Card

This card from Lloyds comes with a low APR rate and there is no cap on how much cashback you can earn.

• 1% cashback on all card purchases in the first year, 0.25% after
• No foreign exchange fees or ATM withdrawal fees
• Representative APR and purchase rate of 12.9% (variable)

Barclaycard Rewards Card

• No fees on purchases abroad if paid in full
• 0.25% cashback on everyday spending
• No interest on cash withdrawals if paid in full
• Representative APR and purchase rate of 28.9% (variable)

NatWest Travel Reward Credit Card

• 1% cashback on eligible travel spending
• Or up to 15% cashback at select partner retailers
• Or 0.1% back on all other spending
• No foreign transaction fees on purchases abroad
• 3% fee on ATM withdrawals (minimum £3)
• Representative APR and purchase rate of 27.9% (variable)

Virgin Money Travel Credit Card

• 1% cashback on spending for the first 90 days, 0.25% cashback after that (up to £15 cashback per month)
• No foreign exchange fees overseas
• Representative APR 27.9% (variable)
• Up to 15% additional cashback with select retailers
• ATM withdrawal fees of 5% applies plus interest charge until repaid in full

Santander Edge Credit Card

• 1% cashback (max £10 per month) on all purchases
• No foreign exchange fees on purchases overseas if spent in local currency
• £4 monthly fee
• Overseas ATM withdrawals have a 3% fee (minimum £3)
• Representative APR 37.8% and purchase rate 29.9% (variable) until fully repaid

If you are applying for a credit card, always go through an eligibility checker, like the Card Match tool from our sister site Go.Compare.

We look at the best American Express credit cards and the best credit cards for airport lounge access in separate guides.

Best debit cards for travel abroad

We look at some banks that do not charge fees when using your debit card abroad. However, there may still be ATM withdrawal fees, often set by the ATM provider.

Chase Debit Card

• 1% cashback on eligible spending for the first 12 months (max £15 per month)
• Note: no cashback on overseas spending
• Fee-free spending and ATM withdrawals home and abroad

Chase also gives you access to its 2.25% (variable) easy access saver. However, the interest rate is quite low, so it’s worth checking out our best easy-access savings accounts guide for the top-paying accounts.

First Direct Debit Card

• Fee-free spending abroad
• Fee-free ATM withdrawals abroad, up to £500 per day
• £250 interest-free overdraft

You could get a £175 bank switching bonus for moving your current account to First Direct, and access a 7% regular savings account.

Starling Bank Travel Money Card

• No fees on spending abroad
• No fees on cash withdrawals abroad
• Manage in-app and online
• Maximum £300 ATM limit and six withdrawals per day while abroad

Monzo Debit Card

• Fee-free spending at home or abroad
• 0% interest on purchases over £100 or more paid over three months
• Otherwise 29% APR representative (variable) for up to 24 monthly payments

Make cash withdrawals of up to £200 outside of the EEA every 30 days for free. Anything over that incurs a 3% charge. You can also earn 2.75% AER (variable) with an Instant Access Savings Pot.

Cashback credit cards give you rewards on your everyday purchases, paying you a percentage of what you spend. If you pay off your statement in full every month, these cards can help you earn hundreds of pounds worth of rewards each year.

The rewards you earn can build up over time, but make sure you pay off your balance in full, otherwise interest charges may outweigh the perks.

These cards usually come with a cap on the amount of cashback you can earn, and note that some have a monthly fee.

We look at the top credit cards for cashback to help you make the most of your spending.

What are the best cashback credit cards?

How do cashback credit cards work?

If you have a credit card that gives you cashback at a rate of 0.5%, for every £100 you spend, you get 50p back. As attractive as the promise of free money sounds, there are downsides, too.

Credit card companies may offer attractive cashback rates for only a fixed period of time, such as the first five months. In order to get the most out of using cashback credit cards you need to be mindful of two things: it may be beneficial to use them for all your spending (but watch out for credit card fees with any purchases) and you must pay off the full amount every month.

The introductory cashback offers could be useful if you know you're going to be buying something expensive. But if you carry a balance over just once, the resulting interest charge could wipe out any cashback you get.

Cashback credit card providers can charge a fee and typically offer uncompetitive interest rates. Some also require a minimum spend before you can generate cashback savings.

As with any credit card, be careful to pay it off in full to avoid being charged interest, and always check the terms and conditions to make sure the card is the right one for you.

