PEOPLE are only just realising that they can get free cash back from a major bank every month.
It comes as providers continue to battle it out to offer new and existing customers freebies to keep them on board.
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Halfix account holders are now realising that they can get free cashback on their spending when using their online banking app.
Posting on the Extreme Coupons and Bargains UK Facebook page one Halifax customer said: “Don’t know if anyone knew this, but if your with Halifax, you can get cashback on a lot of things if you make them active.
“This month I’ve earned £53.60 in cashback.”
Others were quick to respond to the customer’s success and one asked: “Where do I access this on the app?”
Another said: “It’s a shame that Barclays don’t do things like this.”
“Lloyds Bank does this but it’s rare that something comes up where I would actually spend at,” said a third responder.
In fact, all Halifax customers with a debit card can get access to free cashback offers as long as they activate it.
Those who use online banking are able to earn up to 15% back on their purchases at selected retailers.
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But it doesn’t work automatically like credit card cashback and you’ll need to activate the deal with each retailer on the app.
Once you’ve signed up for cashback extras on the bank’s app you’ll receive “cashback offers” from different retailers.
These include the likes of Costa, Sainsbury’s, Harvey Nichols and Just Eat.
Each deal lasts for a different period of time and the cashback will be between 5% and 15%.
But Halifax isn’t the only bank to offer cashback perks and some could get more back by switching providers.
What other banks offer cashback perks?
Customers that switch to a Santander Edge account can get 1% cashback on their bills, supermarket and travel spending.
The account comes with a £3 monthly fee but customers can earn up to £20 a month back through cashback.
Edge accountholders get 1% back on water, energy, council tax, mobile, phone, broadband and TV bills which is capped at £10 a month.
But these same customers can get another 1% back on most supermarket and travel spending – also capped at £10 a month in total.
But customers will also be required to pay in a minimum of £500 a month into the account to keep it active.
Those not wishing to pay a monthly fee to keep a bank account active can get 1% cashback on most spending with a Chase current account.
The total amount of cashback available is capped at £15 a month, but customers don’t need to pay a minimum amount into the account to keep it active.
The Halifax Rewards account which costs £3 a month pays customers £5 in free cash every four weeks when they pay in a minimum of £1,500 a month.
Customers also need to either spend £500 a month on their debit card or keep at least £5,000 in the account each month.
NatWest and RBS Reward account also offer customers £3 worth of cashback each month, but the incentives are not as strong as the accounts above.
Don’t feel like you need to switch accounts just to take advantage of cashback offers.
Some providers are offering customers £200 in free cash just to switch.
How do I switch bank accounts?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How can I find the best bank accounts?
If you’re not fussed by cashback or free cash perks and are more interested in other benefits of switching, don’t waste time looking at individual banking sites – it’ll take you an eternity.
Research websites like MoneyFactsCompare and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
