Admittedly, many of us sunshine florist and gifts woodmead might find it somewhat challenging to maintain an average balance of 2,000 or more in our current account, but for those of us who can, these accounts are far more rewarding than those from Halifax.
In the case of the TSB account, a customer who maxed out that benefit - that is, earned interest on 1,500 a month - would earn 45 in interest over the year.
Note the proviso that customers also need to stay in credit.That's.75 a month.You can send a standing order to any account, bill, mortgage provider or organisation.We explain more here.We look at Halifax's overdrafts in more detail in this guide.It follows a drop from 5/mth on the rewards offered on the accounts last February.Unauthorised Overdraft Rate (APR/EAR (equivalent to per month interest Free Overdraft: First 300 is interest free, overdraft Fees Apply From: 0 overdrawn.You are older than 18, switching bonus, member of Current Account Switching Service:.How is Halifax cutting rewards?At the time of this update, for example, TSB's best account pays 3 AER on balances up to 1,500, and Nationwide offer 5 AER on balances up to 2,500 - but only for the first year.It's still a nice bit of free money - 36 a year - simply for using the account as outlined above, with the proviso that we stay in credit.Our other sites: Copyright 2018 Moneywise).That means that for most of us, it'll be the account our salary goes into.It's worth knowing which companies these are, but the cash back is applied automatically.You can also get 3 AER variable interest on up to 2,500.For 13/mth, Nationwide offers worldwide family travel insurance, family smartphone insurance and UK and European breakdown cover.Halifax is cutting the monthly rewards it offers on two of its current accounts from October, m can reveal.Halifax has told us it's started writing to customers, and some MoneySavers in our forum have received in-app notifications about the change.Because of the commitments required, moving to the bank is not something to be done lightly.Instead, Halifax's cash back scheme relies on account holders spotting when retailers are offering money off, through their online banking, then activating those deals to get 5 to 15 cash back on purchases.
A standing order is an instruction from you, to your bank, to pay a fixed amount of money to an account.
A recurring payment is where you give a company your card details, and it uses them to set up a regular or continuous payment from your card.