Be Clever With Your Cash is eight!

The highlights for me and the blog over the last 12 months.

As has now become tradition, I use Be Clever With Your Cash’s birthday as a chance to share with you the good and the bad from the last year.

I rarely write about “blogging” itself or the challenges of running my own business, so also it’s a good opportunity for me to reflect on how things have gone and give you a bit of an insight into what happens behind the scenes.

Plus, I’d really appreciate it if you can fill in my annual survey so I can get your feedback on everything I do.  You’ll also be in with the chance of winning a £25 John Lewis voucher or an hour long video chat with me.

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.

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A design for life (well, the next few years)

The biggest change, and the biggest success, was a complete redesign of the site last May. The main purpose was to get everything faster and easier to navigate, but I also wanted to push “me” much more as part of the brand.

I think it’s largely responsible for a massive growth in traffic to the site. The last 12 months have been the biggest yet for my site, with just under three million views in the year (up from 1.8 the year before). It also surpassing 10 million in total and welcoming the seven millionth visitor since launch.

But it wasn’t easy! I can confidently say the whole design and build process and then updating all the content was the hardest I’ve ever worked in my life. At one point I worked really long hours for 21 days straight, getting everything ready for the relaunch.

This was the first time I’ve invested financially in the business. I’ve done everything myself before, but it was finally time to pay someone else to do some of the work, with a designer and web developer helping me shape my ideas into what you see now.

Part of being clever with my cash has always been to reduce spending, so I actually found this quite hard. But it was a good lesson for me that sometimes it’s better to shell out than make compromises.

Becoming a “YouTuber”

I’m not at all comfortable with the term “Influencer” (in my mind it feels too connected to paid endorsements, something I’ll never do.) As a result, I’ve felt I’ve lost some ground on social media platforms in the last few years.

However, though most of my time still goes on content for this site, I’m really starting to see the benefits of my YouTube channel.. Perhaps it’s because of the real-time interaction and feedback I get from viewers. The semi-weekly live Q&As have been amazing and a great way to engage with you all. And in the last 12 months, there’s been fantastic growth.

This time last year I had 7,000 subscribers and 400,000 views. As of today the channel is just shy of 26,000 subs and reached 2 million total views at the start of the week. The last month in particular has had as many views as the blog!

So I guess I’m now a “YouTuber”, as well as blogger and journalist. This term really impressed my niece at the weekend, so it’s worth it just for that.

If you haven’t already, please do subscribe, and hit the thumbs up button or comment on any videos you watch – it all helps.

Starting a weekly column

I don’t have much time available for freelance work, but when the chance came along in September to start a new personal finance column for the Metro newspaper I jumped at it. It can be quite hard to think of a new topic every week seven days before it’ll be published and still be topical, but I’m enjoying this.

I got over my imposter syndrome a few years ago (mostly), but having my thoughts and advice printed in a national newspaper every week has cemented in my mind that I am a proper journalist!

Refocusing what success means

Long time readers might remember I presented a Channel 5 show called Shop Smart Save Money in 2018 and 2019. As someone who spent a decade working for the BBC, this type of work felt like the pinnacle of where I could go. I was hungry for more.

Though I was due to film some more programmes in 2020 before the pandemic hit, they didn’t go ahead, and I’ve not had any other projects get greenlit either. I didn’t even get invited to a daily Channel 4 show which is filmed 30 minutes away!

I struggled with this initially. If TV was the top of the game as far as my career was concerned, had I reached my peak a few years ago? That was my thought the more and more I saw others picked for short TV spots and longer series.

But the time I would have spent on those projects was suddenly free, allowing me to put everything, five days a week (sometimes more) into my own channels.

The resulting success of the blog, YouTube channel and my Cash Chats podcast in the last year has helped me realise I can keep growing my own content and reaching more and more people, and do it on my terms!

Elsewhere, while I know awards don’t make a huge amount of real difference, when you’re working for yourself it’s nice to get acknowledgment from your peers for your efforts! I picked up Best Personal Finance Blog and Best Money Podcast at the UK Money Blogger awards earlier this month, and my podcast was recognised at Headlinemoney as a finalist in the Broadcast Journalist of the Year category (the only independent finalist, up against the BBC and FT). I’ll take that!

My annual survey: Win a video session with me or a £25 voucher

It’s so important to me that any content I produce for you is what you actually want to read, hear or watch. So please do take a few minutes to answer this short survey. 

If you also enter your email address at the end of the form you’ll also be in with a shot of winning a £25 John Lewis voucher or an hour-long video chat with me. This prize draw ends 30 March 2022 and one response will be randomly selected and asked whether they want the voucher or money chat. Open to UK followers only.

Our podcast

Listen to Cash Chats, our award-winning podcast, presented by Steve Alderton and Editor James Andrews.

Episodes every Monday.

Multiple bank switching bonuses: How to nab up to £990

Move your bank account for free cash, then move it again, and again…

I’m a serial bank switcher, having completed 15 separate switches since 2013 when it became a lot easier to go from one bank to another.

The banks have tried all sorts of different things to get you to change to them. From cashback on bills through to high interest on savings, there’s no reason for you to stick with a single bank if it’s not doing anything for you.

But the incentive that’s worked the best is the cash bonus. At one point or another in the last nine years, all the major banks have given away anything from £50 to £200 just by getting you to open an account with them – and importantly close your old account.

Here’s which banks are offering money right now and how you can combine multiple switches to get even more free cash.

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.

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You can either watch these two videos explaining the latest offers or keep reading.

February switching offers:

Head over to my YouTube channel to comment and like

March’s additional switching offers:

Before you switch

Bank switching basics

Bank switching isn’t something you should be scared of. All your payments in and out will be moved over – including future ones. And there’s a guarantee which means you’ll get compensation if things go wrong. There’s more on how bank switching works.

Existing and previous customers

Though all accounts are open to new customers for each bank, some of the switching bonuses are also available to either existing or previous customers. You can even get a bonus for a second time, as I did with Halifax a few years ago.

However there will be criteria here you need to check. For example, there could be a cut off date for when you closed the previous account or for when you previously received a bonus. So check the terms and conditions.

The impact on your credit report

Each application will also require a credit check. There’s no soft check here, though the chances of rejection are low for this type of thing.

