Latest news with #currentaccount
The Sun
3 days ago
- Business
- The Sun
Major bank giving away £180 free cash – here is how you can get your hands on it
A MAJOR bank is giving away £180 free cash - here is how you can get your hands on it. Santander has launched a new switching incentive to lure customers. 1 The bank is offering the cash to new customers who open an eligible current account with the high street lender. That includes the bank's fee free Everyday Current Account. As part of the deal, customers will receive £180 within 90 days of making the switch. But there are some requirements to get the cash. For starters, customers need to pay £1,500 into the account within 60 days. This does not have to be deposited all at once. Customers must also set up two active household Direct Debits on the new account. This can include your council tax, mobile phone, home phone, broadband, paid-for TV packages, water, gas and electricity bills. Current Account Switch Service (CASS). CASS helps people switch their current accounts by handling the move for free, including moving balances and payments to the new account and closing the old one. It is a free service and helps move customers' balance, direct debits and salary over in seven days. Switch bank accounts for free perks Existing Santander customers may also be eligible for the free cash. Customers might still qualify for the incentive if they opened an account after January 1 2025. The bank can switch a current account existing customers hold at another bank to their Santander current account. Although the offer is enticing, it always pays to read through the full terms and conditions and ensure the available accounts match your banking needs. OTHER SWITCHING OFFERS TSB is giving new customers who switch to the high street bank a £100 switching incentive. You get the £100 upfront but if you spend on you debit card for 20 times in the first six months you get a £15 a month cash back. Co-op bank is also paying £175 to new customers. Meanwhile, Nationwide is giving existing customers a £100 cash boost. This is part of Nationwide's Fairer Share programme, which set out to reward customers who bank with the lender or meet certain lending criteria. The payment goes to members who bank with Nationwide regularly. Those who have a savings account or mortgage product could also qualify. It will be paid directly into customers Nationwide current account between June 18 and July 4. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
Finextra
7 days ago
- Business
- Finextra
LHV Bank launches interest-bearing current account in UK
LHV Bank, a fully licensed UK bank, today launches its new fee free current account with market leading 3.25% AER on all balances up to £1 million, tracking the Bank of England Base Rate minus 1%. 0 Today's launch provides a new alternative for the UK public and takes aim at the £252bn of deposits* held in non-interest-bearing bank accounts in the UK. By contrast, LHV Bank customers' money is always at work, earning a market leading rate of interest from the moment it goes into their current account. New research from LHV Bank and Opinium - surveying 2,000 UK adults - reveals the scale of Britain's 0% interest current account challenge. Less than a third (30%) of Britons report collecting interest on their most used current account, whilst two in three (64%) believe banks should be responsible for warning them if their current account is not earning interest. Two fifths of respondents (41%) would support Government legislation to ban 0% interest rate current accounts altogether. ** LHV Bank aims to be the best place to save money and, alongside the new current account, offers a range of competitive fixed rate savings bonds with further savings products planned. It secured its full UK banking licence in 2023 and is now doubling down on its commitment to the UK market, where it sees significant opportunities for innovation and disruption. The launch of LHV Bank's current account offer is accompanied by an advertising campaign aimed at 'Reckless Savers'. The campaign goal is to encourage UK consumers to switch banks to earn interest on their current account balance, in turn pushing the banking industry to better by its customers and offer current account interest as standard. Reckless Savers can sign up today to LHV and make their money work harder for them. Erki Kilu, CEO of LHV Bank, said: 'The majority of UK banks are focused on helping customers to spend money, but at LHV we take a savings first approach. We believe that every penny deposited with your bank should earn interest, making it easy to be a 'reckless saver' and make the most of your money. LHV is a bank for savers, not for spenders.' Alongside leading interest rates, from today LHV customers can make use of: · A fresh, new banking experience: the LHV Bank app has been designed from scratch to offer customers a seamless self-service user experience · Advanced fraud prevention: cutting-edge real-time risk decisioning technology protects customers from fraud and scams · Fee free interest: access to fee free market leading interest rates on current account balances as standard · Debit Cards: stylish, minimalist Debit Cards in a range of colours to match any style with no current account or overseas debit card transaction fees · Google Pay: enabled from launch, with Apple Pay coming soon Kris Brewster, Director of Retail Banking at LHV Bank, said: 'Millions of people across the UK are being short-changed by banks offering 0% on their current accounts. At LHV, we're giving customers the tools to take control - combining meaningful interest rates, modern app-based technology, and complete transparency to help them make smarter money decisions every day.'
Daily Mail
21-05-2025
- Business
- Daily Mail
Lloyds launches new Premier current account with '£100 of monthly perks' - are you rich enough to get it?
