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HomeMoney SavingApril 2022's checking account information & round-up

April 2022’s checking account information & round-up

The newest information that will help you get probably the most out of your checking account.

Right here’s my month-to-month replace sharing modifications for main UK present accounts, in addition to a number of the related articles you may need missed on the weblog.

March’s checking account replace movies

For a extra detailed replace, watch these movies from my YouTube channel.

April’s present account information

Newest financial institution switching offers

Since final month’s replace, there’s been only one new provide. You will get £125 for switching to Halifax’s Reward account whether or not you’re a brand new or current buyer. Right here are all the small print.

Numerous offers have completed although! Presents from Santander, Natwest and Lloyds all ended, and the RBS deal is about to shut on 21 April.

There’s no set finish date for the gives from Nationwide, Virgin Cash and Co-op, so they might go any time. It’s additionally been some time since HSBC have run a promotion, so that would properly return.

You’ll be able to change a number of occasions (all of sudden or one after the opposite), simply concentrate on the affect in your credit score rating.

This month’s financial institution change gives

Non-switching financial institution gives

Should you don’t like the thought of switching, now you can get £20 for opening a present account with First Direct. You’ll get the cash after 4 months, however it is going to imply you gained’t be eligible for bigger switching quantities sooner or later from FD or HSBC. Extra right here.

There have additionally been a few minor modifications to the TSB Spend & Save welcome cashback deal. It’s moved from Quidco to TopCashback and the phrases and circumstances now say you may’t take benefit if you have already got any TSB present account. The speed has additionally dropped to £20.

Santander 123 Direct Debit warning

I’m a fan of the Santander 123 Lite account for paying your payments and incomes cashback (extra on the way it works right here). If, like me, you employ it JUST for paying Council Tax, vitality, water, broadband, cell and TV then a fast reminder to verify you might be transferring sufficient cash in every month in gentle of value hikes – notably vitality.

Linked financial savings enhance

Although that is my present account replace, it’s value noting that a number of the greatest financial savings charges are reserved for these with present accounts. And fairly a number of of these have improved within the final month. They embody Chase’s new 1.5% easy accessibility account (extra right here), Natwest and RBS boosting their Digital Saver price to three.3% and Santander growing its common saver to 2.5% (extra on these right here).

Virgin & Chase battle with purposes

Following the launches of their excessive paying financial savings accounts, I heard from a number of readers who’ve had a protracted await opening up Virgin Cash accounts, whereas the Chase app struggled beneath the demand.

I requested Virgin Cash about this and so they instructed me “our software course of means clients ought to be capable of open an account the identical day but when extra checks as wanted (eg private identification checks) it could take slightly longer. Our present account is proving to be actually standard and whereas we’re working onerous to get by means of all purposes that require our consideration, we’d encourage anybody experiencing a delay of greater than 5 days to contact us on 0800 678 3654 so we can assist.

Current banking articles from Andy you may need missed

Barclays Blue Rewards are not value it

Sadly the final month hasn’t seen something thrilling develop with Barclays Blue Rewards, so should you’re nonetheless signed up you’re now paying £5 a month to get £5 again. I’ve cancelled mine. Learn my full evaluation of the modifications to Blue Rewards.

Extra branches closing

But extra financial institution branches are going this yr. This time it’s the flip of HSBC (69 branches) and Halifax, Lloyds and Financial institution of Scotland (60 branches).

Hearken to Money Chats, Andy’s twice-weekly podcast. Episodes each Tuesday and Friday.

My prime present accounts for April 2022

I at all times assume it’s value having multiple present account (discover out why right here) and right here’s my run-down of the highest accounts to have this month.

  1. Greatest account for on a regular basis banking – Starling (assessment)
  2. Greatest account for on a regular basis spending – Chase (assessment)
  3. Greatest account for payments – Santander 123 Lite (assessment)
  4. Greatest account for rewards – Halifax Reward (assessment)
  5. Greatest account for 0% overdraft – Nationwide FlexDirect (12 months solely) (assessment)



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