However, multiple checks in a short period will hit your score. As will moving away from a bank you’ve been with for a long time – credit reference agencies like stability.

These aren’t much of a problem for most people – especially when you think people often change broadband and energy suppliers at the same time when they move house.

But if you are planning to apply for a loan, credit card, mortgage or other credit-dependent forms of borrowing then you might want to wait until that’s sorted. Here’s more detail on the impact when you switch.

Which banks have switching offers?

Right now there are six main offers, with up to £150 available from Santander, Lloyds, NatWest (or RBS, not both), First Direct, Virgin Money and Nationwide. In fact it’s possible to get two lots of cash from the latter, so technically there are seven everyone has the chance to get.

There’s also a deal from Co-op, though you need to know an existing Co-op Bank customer to refer you, and one from Barclays, though this is limited to Premium customers. I’ve not included those in this article for those reasons.

I’ve written a full analysis of each of the main offers available right now, so do read these to check you are eligible

(A quick aside here: It’s the better-off who will likely benefit from these incentives and that to fund them it’s the poorer customers in overdrafts who lose out. So it’s not exactly fair).

How to get up to £990 from switching bonuses

Getting cash for one switching deal is great. Getting money from more than one is even better! And if you are eligible for more than one offer there’s no reason why you can’t get them.

Technically it should be possible to keep switching the same account to get three of the bonuses, but you’ll need an extra account or two to switch to get all six incentives.

If you don’t already have a spare account, I’d recommend opening one just for switching – you could quickly get a Monzo and / or Starling for this purpose.

Bear in mind too that though most of the offers have a while to run, they can end early, and some don’t have any end date published so could go at any time.

Switch one, two and three

The fastest deals are from Lloyds, Nationwide, First Direct and Virgin Money. I’d prioritise Lloyds as we know when this ends, then either Nationwide or First Direct.

Make sure you’ve met all the criteria needed for the switches on day one so you can complete the switch as fast as possible.

Combined these will be worth up to £425 and you could potentially have the cash within 68 days.

BankAmountEarliest you’ll get the cashEnd date
Lloyds£1503 days after you switch (10 total)21 March 2022
Nationwide£100 or £12510 days after you switch (20 total)N/A
First Direct£15028 days after meeting criteria (38 total)N/A

Switch four

Once you’ve got those three, you can look at either Santander or NatWest/RBS. Since the RBS offer runs for a few weeks more than NatWest it’s probably the best one for stacking multiple switches.

Another reason to favour NatWest/RBS is we know when this will end – mid-April. Though the Santander one could go at any time, it could also still be running in late June, meaning you could switch again from the RBS account.

However it will probably be too tight to get the First Direct money in after Lloyds and Nationwide and hit the 21 April date unless any of the banks pay you earlier.

I think both the RBS/NatWest Reward and Santander 123 Lite accounts are worth keeping hold of thanks to monthly rewards/cashback, but you can always switch them again for other deals that might appear.

Complete one of these on top of the other three switches and you’ll be up £565 to £575 by the summer.

BankAmountEarliest you’ll get the cashEnd date
RBS£15024 June 202221 April 2022
Santander£14060 to 90 days after starting the switchN/A

Extra switches

If you have extra accounts you can switch for the other account from this choice as you’re not restricted by the payout time.

We don’t know when the Santander deal will end, so it could be gone by the time you’ve completed the other switches. If you’re worried about that then it makes sense to start that switch earlier, and use NatWest for the third consecutive switch.

There’s also that Virgin Money switch. Since the 3% bonus on interest isn’t paid until June 2023 this isn’t one to switch away from straight away.

Finally if you have a joint account on top of your personal accounts, you can get another £125 by switching that into an extra Nationwide account.

If you do all of these along with the three switches above, then it’s a total of £840 in cash incentives, £50 in interest and a £100 voucher, adding up to £950!

BankAmountEarliest you’ll get the cashEnd date
NatWest£1509 June 20227 April 2022
Santander£14060 to 90 days after starting the switchN/A
Virgin Money£100 voucher + 5% interest14 days after completing the switchJune 2023
Nationwide (Joint)£12510 days after meeting criteriaN/A

Are there more to come?

I don’t have a crystal ball, but I think there will be more. Halifax and Lloyds are yet to run an offer in 2022, so keep an eye out for them.

HSBC is rarely away from the market, and Halifax usually follows Lloyds – however these you can’t get cash from the former if you’ve taken advantage of the First Direct offer.

Every time there’s a new promotion, we list it in our constantly updated list of all the different offers and incentives you can get from banks – not just switching bonuses. So check that out for any updates!

How to keep your old phone number when you switch mobile networks

Save money without changing your digits.

I’ve been a fan of switching mobile networks for a long time now. Though most major networks are charging a fortune for your calls, texts and data, you can pay a fraction every month for the same service at one of the many challenger brands.

I know a lot of people get put off doing this because of two things. One, they worry about reception. And two, they don’t want to change their number. Neither of these is going to be a problem.

Once you’ve found a new network (that might even offer the exact same signal as your existing one), then it’s time to request your Port Authorisation Code, aka PAC. Here’s how to get it and what to do.

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.

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How to switch and keep your number

A few years ago new rules were introduced to make getting a PAC really easy, and bypass the dreaded customer service agent who would take forever to issue you the code.

Now to get your PAC you now just need to text ‘PAC’ to your old network via the number 65075. It’s the same whichever network you are with. You’ll then get sent your code within a minute. Though I’m not switching I gave this a try, and I was also required to include my date of birth.

You then need to give this number to your new mobile provider. The code is valid for 30-days. Your new network will then sort out everything and move your number over within one working day.

In practice, this means you will start the day on your old network, and at some point that’ll go dead. That’s when you need to swap your SIM card over, which will now be working on your existing number. 

So don’t submit your PAC on a Friday as you’ll have to wait until Monday or even Tuesday for the change to happen. I also make sure I’m not out and about or expecting any important calls.

Why you might not want to use this method

So this method certainly makes it much easier. Not only is it quicker, but you avoid having to listen to increasingly desperate sales teams trying to stop you from switching away. I know people who will be incredibly grateful for this as they hate those conversations.