Lloyds Bank has launched a new current account aimed at wealthy customers. The Premier account comes with a range of perks it claims to be worth £100 month. It is geared towards those who have an income, savings or investments of at least £100,000. Alternatively, customers can get the account if they are able to fund it with £5,000 a month. The monthly account fee of £15 will be refunded each month a customer meets the eligibility criteria. Lloyds is on a drive to grow the number of wealthier customers it attracts by stepping up its perks, with rivals Barclays, HSBC and NatWest already offering deals for high-net wealth individuals. Jo Harris, of Lloyds, says: 'Lloyds Premier is a strategically important milestone in our growth ambitions for affluent customers - a part of the market where we have historically been under-represented.' The perks on offer range from cashback to access to medical services provided by Bupa. How much the perks are actually worth depend on which benefits customers choose and how often they use them. Lloyds Premier offers the same perks as a Club Lloyds account but with an extra layer. Customers can get fee-free spending abroad on debit cards, six free cinema tickets or 12 months of Disney+ as with a Club Lloyds account. But it also offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches. The Bupa Family GP subscription service provides access to online GP and nurse consultations, online physiotherapy sessions and online mental health treatment sessions. It also comes with 1 per cent cashback on debit card spending, capped at £10 each month. Barclays Premier lets customers earn up to 15 per cent cashback on eligible card transactions with a Barclays Visa debit card linked to a Cashback Rewards account. Customers need to earn at least £75,000 or have £100,000 savings or investments to qualify for the Barclays deal. Customers can earn interest on balances kept in the Lloyds Premier current account. Lloyds will pay 1.5 per cent on balances up to £3,999.99 and 3 per cent on balances between £4,000 and £5,000 - meaning customers stand to make £90 interest on £5,000 kept in the account. Interest will only be paid if customers have two monthly direct debits set up from the account though. Customers can earn a savings boost on Lloyds one-year fixed-rate bond which has a minimum deposit of £2,000 or more. Also on offer is a 0.2 per cent discount on new homeowner mortgage rates and remortgage rates. The account also offers ready made investment portfolios with no management fees in the first year of having the account. HSBC's Premier account offers boosted savings rates, preferential rates on loans and free worldwide travel insurance. Earlier in the year, HSBC bumped up the eligibility requirements to get the account, namely earn £100,000 or have the same amount in savings or investments. NatWest also has a premier account which, like Lloyds new account requires customers to have an annual income of £100,000 To qualify, you also need a mortgage, investment, life insurance or protection policy with the bank. Customers can also qualify with the same sum in savings or investments, or a half a million pound NatWest mortgage. In return, customers get worldwide family travel insurance, exclusive airport lounge service and a premium 24-hour helpline.
Daily Mail
20-05-2025
- Business
- Daily Mail
LHV launches first new current account in the UK for four years and offers 3.25% uncapped interest on balances
Britons will have another current account to choose from as LHV Bank, a fully licenced bank, has launched a new offering. It is the first new current account to launch in Britain since 2021 when Chase Bank burst onto the scene, and it already offers savings accounts and loans. LHV which has been operating in the UK since 2018, after establishing itself as the third largest bank in Estonia, received a banking licence in 2023 and has been developing its UK current account for a year and a half. Erki Kilu, chief executive of LHV, told This is Money at its London HQ it is a natural progression for LHV to offer current account, as it already offers loans and fixed-rate saving accounts. He said: 'For me real banking is making credit and making interest income. I can't imagine a bank without current accounts.' As an entirely app-based bank, it is taking on the likes digital banking giants Starling, Monzo and Chase by offering customers 3.25 per cent interest on any balances held in the current account. This rate tracks 1 per cent lower than the Bank of England base rate so it rises and falls with it. Starling scrapped its 3.25 per cent current account interest on balances up to £5,000 in February, as did Chase with its 1 per cent current account interest. The only other bank accounts which pay interest on current account balances at the moment are digital bank Kroo, which pays 3.15 per cent on balances up to £500,000 and also tracks 1 per cent lower than the base rate. Nationwide's FlexCurrent account pays 5 per cent interest on balances up to £1,500 for 12 months. After that the interest is 1 per cent on balances after that up to £1,500. With markets pricing in three more interest rate cuts by the end of this year, customers could find their current account interest slashed to 2.5 per cent, assuming the bank of England votes to cut the base rate by 0.25 percentage points each time. However, the Bank of England's chief economist has warned it has been cutting rates too quickly. That would still be better than earning no interest at all though. There is a chunky £1million cap on balances which can receive interest in the current account, which seems like an expensive business for LHV. But with the base rate at 4.25 per cent and commercial banks earning this rate on deposits held with the central bank, Kilu is not phased by this. He says: 'It's not loss-making for us if we have higher sums. We keep it in the central bank.' 'If the amounts kept in current accounts are £1million then we need to keep them very liquid and can't use them for lending.' As the Financial Services Compensation Scheme limit, which protects deposits if a firm fails, stands at £85,000 people don't tend keep sums bigger than this in accounts anyway. Funds held in LHV accounts are protected under FSCS. The average amount held in a current accounts paying no interest is £2,067, according to research from Paragon Bank. If this were held in the LVH current account it would earn £67 after a year at 3.25 per cent, albeit if the rate stays the same. Kilu didn't rule out the possibility of launching Isas in the future. But as it's next step LHV's will look to launch overdrafts and linked easy-access accounts, which will arrive within a few months. The current account is designed to be intuitive and self-service so new customers can open and use the account quickly. Customers will receive a debit card and can use google pay, with Apple pay expected to launch soon. Kilu said: 'If we develop anything then it should be easy to use for the customers so they don't need any handholding. But with said, should new customers require help with banking queries LHV has customer service help via email currently and there is a dedicated customer service team based in the UK. 'If customer numbers grow, then of course we need to keep an eye on customer support', says Kilu. But he is coy about the number of customers LHV anticipates it will attract in its first year. 'We are a bank for savers, not for spenders. If you want a good interest rate and to start saving with small amounts then LHV should be the first choice.'
