With Christmas coming up and many worried about the cost of living over winter, one way you can get some extra cash is by switching banks.
You can get up to £150 cash back from some high-street banks just by switching your Current Account to them.
Royal Bank of Scotland (RBS) is offering £150 to new and existing customers who switch and stay. The limited time offer runs until November 18 2021, according to Wales Online.
Santander has also been offering £130 cashback to new and existing customers switching their current account to it. HSBC UK, meanwhile, has been offering £110 in cash plus an additional £30 to eat in using Uber Eats, or to eat out using the Dining Out Gift Card. Lloyds Bank has also been running a limited-time £100 cash-to-switch offer.
Current account switching offers often specify that customers need to use the Current Account Switch Service (Cass), which automatically moves their payments over from their old bank account, in order to be eligible.
While up-front cash perks can be tempting, Rachel Springall, a finance expert at Moneyfacts.co.uk, says it’s important to weigh up the overall charges on any account when considering switching.
“It’s great to see a rise in upfront cash offers to tempt banking customers to move away from their current account provider and switch, but its important consumers check the overall package of an account before they commit,” says Springall.
“Someone who may dip into their overdraft from time to time, may be better off choosing an account with an interest-free buffer, or lower rate than one with an enticing upfront perk, and many off the biggest brands charge around 40% on their arranged overdrafts.”