But for me, those calls are the reason I was able to cut my monthly bill without switching away. I now pay just £8 a month for 12GB of data with Three, rather than the standard price of £12.

Each time I’ve called up Three to get a PAC having found a cheaper deal elsewhere, they’ve come back with a huge saving. And four out of five times I’ve taken the deal. So it really can pay to go through the pain of a 20-minute chat (they really can be painful) for some substantial savings. In fact, maybe try live text chat instead so you can do something else at the same time!

My main tip if you do choose to haggle is not to take the first offer. They need to beat or at least match what you can get elsewhere. So do some research before calling, and do take into account extras you might get.

Of course, even with a text message PAC request there’s nothing to stop your old network calling up and trying to get you to change your mind, so if you really don’t want to make that initial call you could always give that a go.

Things to bear in mind when requesting a PAC

You can get the PAC before you open a new contract

Just because you ask for a PAC, whether by text or in a phone call, you don’t have to use it. And it’s valid for 30 days. So it’s probably worth calling up and asking for your PAC to see what deal you are offered before opening up a new contract elsewhere.

You’ll get charged to switch if you’re in contract

If you are in the middle of a contract when you try to move networks it’s likely you’ll get charged for however much time you’ve got left, so it’s probably worth waiting until your contract is due to end. You can text ‘INFO’ to 85075 to find out what this cost will be.

You don’t have to have a new number

If you want to switch networks and start again – but still close down the old account at the same time – then you can text STAC to 75075.

Why switching network can save you money

You really can save money either by switching to a cheaper network or haggling on your current price. I’ve written about this a few times, so I’ll let you read more about “virtual” providers out there offering cheaper tariffs with the same signals as the main networks.

Tricks to help your freezer save you money

I love my freezer for one simple reason. It saves me money. Lots of money. It’s probably the biggest money saver in my kitchen – even when you factor in the upfront cost, running cost and even buying things like freezer bags.

So here’s why you should be thinking more about what you put in your freezer, and some tricks that’ll not just save you cash but make your life a little easier too.

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.

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Five ways a freezer can save you money

You can snap up reduced food and special offers

I rarely buy any fresh food at full price. Instead I take advantage of the reduced shelves or special offers to stock up and store in my freezer. This is a big money saver. Say between the two of us we’re using four packs of fish or meat each week. If I’m saving on average £10 a week on those purchases, that’s easily £500 saved over 12 months.

I think this is a pretty conservative estimate. And that’s just fish and meat. Add in bread, veg, leftovers, cakes… you can probably freeze the bulk of the food you buy. So make sure you’re not just filling it with ready meals!

You can find lower prices

There are some things you can get cheaper already frozen. Things like frozen berries or fillets of fish. They might also ultimately be fresher as they are frozen at the source. Here’s an interesting article about what to look for with frozen fish.

You’ll cut down on food waste

The average UK household throws away £1,000 worth of edible food every year. Not all of this can be saved by using your freezer, but a huge chunk of it can. So whether that’s freezing leftovers after cooking or fresh ingredients before they go off, it’s a decent amount of money back in your pocket.

You’ll have emergency supplies

Though some people took stockpiling too far in the early days of the Coronavirus pandemic, it does make sense to have some emergency supplies at home – and the freezer is a perfect way to have certain food available if you can’t get to the shops.

And we’ve all had times when we’re short of a vital ingredient, which often then results in a trip to an expensive corner shop or giving up and getting a takeaway. Which costs more money. To avoid this you can freeze things like portions of cheese, herbs, wine, butter, milk… ready to throw into your pot.

I always like to have some food that can be cooked from frozen – and if you’ve bought that on offer or reduced even better.

You can protect yourself against price increases

If you’re worried about inflation pushing prices up even higher than they are now, then stocking up essentials in the freezer is a way to avoid paying more.

Freezing rules

Freezing food is pretty simple, but here are a handful of simple rules so you’re not wasting cash.

What foods you can freeze

It turns out you can freeze most things, I’ve listed a few exceptions further down the page. But I’ve shared some of the more unexpected that even the waste-conscious of you might not be aware of.

Leftovers – I’m putting this at the top as I’m always surprised how many people throw out portions of perfectly good grub if they’ve cooked too much. So if you’re not going to eat it for another meal, there’s a good chance you can freeze it – as long as it hasn’t been cooked from frozen in the first place.

Hard cheeses – The advice is to grate it before freezing, or at least chop into small chunks. This not only helps avoid a change to the texture but also makes it easier to use in dishes or throwing on the top of meals.

Butter and margarine – A good one if you find a haul that’s been reduced. It’s best to put any blocks in a freezer bag. Salted butter will last longer than unsalted.

Milk – Semi-skimmed and skimmed milk apparently are best for freezing. It helps to take a little out of the bottle so there’s room for the milk to expand. I’ve also read you need to leave it to thaw for two or three days, and then it’s best to use for cooking rather than drinking. So practically I think you’re probably better off buying it fresh.

Eggs – It doesn’t happen too often but I find recipes which require a yolk or a white but not both really frustrating. The unused part normally ends up in the bin. But according to this website, you can freeze both yolks or whites – perfect for the next recipe that requires one or the other.  You can also freeze beaten eggs.

Cakes – I don’t know why this wasn’t obvious, but I only started freezing leftover or reduced portions of cakes five or six years ago. Some types of frosting/topping might not freeze well though.

Pizza – If you’ve made your own pizzas, you’ll know they’re so much better than frozen ones. But the latter can be really convenient. Well, you can get the best of both. Whether you’re using a ready-made base or one of your own, prepare it as usual, top it, then cover it in clingfilm before freezing. AND you can cook it straight out of the freezer.

Pasta – I’ve read a few mixed things here so it might be one to try next time you have leftovers. But in theory, though the texture won’t be as good as when you first cooked it, it’s fine to bag up a portion of pasta and sauce. If you know you’re going to freeze some, then it’s better to remove some from the pan when it’s al dente.

Vegetables – It helps to parboil veg then immediately put them in ice water before freezing. You can then boil or roast them straight from the freezer.

Herbs – Whenever we get fresh herbs from the supermarket there are always too many, so we freeze the leftovers. These tend to be fine for cooking with later, though you wouldn’t want to use them for salads. We tend to put the packs in an airtight container, but I’ve read that you can also chop the herbs up and put them in a little water in an ice cube tray.

