Savings account offers and sign-up bonuses that boost your return above the standard rate
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 on the best easy-access savings accounts.
Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.
Best new customer offers
iFast: up to £500 bonus
iFast is offering customers a bonus of up to £500 for adding new funds to a fixed rate cash ISA. The bonus you’ll get will depend on how much you save:
- If you save between £20,000 and £84,999, you’ll get £100 cashback
- If you save between £85,000 and £99,999, you’ll get £250 cashback
- If you save £100,000 or more, you’ll get £500 cashback
You need to save into a fixed rate cash ISA to get the bonus. iFast pays 4.2% on its 12 month fixed ISA, which, if you deposit £20,000, would get you £100 in cashback. This gives you an effective rate of 4.7%.
The new funds can be achieved with either a transfer or a deposit.
Raisin: £150 welcome bonus
New Raisin customers can get a welcome bonus of £150. To get it, you need to register for a Raisin UK account using the code SUMMER150, open a fixed rate bond with a term of 2 years or longer and deposit a minimum of £15,000 by 27 August 2026.
The best paying 2 year account on the Raisin website is 4.7%. If you deposit £15,000, you’ll get a £150 bonus, so your effective APR would be 5.2% over two years.
The offer is only for new customers and terms and conditions apply.
Santander: up to £400 in hotel vouchers for transferring your ISA
Santander is offering hotel vouchers in exchange for transferring your ISA. It’s launched a range of new fixed rate accounts, and if you make a transfer of £25,000 or more, you can get vouchers that can be used at over 1.5 million hotels worldwide.
The accounts include:
- 1 year fixed rate ISA: 4.50% AER fixed
- 2 year fixed rate ISA: 4.50% AER fixed
- 3 year fixed rate ISA: 4.65% AER fixed
- 5 year fixed rate ISA: 4.70% AER fixed
If you transfer between £25,000 and £49,999.99, you’ll get a £200 voucher. If you transfer £50,000 or more, you’ll get two £200 vouchers.
There’s not currently an end date for the offer, but it can be withdrawn at any time.
Chase: 4.5% savings account for new customers
New Chase customers can get a 4.5% savings account for 12 months, including a boost of 2% for 12 months.
The new 5% rate is open to new customers that sign up for Chase and open the savings account within 31 days. It’s made up of a 2.25% boost and a variable 2.5% rate (this tracks the base rate so will fall if the Bank of England make cuts).
There’s no minimum balance but there’s a maximum of £3m. If you save £10,000, you’ll earn £500 interest in a year.
How does it compare? Right now, the best easy-access account is also 5% with Cahoot, but only for a maximum of £3,000, so this is a good easy-access option if you’ve got more to save.
Get the best of our money saving content every week, straight to your inbox
Plus, new Quidco customers get a high paying £18 welcome offer
Cahoot: £25 cashback & 5%
Apply for the 5% paying Sunny Day Saver from Cahoot via TopCashback and you can get a £25 bonus.
Seeing as you can only save a maximum of £3,000 for a year on this account, that works out as an extra 0.83% boost. If you save less, then the effective boost is even higher.
Plus if you’ve never used TopCashback before, don’t forget there’s a £20 welcome bonus via our link. You’ll need to spend £10 at a different retailer to trigger this, but that should be easy to do.
Snoop: 4% savings and £5 Amazon Voucher
Snoop is an app to help you track your spending. It also analyses your bank data to suggest ways you can save money. Right now, it’s offering an easy access savings account for 4% and there’s an offer to get a £5 Amazon voucher.
You must go via the link below for the offer to track.
Once you’ve downloaded the app and signed up you need to connect a bank or credit card account and stay connected until the end of the following month. Do this and the voucher will be sent.
Featured investing offer
Customer rating
3.8/5
- 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)
How to work out if a savings offer is worth it
A cash sign-up bonus or boosted rate can look very attractive, but it’s not always the best deal available. Here’s how to compare properly:
Compare the total return, not just the bonus
A £50 sign-up bonus on a £10,000 deposit works out at 0.5%. If you can find an account paying 0.75% more in annual interest with no bonus, you’ll earn more overall. Calculate the total return – interest plus any bonus – over the period you plan to save, and compare that to the best standard rate available. Where possible, we try to calculate the “effective” return over a year to help you compare, especially in our savings tables.
Check the conditions
Most sign-up offers come with conditions, such as a minimum deposit, a minimum holding period, or the requirement to do something specific such as setting up a direct debit. Make sure you understand what’s required before opening the account, and that you can meet the conditions without disrupting your finances.
Watch out for short introductory rates
Some offers feature a boosted interest rate for the first few months, which then drops to a lower standard rate. Make a note of when the introductory period ends and set a reminder to compare rates again at that point or you’ll end up stuck on a below-average rate without realising it. If you’re locked in for a year and the bonus ends after 6 months, the actual rate over a year will be different to what’s advertised.
Check FSCS protection
Whether you’re chasing a bonus or not, always make sure any savings account you open is protected by the FSCS protection of up to £120,000 per person per banking licence.
Frequently Asked Questions
What is a savings account sign-up offer?
A savings account sign-up offer is a cash bonus or boosted interest rate that a provider gives you when you open a new account. Sometimes, you can get vouchers instead of cash.
They’re used to attract new customers and can significantly boost your return, but they often come with conditions such as a minimum deposit or holding period.
Are savings account sign-up bonuses worth it?
They can be, but you need to check the maths. A sign-up bonus only makes sense if the total return is higher than what you’d earn in the best standard account. Always compare the full annual return, not just the headline bonus amount.
Do I have to pay tax on savings account bonuses?
Usually yes, cash sign-up bonuses from savings accounts are generally treated as savings income and count towards your Personal Savings Allowance (£1,000 for basic rate taxpayers, £500 for higher rate taxpayers). If the bonus tips you over your allowance, you may need to declare it on a self assessment tax return.
Expert thoughts on savings account offers from Be Clever With Your Cash
Sign-up offers can be a great way to earn a bit extra on your savings, but they’re often more marketing than substance. The most important thing is to compare the total return – add the bonus to the interest you’d earn over the year and check that against the best standard rate you can find.
The ones to be most careful about are accounts with a boosted introductory rate that drops after a few months. It’s easy to open the account for the headline rate and then forget to check what happens when the bonus period ends. Setting a calendar reminder for when any introductory period expires is a simple habit that can save you money every year.
The Raisin offer with GB Bank is no longer working. I get a “Deposit opening order limit reached for the product” message when trying to open the GB Bank account via the Raisin app. Sounds like they’re oversubscribed.
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
There isn’t a £25 bonus for opening a Moneybox ISA of either type depositing £500. Or any amount (18/01/2024, Android App).
Hi Andy,
You refer above to the Chip offer ending three weeks ago, but may be extended. Have they extended it?
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%.