I have two main current accounts. Both of these offer a system of cash backs, where they offer you retailers at the start of the month, you "activate" the offer, and then you get a percentage discount when you use your bank card with that retailer.
The thing is, one always offers me a long list of retailers that I've never heard of and will never use. It does however have the very occasional useful thing in, such as 5% at Waitrose. The other offers about one retailer I've also never heard of every three months, so there's never anything to choose.
Over the last two years, one has paid £39 in total and the other £1.34.
I imagine this is the same for everybody, right? Nobody is getting wonderful offers and making hundreds a month from these promotional things, are they?
Just making sure nothing is "broken" with my accounts is all.
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Sounds about right. Nowt for nowt.
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My bank, pays me rewards of about £5 a month which are credited to a charity.
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Significantly more, but is that the same cashback type scheme, or something else?
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I switched banks three times in three or four years, just for the joining (and in the case of First Direct, the leaving) bungs.
I finished up with Halifax who were offering the bung plus a fiver a month (current account) and a fiver a month on a £300 per month spend on their credit card. (Always paid off in full as soon as it showed on the account.)
Alas, the current account is now only paying £3 a month and the credit card incentive has finished, so I no longer use that card at all.
It has been replaced by an M&S credit card, with a decent interest free credit period, where I can get points redeemable as M & S vouchers.I've had £19 so far with another £20 or so accrued as I put our new interior doors and carpeting on it, as well as other purchases.
We had our modest savings in a Halifax eSaver, instant access account, paying a niggardly 0.25%, so following a tip from MSE, I have opened a similar account with Ulster Bank paying, pro tem, at least, 1.25%.
I'd swap bank current accounts in a trice, again, but SWMBO has vetoed it, as she "does not like changing banks" !
To be fair, the Halifax Internet Banking is great, with no silly number generating gizmos to use when logging on.
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>>To be fair, the Halifax Internet Banking is great, with no silly number generating gizmos to use when logging on.
Those silly number generating gizmos are keeping your money safe!
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I bank with the Co-op and they do the same CG.
Pat
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>> I bank with the Co-op and they do the same CG.
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>> Pat
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Yes I bank with the Co-Op too. Always found them quite efficient despite their appalling senior management in the past.
Strangely enough my very first bank account was with Coutts, bankers to the Queen. Not that I had had money but simply because the were the bankers to my first employers, the Royal Exchange Assurance Co. The statements used to come in stout brown envelopes with a proper wax seal. The used to return all the cleared checques too. Still have the impressive gold embossed cheque book cover!
I sort of slid down the banking hierarchy thereafter. The Reseve Bank of Australia, Barclays and then the Co-Op with whom I have been with since 1976.
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>> My bank, pays me rewards of about £5 a month which are credited to a
>> charity.
That £5 per month is tax free income. Your charitable donations are tax deductible if paid under gift aid. I suspect the diverted money will not be gift aided.
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With Lloyds and Smile. I negotiated a very good deal with Lloyds, got phone, travel and breakdown cover for a £5.00 a month. They send me six cinema tickets a year as a "reward". They have no logging on gizmos - Smile has and they're fine but no "rewards"
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Just checked, as you reminded me that I have a Santander credit card that offers 1/2/3% cash back on various things, plus other promotional offers. The promos are generally not shops I'd use, though having just checked the current offers include 10% from Morrisons, 5% from All Bar One, 12% from Hilton and 7% from Europcar (who, out of Murcia at least, I'll never use again!). Last months cashback on the card was £8.41 on £917.55 of spend. cumulative cashback this year to August seems to be just over £44, so I reckon it'll be £65 ish for the year. The card has no fee, I pay no interest and I'd be spending the money anyway :)
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Bank cashback offers - Manatee