Garlic – Just put the cloves in a freezer bag. It obviously helps to separate them first.

Bananas – Ever since the TV show Arrested Development featured the frozen banana stand, I’ve experimented with freezing my own. My number one tip is to take the skin off! You can blend frozen ones into a nice dessert, not too dissimilar to ice cream or you can chop them and dip in chocolate before freezing for bite-size snacks.

Grapes, lemons and limes – Put a frozen grape or slice of lime (chop it before freezing) in a glass and you’ve got a great alternative to ice.

Wine – If you’ve got a bit of a bottle left, rather than chuck it out, you can freeze it. Then it’s there to use for cooking when you need it. Ice cube trays are a good way to portion out what you have left.

What you can’t freeze

These are the most common items I found which people advise you not to freeze. Though, with the exception of whole eggs you can potentially cook with most of the items.

Salad – Avoid high water content fruit and veg like tomatoes, cucumber and lettuce.

Eggs – Raw or hardboiled eggs are a no-no unless you take them out of the shell.

Yogurts and creams – On the whole, the advice is you can’t freeze things like this as they’ll split. So this includes cream and cream based sauce, soft cheeses such as cottage cheese or cream cheese, yogurts, sour cream,  and mayonnaise. However I did read a few sites which said you could freeze the odd exception, such as full-fat cream cheese. 

Soft cheese – These too won’t survive the freezing process in a way that makes them edible.

Cooked rice – Apparently just not very nice at all.

Fried food – You’ll lose the crisp and crunch of fried food when freezing it, so it’s probably not worth it!

Meringue and egg white based frosting – Best to avoid.

Galatine based – Jelly won’t freeze! So along with cream and custard, it means you really do have to eat all of the trifle.

Defrosted meat – You know this one right? If you’ve frozen raw meat or fish, and defrosted it, you can only freeze it again if you’ve then cooked it.

When to freeze food

Anything that’s fresh should go in the freezer before the use-by date (you can read more on the different dates on packs here). Of course, if it’s looking or smelling a bit dodgy then it’s best to bin it.

If you’re freezing leftovers or are pre-cooking meals to freeze make sure it’s cooled down first.

If you can, put it in the coldest draw so it freezes faster. If you’re adding a huge haul then put the freezer on fast-freeze (just remember to switch it back to no

How long to freeze food for

The guidance seems to be to read the packaging and go with the advice there. If there’s nothing on the pack then it’s best to search online. I wanted to share a simple list but the three most comprehensive ones I found all contradicted each other! Even so, if something’s been lurking in there for around nine months to a year, it’s best to eat it or bin it.

Make sure you rotate the contents of your freezer, especially if you have a large chest freezer, so you’re using the oldest stuff first. A list helps too. I keep in on the notes app on my phone and update it when I shop or use something.

How to defrost frozen food

Meat and fish should be defrosted in the fridge, ideally overnight, though I’ve seen some articles say it’s ok to use the defrost function on a microwave. Either way, make sure you put it on a plate and covered to prevent cross-contamination and check it’s fully defrosted before cooking.

You can also cook lots of items straight from frozen, including some I didn’t realise like sausages. You can even make your own pizzas to freeze. Just top the bases as normal and cover in clingfilm. Then whack it straight in the oven when you want it.

Freezing hacks

Now you know the rules, it’s time to use some of these tricks. They’ll save space so you can store more and help you avoid further waste.

Take food out of packets

The more reduced food and leftovers you can get in your freezer the more money you’ll save. But if you overstuff your freezer it can force the motor to work harder – increasing the chances of it breaking down.

So it makes sense to utilise the space as best you can, and one of the best ways is to cut down unnecessary packaging. Though some supermarkets are getting better at reducing the size of plastic trays or removing them completely, not all are. So move your mince and anything else that could take up less space.

Make sure you put it in airtight containers or bags to avoid freezer burn. If you’re using bags, squeeze out as much air as you can, and seal with a twist-tie.

Separate before freezing

This is a good trick to ensure you’re taking out only what you need, not the full pack. 

Take fruit for example. Freeze a pack and it’s one giant mass of berries. Instead put them on a baking tray on some baking paper in the draw to freeze. The berries will all freeze separately so when you combine them into a bag the won’t join together.

You can do something similar for things like raw chicken breasts. Wrap them individually in clingfilm and put into a bigger freezer bag. For cooked items, like slices of ham, you can put pieces of baking paper in between.

When you freeze leftovers, try to keep it as square as possible to help stack them in the freezer. I’m going to start putting things like a bag of chili into a square box. Once it’s frozen I should be able to take the bag out of the box, which I can use again for the next portion. 

Label it

This is really important. Of course you want to know what’s in the pack, but don’t forget quantities, the date it’s frozen and cooking instructions. You can write this on with a sharpie marker pen, or tear off the label from the packaging. 

Pre-prepare

You can also make your life easier, and use up random leftovers, by chopping them up ready to use. This is good for things like herbs and onion – just make the latter is sealed tight to stop the smell. Cheese can be frozen grated too so you can sprinkle it onto hot dishes straight from the draw.

You can also save time by increasing how much you cook when you prepare a meal. So last night rather than making chili with one pack of mince, I made it with two (bought on special offer). This means I’ve got a few extra portions to throw in the freezer. And later this week I’m going to poach some (reduced) chicken breasts and shred them before freezing, great for quick tacos at a later date.

Monzo Plus review

After a failed attempt to offer a premium account last year, Monzo has brought back a new look Plus version of the smartphone bank account.

I really like Monzo, especially the way it can help you budget and track your spending. If I used a bank account in that way then I would probably use Monzo.

It’s done really well too. From the early days with evangelical and mainly millennial customers, there are now more than 4 million users. However, they’re not all using it as their main account – which means Monzo doesn’t make much money (if any).

So to get some cash through the doors, it’s offering a premium Monzo Plus account. This is the second try after users rejected a version in 2019, which was axed after five months.

This version of Monzo Plus comes from a different approach. Instead of free insurances, there are improved versions of the already popular features. Here’s what you’ll get and what I think of it.

Rather watch than read? Here’s my review from my YouTube channel.

