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.
October’s bank account update videos
For a more detailed update, watch these videos from my YouTube channel.
October’s current account news
Latest bank switching deals
Some big changes since last month’s update, with some new, some increased and some gone.
The biggest offer is from Nationwide, who double the bonus to £200, though the extra £25 for existing customers has been scrapped. You can still get this once for a personal account and once for a joint account, though the latter is one payment per account not per person. Here are all the details.
New are the offers from TSB, Natwest, RBS and Lloyds. The TSB offer ends on 31 October and is running via the MoneySuperMarket / MoneySavingExpert group. You can get £125 for switching, and another £55 if you stick around until next summer. Both sums require direct debits and debit card spending, while you’ll also need to add money to your account each month for the extra payment. Here are the full details and my analysis.
You can get £175 from either Natwest or RBS, but not both. Combined with the 5.12% Digital Regular Saver and £3 a month profit via the Reward account, this adds up to a decent payout over a year. Details on Natwest here (ending 2 November) and RBS here (ending 20 October).
The deal to switch to a Club Lloyds account is less at £150, but easy and fast to get – plus you’ll be able to claim free cinema tickets or movie rentals. Analysis here. This ends 14 November.
Elsewhere, First Direct is still offering £175. There’s still no news about the refer-a-friend trial becoming something all customers can benefit from. There are also more complicated deals from Barclays Premier and Co-op.
Deals that ended were from Halifax, Santander and Virgin Money (which has been running deals continuously for almost two years). If they return, or other deals begin or change, I’ll update you on my newsletter, so make sure you sign up.
This month’s bank switch offers (A-Z)
Click the links for further details and analysis
- Barclays Premier – “£200” Avios switch bonus
- Co-op – £50 refer-a-friend offer
- First Direct – £175 switch bonus
- Lloyds – £150 switch bonus
- Nationwide – £200 switch bonus
- Natwest – £175 switch bonus
- RBS – £175 switch bonus
- TSB – up to £180 switch and stay bonus
Barclays Blue Rewards adds 5.12% interest account
After six months of so of being completely pointless, there’s now a reason to add Blue Rewards to your Barclays current account. You’ll get 5.12% interest on up to £5,000, potentially worth up to £256 a year.
You do have to have two direct debits and pay in £800 a month to qualify, and there’s a £5 fee – but that’s wiped out by a £5 reward. All the details here.
Listen to Cash Chats, Andy’s award-winning podcast. Episodes every Tuesday.
My top current accounts for October 2022
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.
- Best account for everyday banking / app – Starling (review)
- Best account for everyday spending – Chase (review)
- Best account for bills – Santander 123 Lite (review)
- Best account for rewards – Halifax Reward (review)
- Best account for savings interest – Barclays with Blue Rewards (review)
- Best account for 0% overdraft – Nationwide FlexDirect (12 months only) (review)