The latest news to help you get the most from your bank account.
Here’s my monthly update sharing changes for leading UK current accounts, as well as some of the relevant articles you might have missed on the blog.
January’s bank account update video
For a more detailed update, watch this video from our YouTube channel.
January’s current account offers
Latest bank switching deals
It’s been a quiet period since a few offers ended in mid December. Three offers are still running. Click the links for full analysis of each offer.
Nationwide is offering £175 for a personal account and another £175 for a joint account switch, so a couple could potentially get £525.
First Direct’s switching offer is also for £175. Don’t forget you can access a 7% regular saver with this bank.
There’s £150 available from Santander, and you can get 6% interest and 1% cashback on bills.
Looking back at last couple of years we could also see something from NatWest and Lloyds by mid-February. It’s also possible Co-op and TSB could return with something soon, though it’s always quite erratic with them. As ever, look out for our in-depth updates as soon as any switch happens.
Monzo offers 1p savings challenge prize draw
This year Monzo customers can automate the 1p savings challenge direct in their Monzo app. It’s a simple idea. On day one, 1p is moved from your main account into a separate pot. On day two it’s 2p, and so on. Do this everyday for a year and you’l end up with close to £668. Though I think there are better ways to automate your savings, it’s worth a look for Monzo users.
It’s available to all customers until 31 January 2025, while anyone with Max, Perks or Extra can begin it at a later day.
But if you do enter before the end of January you’ll be entered into a prize draw to win £10,000. You’ll need to ‘complete’ the challenge, which means save the entire £667.95 by day 365. If you miss a day, or need to take a break, you can top it up to remain in the running.
Max, Perks and Extra customers who start before 31 January will also be in the running for ten £100 prizes each month in another prize draw. Again you’ll need to be on track by the end of the month.
If you have those paid accounts, you’ll also be able to earn interest on your savings, currently 4.1%. Sadly standard Monzo customers, or those with the old Premium and Pro packages won’t receive any interest.
Get ready now for Nationwide £100 bonus
It’s likely that Nationwide will offer their £100 Fairer Share Bonus on 2025. However if they do, it could be for a different amount and the eligibility rules could be different.
However, if the rules are the same as in 2023 and 2024, then you’ll want to act now to ensure you get the cash as you need to take action in two of January, February and March. I’ve covered the Fairer Share rules in more detail here.
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January’s current account news
Halifax Reward tracking issues again
We’ve seen a number of you share in our Facebook group that the £500 spend on Halifax Reward accounts hasn’t tracked yet this month – and the same goes for me.
This isn’t the first time this has happened, and the payments have all previously been tracked behind the scenes and payments made the following month. Of course, if you don’t get the £5 in February, make sure you get in touch with the bank.
We’ll also contact the Halifax press office to check if they’re aware of the issue, and update this article if we get any update.
Though a date hasn’t been confirmed, at some point this year you’ll be able to fully bank at Lloyds, Halifax and Bank of Scotland branches, regardless of which one you have an account with.
That’ll mean if you only have one near you, you’ll still get access. However, if you have more than one, it’ll likely mean more closures.
YouGov Connections is live for all
Back in November I shared how the YouGov Finance replacement works, if you could get it. Well now it seems all YouGov users can get access to YouGov Connections via the YouGov app. You can earn up to £55 a year by connecting three current accounts. Here’s how YouGov Connections works.
Trading 212 reduces cashback to 0.5%
Though it had been extended a few times, the higher 1.5% cashback rate from the Trading 212 card has finally dropped back to 0.5%. Though it’s also introduced round-ups, I still wouldn’t be using this card for spending, with Chase still a better option in my opinion.
Coventry Building Society buys Co-op Bank
The deal for Coventry BS to buy the Co-operative Bank was finally completed at the start of the year. If you have accounts with either you won’t see any changes for now, and both brands are likely to stick around for a few years. You’ll also still get separate FSCS protection.
Editor’s pick: 5.1% savings
Easy access ISA from Trading 212 paying 5.1%
My top current accounts for January 2025
I always think it’s worth having more than one current account (find out why here) and here’s my run-down of the top accounts to have this month.
