Offers for opening a new bank account?

[namechange7891011]

Please excuse me as I am clueless about this sort of thing.

I want to set up a new bank account which will have a small bit of allowance money go in every month (£150) that I will use to spend on getting out and about with my new baby (baby classes, coffee etc).

I wouldn’t be ‘switching accounts’ as I would keep my main bank accounts which are used for bills, savings etc.

Does such a thing exist where you get any perks for opening a new account? Or is this only for switching?

TIA for any advice everyone 😊

Have a look on Money Saving Expert. Martin Lewis always highlights which banks are giving rewards and for what. My husband got £200 for opening a Nationwide account last year and it was for similar reasons to you. He didn’t switch his main account to them and doesn’t have his salary paid into it. So what you’re looking for does exist!

not that I'm aware of although some offer other incentives e.g. chase do 1% cashback for the first year, Lloyds do a choice of 6 free cinema tickets/free disney/magazines, nationwide has given account holders a £100 fairer share payment for the last few years, etc. If you go to the second section here (first section is all about switching deals) it outlines what you can get.

Of course you could always open an account with one of the ones that never/rarely offer any switching deals and then switch it as soon as it's set up. Most switch deals usually require at least 2 dds from that account, though.

Would a bank account with pots such as Monzo or Starling work? No incentives AFAIK but would help keeping budgets separate. Check minimum pay in on some of the accounts too.

As far as I know there are no incentives just for opening an account.

The UK banking market is mature - it's not growing. Sure, people will enter adulthood and need a new account, but others die off at the other end of the age range. If the pie itself isn't getting any bigger then the only way a bank will grow its business is to have a bigger slice of the pie: to take business from others... that's why the incentives are there.

Lloyds has been offering £50 if you can find someone to give you a referral code just for opening a current account. Or you could try and find a code from someone with a CHase account (£50) - but you'll need to put £1000 in initially (can take it straight out again). Zopa and Monzo each offer a tenner (monzo's is £50 if you're lucky) if you open theirs with a code from a friend. Zopa has a great regular saver at 7% on its Biscuit account so that might be one worth doing.

You can usually get these codes on Reddit (google beermoney UK) or there are some on here from various posters on the promotion code thread. I don't have any for Chase, Lloyds or Zopa - but I do have a MOnzo one

https://join.monzo.com/c/6x547rxp

in case that is any help

Recommend Chase app

I did this with Lloyds and got the £50, as long as you haven't had a Lloyds account before. You dont have to do anything other than open it to get the £50 and I think it got paid into my account within 20 days - all very easy.
Here's my friend referral link if you'd like it , you wont get the £50 unless you use someones friend referral link -
https://apply.lloydsbank.co.uk/sales-content/cwa/l/onboardpca/index-app.html?from=ob&webDirect=true&redesign=true&token=+c9HeEcK/qqnY7CtNVjr9O/pUIUXHY51yqaqtpv0aOY=&redesign=true#/refer-friend

Open a dummy account with a bank you won't stay with that doesn't offer a switching bonus (I used Metro bank).

Read the T&Cs of the next bank offering the switching bonus.

Set up a couple of direct debits for £1 each with https://cheapdirectdebits.co.uk/ (or however many are required for the best switching deal on offer).

Wait for the direct debits to action on the dummy account.

Initiate the switch from the dummy account to the bank offering the bonus. Make sure you fulfil its criteria.

Allow the direct debits to switch and wait for them to pay out of the new bonus account before cancelling them,

Best bank bonus offers can be found here, with a detailed description of all the T&Cs
https://becleverwithyourcash.com/the-best-bank-switching-cashback-interest-offers/

I've done this multiple times, keeping my main account separate and just kept switching the dummy account - it's very lucrative!

I have a Monzo account for this purpose. Bills come out my main account and I transfer my monthly spending money into the Monzo account. I save through Monzo as well. If you know someone done with an account there is a referral code they can share and I think you both get a credit to the account but I’m not sure if the amount…I don’t think it’s a lot though

I have a £20 referral bonus for Zopa if you are interested...I have moved money across from HSBC to Zopa as the savings rates are much better...i keep it as a 2nd account.

https://www.zopa.com/mgma?referralCode=a0c1b81871c3dc07a781

Here’s a referral code for Starling Bank. To earn £25 use the code to open a current account, deposit some money and make a small card payment or Apple Pay. YGL4E7A
must be used within 30 days of opening.

Greenfin if you do my Zopa i will do your starling

@GreenFin thanks for the code...I got my £25 paid yesterday...I'd be very grateful if you could do my Zopa or Monzo links...thank you.

I also have my own Starling code if anyone wants it...free easy £25...just download the app...verify yourself...make a small purchase on the virtual card ( i bought a pint of milk) and we both get £25.

https://www.starlingbank.com/app/signup/?m=REFERRAL

Zopa easy free £10...this pays out instantly...no switching...dont have to buy anything...does not affect credit score.
Use my referral link to open a Biscuit bank account and we'll both earn £10. T&Cs apply. www.zopa.com/mgma?referralCode=d9aca6bdd58e4b3239f6

£200 from Lloyds Bank: https://www.lloydsbank.com/current-accounts.html

Quite a few other banks have offers in addition to Lloyds (NatWest, Nationwide, First Direct, Barclays and Santander are ones to check).

I also have codes for Monzo and Starling....free £10 and £25 if anyone wants to pm me.

Thanks to whoever used my link for Lloyds!

If anyone else wants it here's my refer a friend link for Lloyds, super easy to do, took about 5 mins to apply.
You dont have to pay anything in or do anything apart from not already have a Lloyds account and you get £50 paid in within a month of getting the account. I think I got mine within 7 days actually.

Minimal effort for £50 and I plan to use the account to do other switches later in the year and make some more pennies!

https://apply.lloydsbank.co.uk/sales-content/cwa/l/onboardpca/index-app.html?from=ob&webDirect=true&redesign=true&token=+c9HeEcK/qqnY7CtNVjr9O/pUIUXHY51yqaqtpv0aOY=&redesign=true#/refer-friend