Found the video useful? Please click through and “like” the video.

How much is Monzo Plus

You’ll pay £5 a month for Monzo Plus, so £60 a year. You can change your mind in the first 14-days, but after that there’s a three-month minimum before you can trade back to the standard account.

The standard Monzo remains free to use (here’s my review).

What you get with Monzo Plus

Here’s what your extra payment will get you and my thoughts on each one.

1% Interest on savings

This is a variable rate on your saving so it could drop at any time. It’s also only on the first £2,000 you have in your account, though it will count across your pots and main balance.

This isn’t great. While you can beat this rate elsewhere you may as well put your money in one of those accounts.

Virtual debit cards

You can have up to five virtual cards on top of your physical debit card. These will have unique details to use online.

This is a great idea in terms of helping stay safe online. If your details are hacked you can quickly close down that card, and not have to change details at every site you use.

Similarly if you lose your physical card you won’t have to amend payments for subscriptions. It’d handy too if you’re paying for something on a site which you’re not 100% sure about.

Of course, you can just get a separate card to use online if you want. And Monese will give free customers one additional virtual card. But it’s a nice idea.

Improved budgeting features

You can already track spending in the standard Monzo account, but with Plus you have the ability to create custom categories and split single transactions into more than one group.

This is a nice to have feature, as is the ability to export all your transactions to Google Sheets. Though I’m not sure many will actually do this!

Boosted auto-savings

You’ll also be able to increase how much spare change goes into your savings pot with the roundup feature.  So if you spent £2.80 with a normal Monzo account you could activate a feature where 20p was automatically saved. With Plus you can increase that by a multiple of two, five or ten. So more money is saved.

But there are other smart fintech apps out there which help you automate your savings more aggressively – and importantly they’ll do that when you aren’t spending too.

View non-Monzo banks

As you can with a number of banks now, Monzo Plus customers will be able to add other current accounts and credit cards to their Monzo dashboard.

The difference is some banks will let you move money between accounts within the Monzo app.

This feature will be common in Fintech thanks to Open Banking, so again, I don’t think it’s worth paying £5 a month for. And it’s not that hard to do it yourself between different banking apps either.

Increased overseas cash withdrawals

The normal Monzo account lets you take £200 out of cash machines abroad with no fees. With Plus you can take out £400.

That’s probably more than enough than you need, but it’s not a reason to get Monzo Plus. You can get unlimited withdrawals with Starling and Virgin Money for a start.

Track your credit report

You’ll be able to see your  TransUnion/Credit Kharma report within the app. Which is nice. 

But you can see this for free already, and it’s important to check your Experian and Equifax reports too (which you can also do for free).

A holographic card

As with other fintech brands, premium users will get a fancy card. For Monzo it’s “Holographic”. Personally I prefer the free “hot coral pink” that’s synonymous with Monzo. 

I really think anyone willing to pay £60 or more just to get a metal or different coloured card while also advocating a bank because it helps them budget is missing the point.

Pay cash in for free

You might think this is a weird one, but you actually have to pay a fee to deposit cash into a Monzo account. Well with Monzo Plus you can make one free deposit each month.

Of course, you can do that at most high street banks – and I think it’s always worth having one of these even if it’s not your main account.

Discounts

The special offers listed at launch are all ones you’ll get elsewhere, such as money off Hello Fresh or Naked Wines when you first sign up. A really pointless thing to promote.

Is Monzo Plus worth it?

No. It’s really not. Even if you already love Monzo, you won’t get anything here that’s worth the £60 annual fee.

Though everything is a nice extra, I wouldn’t pay for any of them. Especially when you can get most of these perks and features elsewhere for free.

Nothing stands out as that special.

But if you do want to get one you can upgrade in your app or via the Monzo website.

Alternatives to Monzo Plus

Here’s a quick list of guides and apps where I’d go to beat some of the Monzo Plus features

Monzo vs Starling vs Revolut

The free version of Monzo is great – but it might not be the best option for you from the different digital banks.

Here’s my comparison of the leaders in the online bank world – Monzo, Starling, Revolut and Monese.

What’s the best American Express cashback credit card?

I’m a big fan of Amex credit cards, especially the cashback ones, but which is best?

It’s easy to rant about a bad customer service experience or call out some dodgy dealings. But it’s a lot rarer that I can unequivocally rave about something positive.

Yet there is one company which I have hardly anything negative to say about – American Express. Or ‘Amex’ as it’s often known. Out of all the financial products I use, none compare for customer service. 

But of course, the main reason I’m a fan is the fact that I earn money back every time I use my card.

There are two American Express credit card which pay you in cashback – money back to your account rather than points to transfer.

They’re the Amex Platinum Cashback Credit Card and the Platinum Cashback Everyday Credit Card. On the whole they’re very similar. But there are key differences in the fee you pay (one charges, ones doesn’t) and how much cashback you earn.

You can watch my comparison video of the two cards here, or keep reading for a breakdown of which I think is best. First though, a quick rundown of how you earn money from the cards.

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.

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How you earn cashback

Cashback is earned in a few different ways, especially in the first year.

Referral bonus

When you first open the card you can either get a referral bonus from a friend who has the card, or sign up via a cashback site. This extra initial cashback is worth between £5 and £25 depending on the card and referral source.

Introductory cashback

When you first open a cashback card you can earn 5% cashback in the first three months. These introductory offers alone are pretty much unbeatable, though they are capped. You can make either £100 to £125 depending on the card.

If you’ve already got an Amex, American Express has been making it harder to earn these sign up bonuses. You have to have not had a reward/cashback Amex in your name for at least two years – though there is a work around to slightly reduce that time.

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Episodes every Monday.

Ongoing cashback

After your welcome bonus you can keep on earning cashback with every full pound you spend. Right now you can’t beat the cashback offered by American Express.

The rate is between 0.5% up to 1.25% back. The best you’ll get on everday spend on Visa and Mastercard is 0.25%.

Additional offers

Then there are the frequent “statement credit” offers. In the last few years I’ve claimed rewards (ranging from 5% to £20) from places like NOW TV, the restaurant Hawksmoor, Beer52 and hundreds more from the annual Shop Small promotion.

You activate these in the app or online account and they’re paid soon after purchase back into your account.

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When is American Express cashback paid?

