Banks Offering Money To Open An Account – Five banks currently offer these rewards — four that pay cash, and one that offers gift cards and bonus rewards.
According to MoneySavingExpert, the first Direct 1 account offers a free £150 switching fee, up from £130 previously.
Banks Offering Money To Open An Account
To claim a free account you need to open a 1st account, switch using a current account switching service and deposit at least £1,000 within three months of opening.
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Once you’ve done that and determined that you qualify for First Direct, you’ll receive your payment within 28 days.
However, to qualify, you must have never had a first direct account or have opened a current account with sister HSBC since January 2019.
The plan, which launched on January 25 and ends on April 7, includes up to £36 a year in cash if you use its mobile app to make two £2+ direct payments per month.
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From October 2017, new and existing customers switching from a non-NatWest account will be eligible, unless they switch cash from NatWest, RBS or Ulster Bank.
You must pay £1,250 in rent and use mobile banking by May 12 before claiming the bonus, which is due by June 9.
As with First Direct and NatWest, this must be your first exchange reward from Santander and you cannot exchange accounts from Santander, Cahot or Cater Allen.
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Transfers from out-of-state accounts are eligible as long as your account is not frozen or frozen.
Meanwhile, Virgin Money is tempting users with its £100 trial voucher, which has an interest rate of 5.02% on £1,000 per annum.
Please check all the eligibility criteria before signing up as you may have to pay a certain amount to get a free offer.
Moneyfacts.co.uk finance expert Rachel Bullock said: “Consumers looking to switch their current account will be delighted to see a range of freebies and bonuses launched to entice them.
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“Switchers using the Trading Account Exchange Service (CASS) can get a free cash incentive or loss first as they heat up the market with new offers to fight for new free business.”
“As we saw last week with HSBC withdrawing its £150 offer, there’s no guarantee that this kind of profit-loss will last forever, but this time of year tends to be popular with providers launching.
“With the cost of living rising, consumers may be tempted to snap up free cash offers, but they should weigh up the full package of any account to make sure it’s right for their needs before committing.
Meanwhile, a budget expert shares your financial goals and how many bank accounts you should have.
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If you’ve got savings but don’t know where to put it, here’s an overview of your best options based on how much money you have. 11 Joint Savings Accounts to Open with Your Spouse or Parents Start a joint account with your loved ones today.
Having a joint account isn’t just for married couples. All parties to the contract can open a joint account. In Singapore, there are two main types of joint account and joint account. In short, a joint savings account allows both parties to use their savings independently, while a joint account requires both parties to approve the transaction.
For most people, the main reason for setting up a joint account is to help manage joint family finances. This applies not only to spouses but also to other family members such as siblings and parents.
As our parents age, some of us may find ourselves in the position of helping our elderly parents financially. Having a joint account can help us manage their accounts and needs if we are unable to do so physically. In addition, it may be fraud protection as we can monitor suspicious transactions. However, there are other potential problems with parent-child joint accounts, such as conflicts with siblings over managing savings and joint debt. While there is no one-size-fits-all solution to managing family finances, talking to stakeholders can help mitigate potential problems.
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When choosing a joint account, we need to consider the banking options of each party. Our elderly parents may find it necessary to have an ATM card or debit card, but we may not need it.
Also Read: Pros and Cons of Opening a Joint Bank Account
The largest local bank in Singapore, DBS has one of the widest ATM networks, with around 700 ATMs and 68 branches across the island. The bank currently offers two joint accounts, My Account and eMySavings Account.
My Account: A multi-functional bank account with multiple currencies and a range of banking services, My DBS Account allows users to make payments, trade, invest and make international transfers. Now there are no minimum deposits, no initial deposits, and no account service fees required to open an account. Note that there is a $2 monthly account fee for paper statements, which is waived if customers are 16 or under or if the account is on eStatement.
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EMySavings Account: As the name suggests, this is a savings account where we allocate a fixed amount every month to deposit into this account. The amount we want to save is flexible and can range from $50 to $3,000 in $10. We can change the date and amount at any time. Depending on the monthly deposit, the interest rate varies. However, the interest charged will be 0.05% if we do not repay or borrow on time. For more information on the different interest rates, please visit the website.
Singapore’s oldest bank, OCBC has over 39 branches on the island. In partnership with UOB, there are more than 1,100 ATMs from OCBC and UOB available to customers of the two banks. OCBC currently offers two joint accounts, the OCBC 360 Account and the Frank Account.
OCBC 360 Account: An account that suits your daily needs, OCBC 360 allows users to earn 2.38% at banks with major bank owners. We offer five major banking activities – payday loans, top-up savings, insurance, investments and bonus interest with a minimum deposit of $200,000. For example, a minimum deposit of $1,800 allows them to earn 0.6% on their first $50,000. Details of interest earned on OCBC 360 accounts can be found on the website.
Note that a 360 account can only be opened as a backup account or as a single account. All OCBC users can only have one 360 account as the primary account holder. If another 360 account is opened by the same initial account holder, the account will not be eligible for bonus interest and will earn only 0.05% base interest.
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FRANK Account: Another bank account for all your banking needs. Anyone between the ages of 16 and 26 can open a FRANK account without making an initial deposit. A FRANK account can be opened as a joint account, but if the primary account holder is over 26 years of age and the average monthly balance is less than $1,000, a $2 service fee is charged.
With a Frank account, you can apply for a FRANK credit card that offers 6% cash back on a minimum spend of $600 on online or contactless purchases. More information about FRANK account interests can be found here.
UOB, the third largest bank in Southeast Asia, has around 43 branches on the island, and OCBC has more than 1,100 banks. UOB offers the largest number of joint accounts, with about four joint accounts.
UOB Stash Account: A deposit-rewarding account, the Stash account maintains or increases the account balance every month. A UOB debit card is issued with account opening and we can get 3% cash back from retailers like cold storage and stores. Information on various interest rates can be found on the website.
Money Market Accounts
UOB users can only open one UOB Stash account as the primary account holder. A joint UOB Stash account acts as a joint backup account. Since both account holders have access to funds, the actions of the second account holder will affect the monthly account. Unless otherwise noted, all promotions are limited to primary account holders.
UOB Uniplus Account: Account with minimum initial deposit. A Uniplus account will give you higher interest rates on cash deposits. On top of the base rate
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