Telegraph
20-05-2025
- Business
- Telegraph
Highest ever bank switching offer launches – should you do it?
TSB has launched a new current account switching deal, offering the highest value bonus yet. New customers could earn up to £310 in rewards, one of the most valuable to be offered by a bank for switching. However, it won't all be paid in cash, and you'll have to wait several months – and jump through several hoops – to benefit from the full amount. Andrew Hagger, personal finance expert from said: 'The headline deal sounds great, but it's important to break down the details of this deal as it's far from a straightforward instant £310 being paid into your bank account.' At any one time, you'll usually be able to find at least a couple of current account switching perks on offer, often giving you the chance to bag some free cash with just a few clicks. Commonly, these are worth between £100-£200. Here, Telegraph Money explains the fine print of the TSB offer to help you weigh up whether it's worth moving your account: How to get the rewards In order to qualify for the incentive, you will need to switch to a TSB Spend & Save current account by July 19. You'll need to do this via the Current Account Switch Service (Cass), which covers most major UK bank providers. You'll receive the £100 cash switching bonus if you log in to the TSB banking app and make five payments on your TSB debit card before July 19. The money will be paid between August 2 and August16. A spokesman said the bank was 'pleased to be able to reward new customers'. The other rewards will take longer to earn. For the first six months of holding the account, you can get up to £15 in triple cashback for each month you make at least 20 debit card payments – which can earn you a total of £90. But is a 'fairly big ask', according to Hagger. The final part of the reward will only be granted if you qualified for a switching bonus and make at least 20 debit card transactions in December. Come January 2026, and you'll also be able to choose a 'treat' – which is either a £120 hotel voucher or access to 12 months of tickets for various UK attractions. Mr Hagger said: 'TSB is being quite clever. It's not paying the £310 upfront, and instead is making sure customers have to stick around for at least six months and use their card very frequently. 'The deal will appeal to some, but not the army of switchers who like to bag their cashback and quickly move on to the next bank offering a cash freebie.' Drawbacks of the deal Alongside the hoops you have to jump through to earn the £310 – and how long it will take to earn it – there are other considerations to keep in mind. In 2018, TSB suffered reputational damage after an IT meltdown locked millions of customers out of accounts for weeks. The bank was later fined £49m for the chaos that followed an attempt to move data to a different computer system. The Financial Conduct Authority said 'a significant proportion of its 5.2m customers were affected by the initial issues'. TSB apologised at the time. Robin Bulloch, the bank's chief, told the Guardian they have 'worked hard to put things right for customers then, and have since transformed our business'. Should you switch elsewhere instead? There are other current account switching deals which are open at the moment, so it's worth checking them out before committing. First Direct's lucrative £175 deal is still on offer, which opens the door to a £250 0pc overdraft, a linked 7pc regular saver and fee-free overseas spending. To qualify, customers must switch at least two direct debits or standing orders, pay in £1,000 and make five card payments within 45 days of opening the account. However, you can't get the bonus if you've held a First Direct account before, or if you've opened an account with HSBC since January 1, 2018. Meanwhile, NatWest is offering £150 for opening a reward account if you pay in £1,250 and log in to mobile banking within 60 days of opening a new account. If you're planning on sticking with the account you switch to, Co-op Bank is offering £175 if you stay for three months. However there are considerable terms and conditions to bear in mind. You must deposit £1,000, have two direct debits, register for online banking and make at least ten transactions. You can also receive £25 a month for three months if you meet further requirements. You might need to act quickly for offers you like the look of. Rachel Springall, from said: 'Switching bonuses come and go. There is no guarantee such lucrative perks will remain on offer forever.' That being said, it's also important to research any deals carefully before making any decision. She added: 'Consumers may be tempted to grab a free cash perk, but it is imperative you weigh up the overall package on offer before committing to any new account.'
