With rising costs of living putting pressure on millions of households across the UK, people are looking for any way they can to save some cash. From grabbing discounts from supermarket shelves to cheap broadband deals, there are a number of ways you can have a bit more money in your pocket at the end of the month.
Many banks and building societies offer cashback on monthly bills and loyalty rewards as an incentive to open or keep an account, which can be a great way to get some money. While it's often only a small amount, it could make a big difference if you're struggling to make ends meet - and you often don't need to do anything to get it.
Here are the best cashback deals currently being offered by UK banks. You can also easily get money just for switching banks - read more about that here.
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Santander
Santander arguably has the most attractive cashback option as it has recently doubled its offering. You can now get 4% cashback on gas and electricity bills for all qualifying Select, Private, 1|2|3 and 1|2|3 Lite current accounts for two months. As well as this, you’ll also earn 4% cashback on your Santander home and life insurance premiums for these accounts. You also get 3% back on water and 1% on Santander mortgages, council tax, paid-for TV and mobile, home phone and broadband bills, provided you pay by direct debit and use digital banking. To qualify you must set up two active direct debits, pay in £500 per month (excluding transfers from other Santander accounts), pay your qualifying bill by direct debit and pay your monthly account fee.
Barclays
Cashback isn't a huge perk at Barclays unless you have other products with them. There is a £5 monthly fee and you only earn £5 cashback for maintaining two active monthly direct debits. You must pay at least £800 into your Barclays account every month to be eligible for Blue Rewards. You can, however, earn more cashback through other Barclays products:
£3 a month for a Barclays mortgage
£5 a month for life insurance with critical illness cover (£1.50 for standard life insurance)
£1 a month for a personal loan
3% when you take out or renew home insurance
NatWest
NatWest offers a total of £5 cashback a month for customers. Since Feb 2020, you can earn £4 for paying out two or more direct debits plus £1 for logging into the mobile banking app each month. It also pays 1% cashback on spending at certain retailers. You must pay in £1,250 per month to any eligible NatWest account (excludes Foundation, Basic or Mortgage). However, you do have to pay a £2 monthly fee.
Chase
An online-only account with Chase has no monthly fee and offers 1% cashback on debit card purchases for 12 months (exclusions apply such as cryptocurrencies, estate agent fees and gambling transactions). Other perks include no debit card fees on transactions or ATM withdrawals abroad and 5% on 'round-up' savings. Chase automatically rounds up your spending to the nearest £1 and saves the difference for you.
TSB
If you’ve got a Spend & Save account with TSB, you can earn £5 cashback every month for the first six calendar months, including the month your account is opened. But if you’re a new Spend & Save Plus account customer, you’ll keep earning the monthly £5 cashback until you close the account, change to another TSB account or TSB withdraws the offer. You'll get this money as long as you make 30 debit card payments online or in-store.
Halifax
As part of its Reward Extras, Halifax Halifax gives you the choice of either £5 cashback for either spending (£500+ on your debit card) or saving (if you keep your balance at £5,000+), or a monthly reward benefit such as a free Vue cinema ticket, film rentals or three digital magazines. There is a £3 monthly fee, but you don't pay it if you pay at least £1,500 into your account every month.
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