Households can bag themselves a free £100 payment by signing up to a new savings account. The offer is available through savings platform Raisin.
The company offers savings accounts from a number of banks, often at better rates available directly with the banks. And customers who choose one of the banks and deposit £10,000 into their accounts can get a free £100 payment. This includes those considering switching from one of the big high street banks.
Savings have to be left in the accounts for six months, after which point the bonus will be paid. The accounts also come with competitive interest rates (4.72% with Zenith Bank), meaning there is even more money to be made for savers.
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It’s another example of how there is easy money to be made from switching to the best savings accounts and taking advantage of offers. Households could boost their annual income by hundreds of pounds by choosing the best accounts.
Martin Lewis’ Money Saving Expert explained: “Savings platforms, or savings marketplaces, offer accounts from the various banks that they partner with – often at higher rates than are available direct with that bank. Essentially it’s a way to easily switch between accounts. Big names in this space include Raisin, Flagstone and Hargreaves Lansdown Active Savings.
“Newbies to Raisin who save £10,000+ for at least six months can get £100 cashback. If you qualify for the cashback, this means the ‘effective’ rate of these Raisin accounts (the AER interest if cashback was incorporated) could be much higher than top market rates depending on how much you deposit.
“For example, if you were to deposit £10,000 in the Monument Bank 4.52% easy-access account and receive £100 cashback, the ‘effective’ rate would be 6.57% over six months.”