Savings account special offers

Earn a little extra on top of interest

Some savings account providers will give you a bonus for signing up which can boost your return well above the rate available elsewhere.

But with all these offers, make sure you check you can’t make more money by putting your savings in an account that pays a higher interest rate. You can see the latest best buys in our guide.

New customer offers

Raisin: £50 welcome offer

Until midday on 19 June 2024, Raisin is offering a £50 welcome bonus if you open a savings account and fund it with at least £10,000 by 15 July. You’ll need the code SUMMER5024 for this.

This applies to easy access accounts and notice accounts, as long as you keep the money in the account for at least 6 months; and fixed rate accounts with a term of 6 months or over. 

If you keep the money saved for just six months it’s the equivalent of an extra 0.5% on £10,000. If it’s there for a year, it’s effectively 0.25% added to the account rate. The more money and longer you save will reduce this rate.

Knowing this will help you compare Raisin accounts to other rates (you can see them all here).

Within 14 days of meeting the eligibility criteria (so 6 and a half months from now), you’ll get the bonus. 

To get the offer:

  1. Click on the below link, which will add the promo code SUMMER5024
  2. Sign up for a new Raisin UK Account
  3. Apply for and open a savings account
  4. Put at least £10,000 into your new savings account by midday on 15 July 2024.

If you need to access the money within 6 months, you won’t get the bonus.

Chip: Up to £50 welcome offer & 4.84%

Sign up for savings app Chip via this link and use the codes below to earn a bonus once you’ve saved at least £5,000 in the Instant Access account for 180 days (six months).

The size of the bonus is dependent on how much you deposit. However you have until the end of the month to reach the required amount.

  • £10 bonus when you deposit £5,000 and enter the code CLEVER5K
  • £30 bonus when you deposit £10,000 and enter the code CLEVER10K
  • £40 bonus when you deposit £15,000 and enter the code CLEVER15K
  • £50 bonus when you deposit £20,000 and enter the code CLEVER20K

Once you’ve downloaded the app and signed up, you can enter the promo code in the “Promos & Referrals” button via the profile tab. Then add the money.

Obviously if you need to access the cash you won’t get the bonus. It’s also worth comparing six month fix rates to see if these will earn you more in that period (though don’t forget to factor in the bonus).

At the moment the offer ends 1 July 2024 but could be extended.

The account, which is held with ClearBank, also pays an interest rate of 4.84%

Santander Edge Saver: Up to £20 cashback

The Santander Edge Saver currently pays 7% on up to £4,000 – but to get it you need to have a Santander Edge current account.

If you apply for the Santander Edge account via cashback sites Quidco or TopCashback there’s often an extra you can earn on top, normally between £10 and £20 (the amount varies).

If you’re not already a customer of either site then make sure you sign up for a welcome offer first, worth up to £17 – though this can’t be used in conjunction with the Santander offer so you’ll need to make a purchase elsewhere first.

Hargreaves Lansdown: £25 ISA welcome offer (ended)

New and existing customers of Active Savings account via Hargreaves Lansdown can get a £25 bonus by saving £10,000 in an ISA.

You need to open up a new Cash ISA and add £10,000 via debit card (which means transfers won’t count). You also then need to also open an Active Savings Account by 24 October 2025.

Existing HL customers cannot already have a Cash ISA with the provider.

The terms and conditions don’t state you have to keep the money in the ISA for any length of time, though to be safe it makes sense to keep it there until 24 October.

You can open any type of Cash ISA, whether easy access, notice or fixed. Remember before 6 April 2024 you can only pay new money into one Cash ISA in the financial year. But from 6 April you can open up and pay into more than one.

The offer ends 25 April 2024 and you must keep the account open until 25 October 2024, when the bonus will be added to you cash savings account (not the ISA).

Moneybox: £25 ISA bonus (ended)

Open up a new Cash or Stocks and Shares ISA via the Moneybox app and you could get a £25 bonus.

You’ll need to open the account and add £500 to it before the end of January to be eligible. You can either add new money or transfer over an existing one.

Since you can have one Cash ISA and one Stocks and Shares ISA in a financial year you could potentially open up both accounts and get £50 back. However, if you’ve already paid into an alternative ISA at a different provider since April 6 2023 you can’t add money to a new one. Here’s more on how ISAs work.

