Ways to boost your income in the UK

Discover new ways to give your bank balance a boost fast.

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Rachel Wait

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Many of us are feeling the financial squeeze, so here are some simple ways to bring in extra money and give your bank balance a much-needed boost.

  1. Take advantage of sign-up offers from banking apps

    One of the easiest ways to get some free money is by signing up for an app, account or service that offers a reward. There are loads of products that give out sign-up bonuses, including bank accounts, investment accounts, pensions, cashback sites and money transfer services. If you’re already thinking about trying something new, a bonus is a good reason to go for it.

    Some deals give you cash, others give you gift cards, so it’s worth checking what you’ll actually get. If a deal has loads of hoops to jump through or tricky requirements, it might not be worth the effort. But plenty are straightforward — sometimes all you need to do is open an account and pop some money in or make a purchase.

    Brand Product type Offer details Link
    Revolut Banking apps Get a sign-up bonus of £20 Get deal
    Freetrade Investing Free stock worth £10-£100 (deposit £50) Get deal
    Capital at risk
    IG new Investing Get up to £100 cashback on investments Get deal
    Capital at risk
    InvestEngine Investing Sign-up welcome bonus of £20-£100. (deposit £100)
    Show code
    Capital at risk
    Robinhood Investing Free stock up to $175 Get deal
    Capital at risk
    Freecash Cashback Get up to £4 as a welcome bonus Get deal
    Plum Savings account £15 Gift Card when you open a Plum Cash ISA Get deal
    GoHenry Kids bank account Get a £20 pocket money bonus for your child
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    NatWest Kids bank account Get a £20 opening bonus with a child's bank account from NatWest Get deal
    Barclays Business banking Get £175 when you sign up to a Barclays business bank account Get deal
    Quidco Cashback Get £25 cashback for yourself and a friend when you refer them Get deal
    Pensionbee Pension Open a pension and receive a £50 bonus Get deal
    Capital at risk
    Trading212 Investing Get free shares up to £100
    Show code
    Capital at risk
    Santander Student account Free 16-25 railcard with Santander Student Get deal
    Cashback UK Cashback Free £5 when you sign-up Get deal
    Penfold Pension Earn £25 when you refer a friend Get deal
    Capital at risk
    Revolut business Business banking Sign up to get a £100 welcome bonus. Get deal
    InvestEngine Pension Sign-up welcome bonus of £20-£100
    Show code
    Capital at risk

  2. Use comparison websites to upgrade your financial products

    When was the last time you looked for a more competitive credit card, bank account or mortgage? If it’s been a while, it’s easy to find a better deal by shopping around on a comparison site such as Finder.

    For example, if you always pay off your credit card balance in full each month, you could switch to a cashback credit card and earn a little money back each time you spend.

    On the other hand, if you are paying a high interest rate on your credit card debt, shifting that debt to a 0% balance transfer card will give you some breathing space and enable you to pay off your balance interest-free over a number of months. This could save you some serious cash on interest payments – just watch out for the balance transfer fee.

    Similarly, if you’re currently sitting on your mortgage lender’s standard variable rate (SVR), you’re probably paying more in interest than you should be. Take the time to look for a more competitive mortgage deal and reduce your monthly repayments.

  3. Make sure you are using a current & savings account with a high interest rate

    By the same token, make sure your current account or savings account is paying you a decent interest rate. If you never remember to move money from your current account to a savings account, it pays to choose a current account that pays a high rate of interest on your balance, so that you’re earning some extra cash (but keep in mind, your account may only pay interest up to a set balance).

    On the other hand, if you have a decent sum of money stashed in a savings account, you might be able to earn a higher interest rate by switching to a new provider.

    For example, if you have £5,000 in a savings account paying 1% interest, over the course of a year, you’ll earn £50. But shift your funds to an account paying 4% and the amount of interest you earn jumps to £200 a year. Not bad for very little work on your part.