If you’re looking to switch your current account, then Sanatander’s new bank account may just tempt you. While there is no current account switching bonus like the ones available from many other high street banks, its cashback and linked savings are worth a look.

The new Santander Edge current account and its exclusive easy-access linked savings account, Santander Edge saver, will allow customers to earn up to £20 in cashback and £13.10 in interest per month.

What does the Santander Edge account offer?

The Santander Edge current account will offer:

• 1% cashback up to £10 a month on essential grocery shopping and transport-based debit spending
• 1% cashback up to £10 a month on household bills paid via direct debit, including council tax, gas and electricity, mobile, landline, broadband and paid-for TV packages
• Free international and UK transfers
• Free use of Santander ATMs overseas

If you are looking for the best savings account too, then the new account also has access to the linked easy-access savings account, Santander Edge saver, which currently offers customers 4% interest on balances up to £4,000 and a 0.5% boost for the first 12 months from opening the account. The account can only be held in a single name.

How can I qualify for the new Santander Edge account?

To get the new Santander Edge account, you must:

• Pay a £3 monthly fee
• Pay at least £500 into the account each month
• Have two active direct debits
• Be over 18
• Live permanently in the UK

Note that the account is paper-free and can be managed online and in-app. You can see how much you can earn from the new account using its online calculator.

The account has been designed “around what we know our customers want from their bank”, said Enrique Alvarez, chief customer officer at Santander UK. “Building on our focus on cashback, we will be rewarding them for their essential spending, whether that’s the weekly supermarket shop or travelling to work, and their household bills – particularly relevant given current pressures.

“The exclusive saver also provides a preferential rate for people looking to earn interest on their easy-access savings.”

The bank has also released a new rewards programme, Santander Boosts, which provides perks such as access to prize draws, vouchers, additional cashback and discounts. You can sign up through online and mobile banking.

Is the Santander Edge account worth it?

While the account offers compelling benefits, there are others that rival its perks.

The Santander 123 current account pays 1% on council tax, mobile and home phone bills, broadband bills and Santander monthly mortgage payments; 2% on gas and electricity bills, Santander home insurance premiums and life insurance premiums; and 3% on water bills.

The cashback is capped at £5 for each cashback tier. The account also pays 1.75% interest on balances of up to £20,000 – however it is £1 more expensive at £4 a month.

Chase’s current account is also attractive. The digital bank offers 1% cashback on all spending for the first 12 months as well as access to a linked savings account with a return of 2.1%. Importantly, the account is free.

Finally, Halifax’s Reward account offers you the option of one of four monthly rewards:

• £5 in your account
• A cinema ticket
• Three digital magazines
• 2 digital movie rentals

To qualify you must spend £500 per month and keep over £5,000 in your account for each day of the month. Additionally you must pay in £1,500 per month (this will save you the monthly fee) and keep your balance at £0 or above. The account offers up to 15% monthly cashback on selected merchants, and the amount varies.

So, what’s the verdict? Lets recap:

If we look at it like that, the Santander Edge account looks the best value for the highest reward – assuming you spend enough to max out the cashback rewards. The Chase current account gives it a run for its money thanks to its zero fees and generous 1% cashback over the first 12 months.

Balance transfer credit cards can slash the costs of existing credit card debt and could save you thousands by reducing the interest you pay.

These cards allow you to transfer debt from one credit card provider to another at 0% interest — as long as you keep up with monthly payments and do not use the card for purchases.

Kalpana Fitzpatrick, MoneyWeek’s digital editor, says: “Balance transfer cards can help you clear out existing debt at no extra cost and are great for those that have existing credit card balances.

“But, keep in mind you will need a good credit score to get the top deal and there are often transfer fees to pay, so this only makes sense if you have a fairly large balance and you can pay it off in the 0% period.”

If you’re looking to reduce your credit card debt this year, banks are offering some of the longest deals of more than 30 months with 0% interest on balance transfers.

According to financial ratings expert Defaqto, 12 credit cards are offering more than 30 months with no interest in 2026, while only three such deals were available at the beginning of last year.

We round up the best 0% balance transfer credit cards on the market now.

Balance transfer credit cards vs money transfer credit cards

While both types of cards might sound similar, they serve two different purposes.

Balance transfer credit cards let you shift any outstanding balance from a current card to one with a lower or 0% interest rate, meaning that you can pay off the balance faster.

In contrast, money transfer credit cards allow you to move funds directly from a card into your bank account. This is usually done with a 0% interest rate for a set period of time to help you clear an overdraft or an outstanding bill.

