Young adult woman is checking her bank account
It’s not protected and you may miss out (Picture: Getty Images)

I love cashback sites, but one frustration is that it can often take months for the money you earn to reach your account. Usually it’s three or four months, but in extreme cases it could be a year. This makes it likely you’ll forget and in turn not even realise when it arrives.

I checked my TopCashback account last week, finding close to £100 had just been paid, while a similar amount was sitting in my Quidco account. That was fantastic but also I’m glad I spotted it when I did.

For a start, money in the account isn’t earning interest. Though rates in savings accounts are well below the latest inflation rates, it pays to get the highest paying interest you can. I transferred it out to my current account and then into savings.

But the big risk of leaving money or credit in an account like this is it isn’t protected. If the business holding the cash was to go bust, you will lose the money. I’m not suggesting this will happen with the mentioned sites, but I’ve seen it happen to smaller competitors.

And this isn’t restricted to cashback sites. I was caught out last month. I’d received some referral credit to craft beer website Honest Brew. Usually I’d have spent it quickly, but in a bid to drink less, I left it sitting there.

The plan was to cash it in when existing supplies were drunk and combine it with a special offer. But then the company went into administration and the money was lost.

Close-Up Of Wallet With Low Section Of Man Walking On Footpath In Background
Don’t throw money away (Picture: Getty Images/EyeEm)

To avoid this, hunt down money that’s at risk. Anything held in a website, account, scheme or card that isn’t a bank covered by the Financial Services Compensation Scheme protection could go this way.

So, where to look? Christmas savings stamps, gift cards, prepaid cards, loyalty schemes and online credit – some might have restrictions on when you can use them. Also, check old bills, such as broadband or mobile, where you’ve built up credit but didn’t get a refund when you switched. Request that money is paid to you.

And see if you’ve forgotten bank accounts and finance apps with smaller balances. Though these current and savings accounts will likely be protected, you could move the money to get a better rate, or just spend it.

Andy’s Best Buys: Cash paying reward current accounts

Another place to look for forgotten money is in reward current accounts.

If you’re using them as a main account, you won’t have to do anything with the Santander 123, Virgin Money M Plus and Halifax Reward accounts as will these pay the bonus money straight into your account. But if these are extra accounts it could be the deposits are adding up.

However, earnings from Barclays, RBS and NatWest require you to withdraw the money yourself.

It’s easy to do this with app or online banking with Barclays Blue Rewards, though my suggestion while you’re there is to leave the scheme as changes earlier in the year mean most customers won’t be making any money from this.

Moving the money from the RBS or NatWest Reward accounts is more of a faff as you need to log into a separate account.

Halifax Reward: £5 a month when you spend £500 a month on your debit card and pay in £1,500 a month

Santander 123 Lite: Up to 3% cashback on bills (after fee). Check online banking.

Virgin Money M Plus: 2.02% interest, only paid on balances up to £1,000

RBS/ Natwest Reward: £3 a month (after fee). Two direct debits, check online banking.

Barclays Blue Rewards: £0 a month (after fee) for most. Two direct debits, pay in £800 a month

For more details on these accounts head to Be Clever With Your Cash.

Andy Webb is an award-winning blogger and podcaster from Be Clever With Your Cash. Follow Andy on Twitter, YouTube and Instagram via @andyclevercash

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