You get the money from the welcome bonus, referral code (except from cashback sites) and ongoing cashback paid on the anniversary of opening the card. So you do have to wait 12 months to get it.

The best American Express credit cards in the UK

I think the two Platinum cashback credit cards are the best options for most, though you might want to checkout the rewards and points cards.

Platinum Cashback Credit Card

Cashback rates

  • Tiered cashback for every full £1 spent
    • 1% cashback on spending up to £10,000
    • 1.25% on spending over £10,001

Welcome offer

  • 5% cashback for first three months
    • Max of £125 in this time, which would require a £2,500 spend

Fee / minimum spend

  • £25 fee
  • No minimum spend

Referral bonus

  • £25 if referred by a friend (use my link here)
  • Or Quidco/Topcashback cashback: £20 (Quidco), £10 (TCB)

Platinum Cashback Everyday Credit Card

Cashback rates

  • Tiered cashback for every full £1 spent
    • 0.5% cashback on spending up to £5,000
    • 1% on spending over £5,001

Welcome offer

  • Intro offer: 5% cashback for first three months
    • Max of £100 this time, which would require a £2,000 spend

Fee / minimum spend

  • No fee
  • Minimum spend of £3,000 in a year to get the cashback

Referral bonus

  • £10 if referred by a friend
  • Or Quidco/Topcashback cashback: £5

Not used cashback sites Quidco or TopCashback before? Get a bonus of up to £17 here.

Which Platinum Cashback card is best?

Both are decent cards, but I think the one with the £25 fee is the best of the two Platinum cards. Despite the fee, you’ll make most of that back from a higher referral bonus, and you’ll earn more in the first year with the increased introductory offer and higher cashback rates.

If you choose to keep it for the second year then you’ll need to spend £5,000 over 12 months for it to break even with the Everyday card. Then if you spend more than £10,000 you jump up to 1.25% cashback, earning you even more.

So as long as you expect to spend at least £5,000 each year – which is £450 a month – it’s the best option as it has the potential to earn more.

Of course if you don’t think you’ll spend that much on the card but still want it for the introductory bonus and those extra offers you could look at the Everyday instead – but don’t forget you need to spend at least £3,000 a year to get any cashback with that card.

For further breakdowns check out these tables:

Year One

Rough spend and cashback figures by card in the first year with introductory offers.

Amex Platinum EverydayReferral bonusBonus 5%
(up to £2k in 3 months)
0.5%
(up to £5k)
1%
(over £5k)
Year 1 cashbackYear 1 cashback
after £0 fee
Monthly spendAnnual spend
£200.00£2,400.00*£10.00£30.00£9.00£0.00£49.00£49.00
£500.00£6,000.00£10.00£75.00£17.50£10.00£112.50£112.50
£833.33£10,000.00£10.00£100.00£15.00£50.00£175.00£175.00
£1,000.00£12,000.00£10.00£100.00£15.00£70.00£195.00£195.00

* £3,000 minimum annual spend required to get cashback on the Everyday card

Amex Platinum CashbackReferral bonusBonus 5%
(up to £2.5k in 3 months)
1%
(up to £10k)
1.25%
(over £10k)
Year 1 cashbackYear 1 cashback
after £25 fee
Monthly spendAnnual spend
£200.00£2,400.00£25.00£30.00£18.00£0.00£73.00£48.00
£500.00£6,000.00£25.00£75.00£45.00£0.00£145.00£120.00
£833.33£10,000.00£25.00£125.00£75.00£0.00£225.00£200.00
£1,000.00£12,000.00£25.00£125.00£75.00£25.00£250.00£225.00

Year Two

Rough spend and cashback figures by card for year two (and onwards) when there are no extra bonuses.

Amex Platinum Everyday0.5%
(up to £5k)
1%
(over £5k)
Year 2 cashbackYear 2 cashback
after £0 fee
Monthly spendAnnual spend
£200.00£2,400.00*£12.00£0.00£12.00£12.00
£500.00£6,000.00£25.00£10.00£35.00£35.00
£833.33£10,000.00£25.00£50.00£75.00£75.00
£1,000.00£12,000.00£25.00£70.00£95.00£95.00

* £3,000 minimum annual spend required to get cashback on the Everyday card

Amex Platinum Cashback1%
(up to £10k)
1.25%
(over £10k)
Year 2 cashbackYear 2 cashback
after £25 fee
Monthly spendAnnual spend
£200.00£2,400.00£24.00£0.00£24.00-£1.00
£500.00£6,000.00£60.00£0.00£60.00£35.00
£833.33£10,000.00£100.00£0.00£100.00£75.00
£1,000.00£12,000.00£100.00£25.00£125.00£100.00

You need to know this before you apply for ANY credit card

Any bonus and cashback you earn is only worth it if you clear the credit card in full every month. If you don’t do this you’ll be charged interest, probably at something like 22%, which will obliterate your cashback savings.

Also, you’ll be credit checked when you apply for a card, so check your credit report before applying. A rejection could damage your credit score further.

You’re given an option to check your eligibility on the Amex website which doesn’t affect your credit report – so it’s well worth doing this before applying. You’ll be given a figure showing the likelihood you’ll get the card – for example I was given a score of 9.5 out of 10 – so very likely.

> Apply for an American Express cashback credit card

Alternative cashback credit cards 

For those occasions when American Express isn’t accepted, I like to have a Mastercard cashback card in my wallet. You can read more about these here.

Monzo Premium review

There’s another new Monzo option, this time a Premium account at £15 a month. Here’s what you’ll get.

Monzo’s standard free account is one of the best out there, but I was left underwhelmed by Monzo Plus which launched in the summer. At £5 a month you didn’t really get much more for your money.

Now, and no doubt in response to financial worries at the bank, there’s another paid-for account – Monzo Premium. It costs £15 a month and you get even more features bundled in, as well as a shiny metal card.

Here’s a rundown of what to expect if you sign up, and my thoughts on whether it’s worth it.

Rather watch than read (or do both)? Here’s my video review of Monzo Premium

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How much is Monzo Premium?

Monzo Premium costs £15 a month. That’s £180 a year. There’s a minimum six month term when you first sign up.

Monzo claims that the insurance policies are worth £256 a year. That’s calculated by taking the average price charged for similar policies across a number of providers.