The best 0% balance transfer credit cards

Here are some of the best 0% balance transfer cards on the market.

Cards with the longest offer

Source: Defaqto

TSB Platinum Balance Transfer Card

This is currently the top deal on the market, with the longest duration of up to 38 months. Here’s what you get:

• Up to 38 months, 0% interest on balance transfers, then rate jumps to 24.9% APR
• 3.49% transfer fee
• 0% on purchases for three months, then rates vary
• The minimum you can transfer is £100, up to a maximum 95% of your credit limit from UK cards
• To benefit from the balance transfer offer, it needs to be taken out within 90 days of opening the account.
• You can’t make a transfer from any other TSB cards.

Existing customers can apply on the TSB app.

Barclaycard Platinum Balance Transfer

• Up to 36 months, 0% interest on balance transfers
• 3.45% transfer fee
• 0% on purchases for three months. After the promotional period, a monthly rate of 1.87% or annual rate of 22.44% applies
• To benefit from the balance transfer offer, it needs to be taken out within 60 days of opening the account.
• The minimum you can transfer is £250 across up to five balance transfers. The maximum transfer will be 90% of your credit limit.
• You can’t make a transfer from any other Barclaycard or partner cards.
• After the 0% period, the interest rate jumps to 24.9% APR

New customers can also get £20 cashback when they transfer at least £2,500 within 60 days of opening the account. On top of that, you can get a free 12-month Apple TV subscription. This offer will end on 29 January 2026.

Tesco Bank Balance Transfer Credit Card

• 36 months, 0% interest on balance transfers, then 24.9%
• 3.45% transfer fee
• 0% interest on money transfers for nine months, with a 3.99% transfer fee
• You can transfer up to 95% of your available credit limit

You may receive a purchase rate of between 24.9% to 29.9% variable, depending on your circumstances. If you use your card for spending, you won’t be charged any interest, provided you pay off the balances that aren’t on a 0% rate in full each month.

You can pay with your card in or outside of Tesco and collect Clubcard points. You get five points for every £4 spent using a Clubcard Credit Card at Tesco, one point for every £4 spent, one point per litre of Tesco Fuel, and one point for every £8 spent.

Virgin Money Balance Transfer Credit Card

• Up to 35 months, 0% interest on balance transfers, then 27.9%
• To benefit from the balance transfer offer, it needs to be taken out within 60 days of opening the account.
• 0% interest on purchases for three months, then 27.9% variable
• Transfer up to 95% of your credit limit
• 2.95% transfer fee
• You can't make a transfer from another Virgin Money credit card

Virgin’s balance transfer credit card comes with a relatively high transfer period and a lower transfer fee compared to other providers.

HSBC Balance Transfer Credit Card

• Up to 35 months, 0% interest on balance transfers, then rate jumps to 24.9%
• To benefit from the balance transfer offer, it needs to be taken out within 60 days of opening the account.
• 3.19% transfer fee (minimum transfer of £5)
• 0% on purchases for three months, then rate jumps to 24.9%
• You won’t be eligible if you hold an HSBC Basic Bank Account.

Cards with no or low transfer fee

There are options available for customers who want a 0% balance transfer card with no transfer fee. We round up the options.

Barclaycard No Fee Platinum Balance Transfer Credit Card

• No fee to transfer a balance for up to 14 months
• 0% interest on balance transfers
• 0% interest on purchases for three months
• After the 0% period, the interest rate jumps to 24.9% APR for both balance transfers and purchases
• No monthly account fee
• To benefit from the offer, you must transfer within 60 days of opening your account.

Natwest Balance Transfer Credit Card

• Up to 12 months, 0% interest on balance transfers
• Balance transfers must be made within three months of opening the account
• No fee to transfer
• 0% interest on purchases for three months
• Minimum transfer of at least £100
• Can transfer up to 95% of your credit limit
• After the 0% period, the rate changes to 24.9% for both balance transfers and purchases

Santander Everyday No Balance Transfer Fee Credit Card

• Up to 12 months, 0% interest on balance transfers
• No fee to transfer a balance for the first 12 months
• No monthly account fee
• 0% interest on purchases for three months
• After the 0% period, the interest rate jumps to 24.9% APR for both balance transfers and purchases

You shouldn’t already have another Everyday credit card, and you can’t transfer balances from other Santander or Cahoot credit cards.

