MTTM Podcast Episode 550 – Get 4% cashback on your current account & the best investing apps in the UK

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Best cashback current accounts, credit cards and switching offers

Summary:

We take a look at the highly competitive current account market, focusing on the new, elevated cashback offers from digital banks Zopa and Chase. We explain the specific hoops you need to jump through to unlock these higher rates, from direct debit requirements to minimum savings balances. We then break down the most lucrative bank account switching deals currently available, before rounding up the best cashback credit cards on the market, including top options from American Express, Lloyds, and Halifax

Key Insights:

• Zopa's Biscuit - The Zopa Biscuit account is offering up to 4% cashback on essential household bill direct debits for 12 months, allowing you to earn a maximum of £80 a year with very low effort. The deal is running for a limited time.
• Chase Bank - Chase is permanently boosting its cashback rate from 1% to 2%, increasing the monthly cap to £20. However, customers must now make 15 transactions a month and hold a minimum of £1,000 continuously in a Chase savings account to qualify.
• Credit cards - American Express offers the most generous cashback rates for credit cards, but balances should be cleared in full every month to ensure interest charges do not negate your earnings. The Lloyds and Halifax cashback credit cards offer fee-free spending overseas, allowing you to earn rewards while on holiday without paying foreign transaction fees.
• Switching offers - High street banks are offering substantial cash incentives to switch, with providers like NatWest and First Direct currently paying up to £200 for moving your main current account.

The best investing apps in the UK

Summary:

We take a look at the best investing apps in the UK. We start by looking at "hands-off" digital wealth managers that manage your money for you, before moving on to the best apps for DIY investors. We highlight the unique selling points of various platforms, from low starting minimums and commission-free share trading to unique features like copy trading and spare change round-ups.

Key Insights:

• Let someone manage your money for you - If you want experts to manage your portfolio, apps like Wealthify, Moneyfarm, and J.P. Morgan Personal Investing will build and manage a portfolio based on your risk appetite.
• DIY investing - Apps like Plum and Quilter make it incredibly easy for beginners to start their investing journey, allowing you to invest from as little as £2 and £10 respectively. If you are interested in buying US shares, Trading 212 is a standout option due to its incredibly low foreign exchange (FX) fee of just 0.15%. eToro offers a unique "CopyTrader" feature, which allows you to automatically replicate the trades of other successful investors on the platform. While Moneybox is popular for its spare-change round-up feature, its £1 monthly subscription fee can make it an expensive option for those with smaller portfolio balances.

Resources

Links referred to in the podcast:

• Sign up to our weekly newsletter
• Best UK current accounts for cashback
• Best cashback credit cards in the UK
• Best bank account switching offers
• Best performing Stocks and Shares ISA
• Best investment apps in the UK