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 our YouTube channel.
December’s current account offers
Latest bank switching deals
Offers are starting to disappear! The £200 offer from Lloyds ended 10 December, while the £180 from NatWest, promotion is due to end 11 December.
That leaves four more, but we don’t know when they’ll end and could well follow, so if you want to take advantage it makes sense to act fast. Click the links for full analysis of each offer.
Nationwide is offering £175 for a personal account and another £175 for a joint account switch, so a couple could potentially get £525.
First Direct’s switching offer is also for £175. Don’t forget you can access a 7% regular saver with this bank.
There’s £150 available from Santander, and you can get 6% interest and 1% cashback on bills.
Finally Co-op Bank has a £75 switch offer, with another £75 available if you stick around for three months.
Monzo adds free Vue ticket to Perks and Max
If you go to the cinema every month, then it’s worth looking again at the Monzo Perks current account package. This costs £7 a month and you’ll get a free ticket to Vue, as well as an annual railcard and a free weekly Greggs treat.
You’ll get the same freebies on the Monzo Max account, along with extras like travel insurance and mobile cover. However this is more expensive at £17 a month, and costs and extra £5 a month if you want it cover your family too.
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Plus, new Quidco customers get a high paying £18 welcome offer
December’s current account news
Nationwide FlexPlus fee increase
On 1 December 2024, the monthly charge for the packaged Nationwide FlexPlus current account increased from £13 a month to £18 a month. That means it’s an extra £60 a year.
If you’re already an account holder, it’s worth checking other packaged bank accounts to see if they’re cheaper and better suited. Or you might even not need a packaged account at all if you’re not really using those services.
Monese dormant fee warning
Monese used to be a decent spare account to have as there were regular special offers saving you 50% on gift cards. Sadly that ended in January, and I’ve not touched my account since then. If that’s the same for you then it could be able to cost you money.
That’s because on 19 December 2023, Monese added a new rule where if a Simple account (the free one) is not used for 12 months they’ll start charging £1 a month. Which means that first year is nearly here.
So your task this month is to either cancel your account or transfer over some cash. Remember too you’ll be charged to make an outgoing transfer, so you’ll want to spend via the debit card to get than money back.
Unbanx closes down
You may have signed up for data sharing app Unbanx to earn points each day it was connected to your current account. Well, it’s now closed down, so it’s worth taking a look to see if you can cash in any points on the app.
Featured investing offer
Customer rating
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- Offerfree £50 in fractional shares*
- Annual fee£0
- Investment stylesShares, funds or ready-made portfolios
- Minimum deposit$50
- FSCS Protected? Yes
- Interest on uninvested cash 3% on balances up to $50,000, 3.8% on balances over this
- Fractional shares Yes
- Foreign exchange fee 0.7%
- Fund fees If you invest in funds, you'll have to pay fund fees, which cost on average ~0.16% per year, with additional market-spread effects up to 0.05%
- Offer You need to sign up, verify your account and deposit at least £200 to get the free assets. ISA deposits aren't included in the £200 requirement to get the offer.
- Authorised and regulated by the Financial Conduct Authority Yes, FRN 583263
- Risk warning The value of your investments may go up or down. Your capital is at risk. ISA powered by Moneyfarm. ISA rules apply. UK residents only.
- Accounts available General investment account, stocks and shares ISA (additional fees apply)
My top current accounts for December 2024
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.