  4. Use switching deals to switch and earn a reward

    Many current accounts offer cash incentives for switching your account across to them – this is often between £100 and £200. So, if you’ve been with the same current account provider for several years, now could be the time to make the move and grab your cash. Just make sure you read the terms and conditions first, as you may have to pay in a certain amount each month or set up a couple of direct debits.

    Brand Product type Offer details Link
    Santander Bank account Get £200 and a £25 gift card when switching your current account to Santander Get deal
    NatWest Bank account £175 when you switch to an eligible NatWest account Get deal
    RBS Bank account £175 when you switch to an eligible RBS account Get deal
    The Co-Operative Bank new Bank account Up to £175 bonus for a current account switch Get deal
    Lloyds Bank Bank account £200 bonus for a current account switch Get deal
    Nationwide Bank account £175 bonus for a current account switch Get deal

  5. Declutter and sell

    Clearing out your clutter can be very therapeutic but it’s also a great way to earn some extra money.

    Use sites like eBay, Vinted, and Facebook Marketplace to sell unwanted clothing, homeware, unused toiletries and toys. Alternatively, if there’s a car boot sale in your area, why not pay for a pitch and sell as much as you can in one go?

    You can also use sites such as Music Magpie, WeBuyBooks, CEX and Sell My Mobile to sell unwanted CDs, DVDs, games and mobile phones.

    Your home could end up looking a lot emptier, while your bank account should look a little fuller.

  6. Rent out your stuff

    These days you can rent out almost anything. Got spare space on your driveway? Rent it out. Have a spare room or attic someone could use for storage? Rent it out. Think your home would make a great film location? Rent it out. Got a wardrobe full of designer clothes? You guessed it – rent them out.

    Take a look at sites such as JustPark or Your Parking Space if you want to rent out your driveway – this could be particularly lucrative if you live near a big shopping centre, football stadium or train station.

    If you’re happy to rent out storage space, register on Stashbee to get started and also let your home insurance provider know your plans. If you have a spare room you could also consider renting it out to a lodger through the government’s Rent a Room scheme. This lets you earn up to £7,500 a year tax-free from letting out a furnished room in your home.

    If you’re interested in using your home as a film location, you’ll need to approach a location agency such as ShootFactory or Lavish Locations. And if you want to rent out your clothes, take a look at sites such as Hurr.

  7. Make money from home

    There are all sorts of ways to increase your income from the comfort of your own home. Whether you fancy taking part in online surveys and giving your opinions on everything from laundry detergent to politics, you’re a keen online gamer, or you want to use your knowledge of AI to bring you in some extra cash, there’s a lot to choose from.

  8. Claim back what you’re owed

    Did you know that you might be entitled to £100s in refunds or compensation if you take the time to claim? For example:

    Claim tax on your uniform. If you wear a uniform to work and wash, repair and replace it yourself, you could be able to claim the tax back for up to 5 years of expenses.

    Check your tax code. If you’re on the wrong tax code, you might have paid too much tax – in which case you could be due a huge refund. Use the gov.uk website to help you assess your tax code.

    Claim for train delays. If your train is delayed for more than 15 minutes, you could be entitled to compensation. This is through the nationwide Delay Repay scheme but you’ll need to make your claim through your train operator’s website. How much you can reclaim depends on the length of the delay.

    Track down lost accounts. Billions of pounds are sitting in dormant bank and savings accounts that have been forgotten about. My Lost Account is a free service that helps you track down those lost accounts and savings, so it could be worth investigating.

    Reclaim flight delays. Flight delays are a nightmare, but if your flight is cancelled or delayed for more than 3 hours, you could be entitled to compensation of up to £520. To claim, you should contact your airline directly.

Bottom line

From switching financial products to selling unused items or claiming money you’re owed, there are plenty of simple, practical ways to boost your income. A few quick checks and small changes could add up to hundreds – or even thousands – of pounds a year, giving your finances a welcome lift without taking on extra work.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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