The latest news to help you get the most from your bank account.
Here’s my monthly update sharing changes for leading UK current accounts, as well as some of the relevant articles you might have missed on the blog.
December’s bank account update video
For a more detailed update, watch this video from my YouTube channel.
December’s current account news
Latest bank switching deals
Since last month’s update, a number of switching deals have ended, and a couple will follow at the start of this month.
A deal from First Direct came and went in November, and the offer from RBS ended. Meanwhile Natwest and Santander switching bonuses finish 2 December. Halifax will end on 14 December 2021.
The only new offer is from HSBC, via MoneySuperMarket. You can get £150 for switching in, plus a £10 charity donation will be made to Shelter. This runs until 16 December 2021.
There’s no set end date for the offers from Nationwide, Virgin Money and Co-op, so they could go any time.
It’ll be hard to stack these offers, though it’s possible to get the Halifax money within 10 days, then move on to one of the other deals. Or you could apply for more than one at the same time if you have enough spare accounts to switch. Just be aware of the impact on your credit score.
This month’s other bank switch offers
- Barclays Premier – “£200” Avios switch bonus
- Co-op – £50 refer-a-friend offer
- Nationwide – Up to £125 switch bonus
- Natwest – Up to £150 (ends 2 December)
- Halifax – £125 (ends 14 December)
- HSBC – £150 + £10 to Shelter (ends 16 December)
- Santander – £130 + £20 Amazon voucher (ends 2 December)
- Virgin Money – 12 bottles of wine or £150 voucher
Barclays Blue Reward cuts bonus
From March next year, most Barclays customers will see very little point in continuing with the Blue Rewards add-on. The fee will increase from £4 to £5, while the reward drops from £7 to £5. So you pay a fiver to get a fiver…
There will be extra rewards announced next year, including a prize draw. Read my full analysis for details and what I think you should do.
More branches closing
Yet more bank branches are going next year (last month I told you about cuts at Virgin and Lloyds). This time it’s the turn of TSB, with a quarter of all branches going – that’s 70 in total.
Monzo now reports to all credit reference agencies
A minor annoyance with Monzo was that it didn’t report to Equifax – just Experian and TransUnion. Well, that’s now changed and you’ll now see your account appear on all three credit reference agencies. Here’s how to check your reports.
This means if Monzo is your only account, prospective lenders will now all see proof you have it. Though I still think you should have one or more accounts elsewhere too.
Starling adds Bills Manager
You can now pay Direct Debits straight out of Spaces in Starling, which really helps separate your bills from your other spending. I’ll update my review soon.
Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.
My top current accounts for December 2021
I always think it’s worth having more than one current account (find out why here) and here’s my run-down of the top accounts to have this month.