Santander All in One Credit Card

• 15 months, 0% interest on balance transfers and purchases
• No transfer fee
• £3 monthly charge to hold the account
• No foreign exchange fees on overseas purchases
• 0.5% cashback on all purchases (up to £10 a month)
• After the 0% period, the rate jumps to 29.8% APR for balance transfers and 23.9% for purchases

You won’t be able to transfer any balances from other Santander or Cahoot credit cards, loans or current accounts.

Tesco Bank Low Fee Balance Transfer Credit Card

• 0.75% to transfer a balance for up to 15 months
• 0% interest on balance transfers for 15 months
• 0% interest on purchases for three months
• After the 0% period, the interest rate jumps to 24.9% APR for both balance transfers and purchases
• 0% interest on money transfers for nine months, with a 3.99% transfer fee
• To benefit from the offer, you must transfer within 90 days of opening your account.
• Collect Clubcard points on spending

If your credit score isn't perfect, you might be offered less time to pay off the balance.

It’s also important that you only use the card to pay off the existing credit card debt and do not use it to spend — otherwise, you could face hefty interest charges. Failing to pay the minimum balance each month could mean you incur fines and damage your credit rating.

NatWest and Santander are both offering big cash bribes to encourage people to switch to their current accounts. You could get £150 if you move your day-to-day banking to NatWest’s free Select account or its £2 a month Reward account. Santander is offering £140 if you use the current-account switching service (CASS) to move to one of its current accounts.

The money is a great incentive, but you need to consider more than just the switching bonus when choosing a current account. There’s no point getting £150 if you then run up an overdraft that costs you far more. Equally, check you can meet the criteria to get the bonus before you move.

NatWest’s best current account deals

NatWest’s Select account offers no additional rewards, but it is a free bank account. However, the more tempting option is the bank’s Reward account, which pays you £4 a month as long as you have two direct debits going out of your account, plus an additional £1 a month if you log on to internet banking. You can also earn 1% cashback when you spend with certain retail partners, including Caffe Nero. However, the account has a £2 monthly fee and you’ll pay interest at an effective annual rate (EAR) of 39.49% if you use the overdraft facility.

The surprising thing with NatWest’s switching bonus is that it is available to existing as well as to new customers. If you already bank with NatWest then you can earn the £150 by moving to either a Reward Silver, Reward Platinum or Reward Black account. These are packaged bank accounts costing from £10 to £31 a month depending on the products you want included. Options range from travel insurance to a concierge service.

To qualify for NatWest’s switching bonus you must use the CASS, close your existing account and transfer your main current account to NatWest by 7 April. You must also deposit at least £1,250 into the account and log into online or mobile banking by 12 May. You can’t have received another switching bonus from NatWest since October 2017. If you meet the criteria, you’ll get your £150 by 9 June.

Get cashback on your bills

Santander is offering the switching bonus on any of its current accounts as long as you use the current-account switching service. Its 123 and 123Lite accounts are already popular, so adding a £140 incentive should encourage many people to move.

The accounts pay 3% cashback on water bills, 2% cashback on energy bills and 1% on council tax, phone, broadband and paid-for TV packages. With energy bills set to soar this year earning a bit back via your current account could prove very appealing. In order to get the cashback, you have to pay in at least £500 a month, have two active direct debits and log into online or mobile banking at least once every three months.

The difference between the 123 and 123Lite accounts is you also get 0.3% interest paid on balances up to £20,000 with the former, but it costs £4 a month. The 123Lite account pays no interest but costs less at £2 a month. If you are likely to use your overdraft, be aware that interest is charged at 39.94% on both accounts.

Santander will pay you a £140 switching bonus if you use the current-account switching service to move to one of their accounts, deposit at least £1,000 and log into online or mobile banking. Do all that and the money will be in your account within 30 days. If you’ve had a switching bonus from Santander before you won’t be eligible for this deal.

Two options for your overdraft

If you have a large overdraft then you could save more than you’d gain from these switching bonuses by moving to a current account with an interest-free borrowing facility. Nationwide’s FlexDirect account comes with a 0% overdraft of up to £2,750 for the first 12 months. That could save you around £140 over a year if you are £1,000 in the red with a bank charging 40%, such as the NatWest and Santander accounts.

Alternatively, if you only need a small overdraft then First Direct’s 1st account could be a good option. It has a £250 interest-free overdraft and is offering a £150 switching bonus to new customers.

There's no point sticking with a bank that offers a bad deal. Make sure you move when rates are cut.