Who can get Monzo Premium?

As it comes with insurance there’s an age limit on this account. You have to be between 18 and 69 years old.

It’s only available as a sole account, so you can’t get it as a joint or business account.

If you are currently paying for Monzo Plus you can upgrade and you’ll get money back on any unused time from this month. So for example if you’re half way through a month you’ll get £2.50 back.

What do you get with Monzo Premium?

For a start you get everything that Monzo Plus customers get. This includes virtual cards, enhanced analytics and advanced round-ups. You can read my full Monzo Plus review here.

Here’s what you get extra with Premium:

Metal card

The card is a single 16g sheet of white steel with an engraved logo. Apparently it costs £50 to make, and a big part of that six-month minimum is to cover the cost.

The card is a single 16g sheet of steel with an engraved logo.

I genuinely don’t get why people are happy to pay for a metal card, but lots of people do like this! It does look very slick and shiny.

All your details are on the back, a feature I love (you also get it on Starling’s free account), so you can show off your new card with no fear others will steal your details.

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Episodes every Monday.

Phone insurance

What you’re really paying for here is the insurance. Monzo says this mobile part is worth £97 a year, though I’m sure you can shop around and get it for less.

in return you’ll get up to £2,000 cover against theft, loss and accidental damage. They say this also includes cracked screens. This is only for the account holder’s phone.

They’ll either repair or replace damaged phones, and replace lost or stolen phones. The replacements will be refurbished handsets, but they can’t guarantee the same colour.

Headphones, chargers, cases and other accessories are also covered up to £300, but only if they are damaged/lost at the same time as it happening to your phone, not on their own.

If someone nicks your phone and uses it for unauthorised calls or data use you can claim up to £1,000.

However, the excess is £75, meaning you’ll pay that on each claim. You can also only make two claims per 12 months

Worldwide Travel Insurance

This cover is estimated to be worth £159 a year. You get cover you and your family, including children up to 19-year-old (it’s extended to 21 if they’re in full-time education).

The maximum trip duration is 45 days, which is going to be more than fine for most holidays. Excess is £50 per claim.

You’ll need to look at the cover details to make sure it includes everything you need. It looks decent enough on cancellation and medical cover, but some things aren’t there such as valuables.

Once again, it’s worth comparing it against stand-alone cover- especially if you don’t want cover for a partner or children.

Obviously, there’s no blanket cover for coronavirus, so you’ll need to check a separate coronavirus cover page for the latest details.

Interest on savings

Whereas Monzo Plus offers 1% on £2,000, Premium increases that to 1.5%. You’ll earn it in your main balance and regular pots, but not separate savings pots.

Increased overseas withdrawal limits

If you are overseas you can take out £600 every 30 days without paying a charge. This is £200 more than you get with Monzo Plus, and £400 more than the free account.

Free cash deposits

You can deposit cash five times a month for free. There’s a £1 charge for the free account and Monzo Plus only gives you one each month.

Discounted airport lounge access

You get access to lounges in the LoungeKey programme for £24 per person per visit.

Is Monzo Premium worth it?

Let’s look at the main features in turn:

The insurance

Since the big benefits here are the insurances we’ll start here. First you need to ask do you need both sets of insurance.

I’d question the need for travel insurance at the moment as it’s hard for us to travel full stop. If you are going abroad, then you need to consider:

  • Do you need worldwide cover?
  • Do you need annual cover?
  • Do you need family cover?

If the answer is no to at least one of these you might easily find you can get cheaper travel insurance.

And phone insurance isn’t something we all need. If you look after your phone with a screen cover and a case you reduce the chance of it breaking. And if you’re at home much more there’s a much smaller chance it’ll get lost or stolen. Plus you might already have cover on your home insurance.

Even if you still want to have insurance for your phone, it’s once more worth getting quotes for a standalone policy to see how much it would be.

So it could be good if you definitely want both insurance policies at the level on offer. But if not, crunch those numbers to see if you are getting close to that £160 annual charge.

Metal card

Like I said, I don’t get the appeal of paying for this when so much of Monzo is geared to saving you money by better budgeting!

Extra travel features

The increased travel ATM quota can easily be beaten by the free account from Starling or a specialist travel credit card.

And the airport lounge discounts aren’t much use right now either. But if you want them then the American Express Gold Credit card gives two free passes.

Monzo Plus features

It’s important not to forget that you also get the Monzo Plus features. Though I don’t think they’re worth £5 a month above what you’d pay for the free account, you could argue they’re worth at least a couple of quid.

Alternatives to Monzo Premium?

There are a number of packaged bank accounts offering similar insurance coverage. Pick of the bunch is Nationwide’s FlexPlus account.

For £13 a month you get worldwide family travel insurance, worldwide family mobile phone insurance and UK and Europe breakdown cover. So it’s cheaper and you get more for your money.

Conclusion

Right now, while travel is so restricted it’s really not offering value for money. That could change once we’re able to go abroad more, but even then you need to be taking advantage of all the features of Plus and Premium to beat the Nationwide account’s increased cover and cheaper price.

TSB axes Classic Plus account and cuts 1.5% interest to 0%

It’s replaced by a “Spend & Save” account.

Pretty much every major high street bank has made big changes to it’s rewards in 2020, and now it’s the turn of TSB.

From December 2nd the interest rate will drop from 1.5% (on balances up to £1,500) to zero. ZERO. Following on from the NS&I cut which will take place in late November it’s a huge blow to savers.

Existing Classic Plus customers will be able to keep their accounts, but it’s now been closed to new applicants. It’s been replaced by a TSB Spend & Save account.

Here’s more on the new account, and what to do if you currently have a TSB Classic Plus.

TSB’s Spend and Save account

Right, let’s take a look at the replacement for the Classic Plus. The name gives away the intent – Spend and Save. To get the benefits you need to use it as your main account.

The spend aspect rewards you with £5 cashback each month – though only for the first six months. The save element brings in some of the auto-savings and top-up features we’ve seen at banks like Monzo and Starling.

Here’s more:

Features

Savings pots

Those with Monzo will be familiar with this idea. You essentially separate your money into sub-accounts and name them for different goals or expenses. So you could have one for holidays, one for Christmas, one for emergencies and so on.