You’ll get your bonus after 30 days of completing the transfer/adding the money. You must keep your money in the account for the full 30 days.

The Cash ISA currently pays 5.09% though it’s a limited access account.

Ends 31 January 2024.

Monzo: £5 welcome bonus (expired)

New users of digital bank Monzo can get £5 credited to their account if they sign up via a refer-a-friend link (use the link here, ask around or look online) and make a card payment in 30 days. Make sure the landing page when you follow a link explicitly says you’ll earn £5.

Here’s my full review of the bank.

Kroo: Up to £30 welcome cashback (expired)

If you sign up for the new banking app Kroo via TopCashback there’s currently £20 on offer (potentially £21 for TopCashback Plus members) You’ll need to add £50 to the account.

And this special offer here for new TopCashback customers will net you another £10 on top. Make sure you use this link and not another welcome deal as there’s no requirement to spend £10 to get this. This extra offer is due to end 28 February 2023.

From 1 February 2023 the Kroo current account offers a 3.03% interest rate

Existing customer offers

Chip: Up to £200 bonus for new & existing customers (expired)

Until midnight Monday 21 August 2023 new and existing Chip customers can get a bonus if they add new money to their account and keep it there for six months.

The size of the bonus is dependent on how much you deposit, and you can only get one of the offers.

  • £20 bonus when you deposit between £5,000 and £9,999 and enter the code WEALTH5K
  • £30 bonus when you deposit between £10,000 and £14,999 and enter the code WEALTH10K
  • £40 bonus when you deposit between £15,000 and £19,999 and enter the code WEALTH15K
  • £50 bonus when you deposit between £20,000 and £84,999 and enter the code WEALTH20K
  • £200 bonus when you deposit more than £85,999 and enter the code WEALTH85K

You’ll need to enter the code in the Promos & Referrals section, which you’ll find if you hit Profile in the bottom row.

The money must be a new deposit, and you can’t withdraw existing cash and pay it back in. You can pay it into either the Instant Access account or the Prize Saver account.

Once in the account it must stay there for 180 days in order to get the bonus – that’s six months. Obviously if you need to access the cash before that time you won’t get the bonus.

A couple of things to consider. First, it’s worth comparing what you can get elsewhere. Chip’s Instant Access account currently pays 4.51%, whereas you can get 4.8% from Cynergy and 5% as a triple access account from Furniss Building Society.

And since the money is effectively locked away, you need to also look at the best six month fix rate is paying 5.52%. Here’s how it compares for interest amounts after six months:

AmountInterest on 6 month fix at 5.52%Interest on 5% triple accessInterest on 4.8% easy accessInterest on Chip’s 4.51% + bonus
£5,000£139£126£121£113 + £20 = £133
£20,000£558£505£484£455 + £50 = £505
£85,000£2,373£2,147£2,060£1,934 + £200 = £2,134

Of course, the rate on Chip’s account could change in that time, but it’d take a lot to make up the difference to the fixed account. And if you leave your money in longer than six months in the easy access any gains will soon disappear.

The other issue is tax. The bonus is a reward rather than interest, so it’s not part of your personal savings allowance. But even then, it’s still likely you’ll be better off with a higher paying account.

Full terms and conditions here.

4 thoughts on “Savings account special offers

  1. To save anyone checking it out in detail, the current Hargeaves Lansdown offer is pretty poor. A £25 bonus on £10,000 equates to only 0.25%. Currently, their best rate is 4.65% for an ISA with Zopa. Since Zopa are themselves currently offering 5.08% it’s difficult to find any benefit in the Hargreaves Lansdown incentive

  2. There isn’t a £25 bonus for opening a Moneybox ISA of either type depositing £500. Or any amount (18/01/2024, Android App).

  3. Hi Andy,
    You refer above to the Chip offer ending three weeks ago, but may be extended. Have they extended it?

  4. Richard Wheatley August 18, 2023 at 9:39 am

    The 6-month comparisons above are incorrect as they show the interest earned after 1 year and not 6 months.
    With all of Chip’s 6-ninth bonuses, Chip @4.51% plus 6-month bonus would beat Cynergy @ 4.8%, but not the best 6-month fix of 5.52%.

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