Lloyds is cutting the interest rate on its Club Lloyds and Bank of Scotland Vantage accounts from 2% to 1.5% in July, while also hiking the monthly fees on all packaged bank accounts offered by Halifax, Lloyds and Bank of Scotland by £2 a month. For loyal Lloyds customers, this could be a good time to see if you can do better with another bank.

If you tend to keep a reasonable amount of money in your current account, then make sure you are being rewarded with a decent interest rate. The best you can get is 5% on balances of up to £2,500 with Nationwide's FlexDirect account. You need to pay in at least £1,000 a month. Be aware that the rate drops to 1% after 12 months, so you'll need to shop around again then.

Alternatively, Tesco Bank pays 3% on up to £3,000 on its current account. To get that rate, you need to pay in at least £750 a month and have at least three direct debits going out of the account every month. Tesco allows two accounts per person, so a couple could secure a 3% interest rate on up to £12,000.

If you don't keep a lot of money in your current account, then you may be better off banking a switching bonus instead of going for the top interest rates. M&S Bank is offering a £125 gift card to new switchers to its current account. There is no minimum monthly deposit, but you must have at least two direct debits set up. The account pays no interest. However, if you deposit at least £1,000 a month, then you'll get an extra £5 a month added to your gift card for 12 months.

If you'd rather have the cash, Halifax is offering a £75 switching bonus if you move to its Halifax Reward account. On top of that bonus, you'll get a £3 a month reward if you pay in £750 a month, don't go into your overdraft and pay out at least two direct debits. Just note that you won't get the bonus if you've received a switching incentive from Halifax since January 2012.

Anyone looking for a new current account to pay their household bills from should take a look at Santander and NatWest. Both banks have current accounts that give cashbacks on bill payments. Santander's 123 Lite account gives between 1% and 3% cashback on direct debits to pay bills. The 3% rate is for phone, broadband, mobile and TV bills, with 2% paid on gas, electricity and Santander insurance, and 1% on water, council tax and Santander mortgage payments.

You need to pay at least £500 a month into the account and have at least two direct debits set up to get the cashback. There is also a £1 monthly fee. NatWest's Rewards Account has a £2 a month fee, but pays a flat 2% cashback on the same range of bills as Santander. However, you have to pay at least £1,500 a month into this account.

Finally, if you want a current account that comes with added benefits, then Nationwide's FlexPlus account is the best package by far. It offers worldwide family travel insurance up to the age of 74, family smartphone insurance, and UK and Europe breakdown cover. The account costs £13 a month, but the travel insurance alone could cost more than that if you got a separate policy.

The breakdown cover is for the account holder driving any car and the mobile insurance covers loss, theft, damage and breakdown of all phones owned by you, your partner or dependent children at the same address, provided the phone isn't worth more than £1,000. On top of all that, the account pays 3% a year on up to £2,500 for 12 months.

Pocket money TSB fiasco drags on

TSB customers were still struggling to access their accounts on Wednesday, despite assurances from the bank's chief executive that its internet and mobile-banking services were up and running, says Angela Monaghan in The Guardian. TSB had warned customers to expect disruption over the weekend while it switched from a platform rented from its former owner Lloyds to its own platform, but the problems continued well into this week.

If you've been affected by these over the past few days you can claim compensation for any losses incurred, including any charges for late payment, and knock-on costs such as credit-card interest, says The Daily Telegraph. There is also scope to claim for "non-financial harm", such as the stress caused. You can ask the bank to have your credit file corrected if not being able to access your account leads to problems with your credit score.

Car-insurance prices have fallen for the first time in three years, but most drivers are not being offered cheaper rates when their insurance comes up for renewal, says Annabelle Williams in The Times. Insurance premiums rose when the government changed the way compensation payments were calculated, meaning insurance firms faced bigger payouts but a review of this change should mean payouts will fall. Make sure you shop around when it's time to renew your policy never accept a renewal without checking it's competitive.

Online estate agents are cheaper than traditional firms, but they accounted for just 6% of sales last year, up from 5% in 2016. One reason for the slow take-up is that online agents tend to ask for payment up front, so sellers feel there is less incentive for the agents to chase a deal once they have handed over the money, says Ali Hussain in The Sunday Times.

Online agents charge a flat fee, unlike high- street agents who typically charge around 1.5% of the sale price. The huge cost savings "can be tempting and the lack of a presence on the high street is not necessarily a problem given that most people's property searches begin online" although some argue that a traditional agent can play a valuable role in ensuring a sale gets from offer to completion.