If your main account balance gets too low (you set the level), money can automatically be moved out of the pots to avoid you going overdrawn or missing payments. You need to activate this “Auto Balancer” feature.

Save the Pennies

This roundup feature takes each debit card transaction and tops it up to the nearest pound. That extra doesn’t go to the merchant though. Instead it’s moved to one of your savings pots.

Introductory cashback

For the first six months you can earn £5 cashback a month, so a total of £30. However to get this you need to make 30 debit card payments a month.

You can get this offer when you open the account up, or if you switch an existing TSB account over – but NOT a Classic account.

Is it any good?

Frankly no. Though the budgeting features are good, you’re better off going to Monzo or Starling as you’ll get more features.

And the cashback is ridiculous. Asking someone to make 30 transaction a month right now – at a time when we’ve been asked once again to go out less – just isn’t practical. And since it’s not ongoing, it’s hardly worth opening a new account just for six months.

So all-in-all not an account you want to bother with.

What to do with your Classic Plus accounts

Your next move depends a little on why you’ve got the account. Is it, like me, just for savings? Or is it your main current account?

With both it makes sense to switch away. Here are a few options:

If it’s mainly for savings

It’s another frustration for savers this week. I’m particularly peeved as Becky and I have six Classic Plus accounts between us (back when you could have two personal accounts and two joint accounts each). So we, and many others will now be looking to move that cash.

You can wait until the rate drops in December and keep earning that 1.5% until that date. Do this and there’s the risk that other rates will fall and you’ll miss out.

If you haven’t had one already, the best account is the Nationwide FlexDirect offering 2% for one year on £1,500. It’s only for new customers, but one workaround is to open an additional joint account. And since it’s a current account you can move your money in and out, even though the rate is guaranteed for 12 months.

Alternatively, and if you’re able to fix, then it might make sense to open another a savings account now rather than in December. At the time of writing a one-year 1.3% fix was available with Tandem – but that could be gone any day!. And I’d say it’s unlikely you’ll see an account with a higher rate any time soon.

If you need easy access it might also make sense to move now to a new account, even though they come with variable rates as there’s the chance they could be pulled from the market. Virgin Money’s current account offers 2.02% on up to £1,000. However, there’s no guarantee the rate there or elsewhere won’t drop – just as we saw with NS&I.

Here’s my regularly updated guide to the best easy-access cash savings and regular savings accounts

If it’s mainly for banking

If savings aren’t an issue (or once you’ve moved them) then you’ve got quite a few options, and while there are bank switch bonuses available I’d say you should look to nab some of those while you can.

At the time of writing you can choose between £100 from Lloyds or RBS, £125 from HSBC, and possibly £50 from Metro. You could even get hold of more than one – perhaps even all four.

But when you’re thinking of which bank is best for you in the long run as your main account there are other things to think of.

In my latest podcast episode I’ve looked at the most ethical accounts, and Nationwide, Co-op, Starling and Monzo all come out well. The winner though is Triodos – but that does come with a £3 a month fee.

As mentioned above new Nationwide customers can earn interest for the first year, while Monzo and Starling are also great for budgeting.

I’ve listed all the different switching bonuses, rewards and features from high street banks here.

M&S Bank to close all current accounts

What to do if you have a Marks & Spencer Bank current or savings account.

In August, all existing current accounts at M&S Bank will close, and the linked monthly savings account will also shut. The accounts are already closed to new customers.

All 29 in-store branches will also close at the start of July, though the bank will carry on providing credit cards, loans, insurance and other savings accounts.

The retailer says it’s “evolving” to reflect the way customers use their bank, with the branch closures a reflection of the move to online banking.

So if you’re an M&S Bank customer, what do you need to do?

Your current account

If you do nothing, the account will be frozen in August and you’ll have to contact the bank in order to access any money left in there. So it’s important you either withdraw your money and close the account or switch your account. I favour the latter.

Switching your M&S Bank account

It’s really easy to to do this via the Current Account Switch Service (CASS), and comes with a guarantee that all payments in and out will be moved to your new account. Plus, if you switch you’ll also be able to nab a freebie from a different bank keen to get your business.

If you’re overdrawn there’s no guarantee a new bank will also offer you an overdraft, so it might be worth looking at options to clear that if it’s a worry.

Switching takes seven working days, so there’s no rush to move. You’ve got time to wait and see what switching offers come along, but there are some you can get if you want to switch right away.

HSBC Advance Account: Free £125

You’ll only be able to switch to this account for the bonus if you opened your M&S Bank account prior to 1st January 2018.

If you are eligible you’ll need to transfer over two direct debits or two standing orders. The latter are really easy to set up. You’ll get the payment within 20 days of the switch completing.

First Direct: Free £100

As with the HSBC switch, you’ll need to have opened the M&S account before 1st Jan 2018. You need to pay in £1,000 within three months, and the money will be paid within 28 days of this happening.

This is a good option if you want to keep the £250 0% overdraft buffer, and First Direct is the only other bank to offer it.

Virgin Money: Free wine & charity donation

This account from Virgin Money will give you 12 bottles of Virgin Wine and a £50 charity donation via Virgin Giving.

You need to transfer or set up two direct debits and put £1,000 into the linked easy-access saver and keep both active until you’ve got your free wine.

More on these and other bank rewards and offers in my ultimate bank account guide.

Closing your M&S Bank account

You can do this by contacting M&S Bank, though you’ll need to have a zero balance first. If you don’t do this it’ll automatically be closed in August.

You will still be able to see the balance online or via the app after this date – but to access any cash left in there you’ll need to contact the bank.

Statements

You won’t be able to access old statements once the account is closed, so it’s worth downloading these.

Your monthly saver

On hearing the news I’m sure a lot of customers will be frustrated about this linked regular saver closing – it will have been the reason for lots of people to open the account in the first place.

Though the most recently opened monthly savers were only paying 1%, many will still be part way through a year set at 2.75%.

The good news is you’ll get the interest for the full year, no matter how long left you have to save. The bank will assume you’ve paid in the maximum £250 a month and add interest accordingly.

If you want to get the best rate for your savings once you withdraw it from the monthly saver, or find a new regular saver, here’s my updated list of the top paying accounts.