Britain’s major lenders are cranking up their offers to get you to switch to a new bank or building society, with up to £200 in cash on offer to make the switch - and in many cases, the value goes beyond that.
Consumers can claim the switch bonuses by moving their current account from one provider to another using a free service called the Current Account Switch Service (CASS).
In effect, it moves all your payments, direct debits, saved payees and everything else from one lender to another without you having to do anything, other than let them know which you are moving from and to. It usually only takes a week or two to complete.
To earn the free money, there are often terms associated such as needing a set amount of direct debits active and not having received the bonus over the last few years from the same bank. But otherwise, it can be a safe and rewarding way to get access to better savings rates, a branch in your local area or improved customer service.
Nationwide is the latest to launch a switch offer, with £175 handed over if you open one of three eligible current accounts. One of them offers the added extra of paying interest on your balance, while the building society has regularly paid out £100 “fairer share payments” to members over the past few years, meaning you could end up being paid even more.
Lloyds Bank, meanwhile, offers £200 as its cash switch offer - plus additional perks with its Club Lloyds accounts, such as a Disney Plus subscription or cinema tickets.
A new offer from NatWest offers £175, with an extra £36 available across the year in rewards accounts to boost the total above £200. It is conditional on customers opening a current account, logging into the app and depositing at least £1,250.
In addition, the likes of Co-op Bank and First Direct offer £175 to switch, and Danske Bank offers £180.
Some have multiple account types you can open, most have high-interest rate savings accounts you can access afterwards, and all will have a couple of routine hoops to jump through to get the reward paid out. This can include putting a certain amount of money into your new account within a month, using the app or making card payments.
As is usual with these offers, you cannot get switch rewards if you have received them previously from the bank or building society in question within a set number of years.
Always check, therefore, that you know what you need to do and that it suits your finances accordingly.
Users should also take caution before switching to ensure that the overall package on offer is one which will benefit them, rather than focusing on the headline figures of free cash.
Current account switch bonuses are commonplace in the UK. Using CASS, consumers can make the change in short order without having to do much beyond informing them of the move.
Customers looking to switch bank or building society should consider which elements of banking suit them most beyond the free cash bonus - such as ease of use on app, other services with their current provider or savings accounts which suit their lifestyle.
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