Britons can boost their bank balance simply by switching current accounts, with four switch incentives currently on the market.
Nationwide Building Society, Lloyds Bank, first direct and TSB are offering switching deals at the moment, and there are cash incentives of up to £200 on the table.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Current account providers have launched some enticing perks for customers looking for a new bank account, with some free cash of up to £200 on offer upfront.
“Consumers who switch using the Current Account Switch Service (CASS) have a variety of free cash perks to choose from, but there are alternative accounts offering some attractive benefits elsewhere, such as cashback on spending, high credit interest or a competitive overdraft tariff.”
Lloyds Bank is offering £175, correct at the time of writing
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Ms Springall said the right current account will depend on a person’s individual circumstances, warning: “It’s important consumers are not swayed by free cash alone, albeit tempting in the run-up to the festive season.”
Current account switch offers available right now
Switchers who move their current account to first direct’s First Account can get £175, provided they fulfil the eligibility criteria such as using the Current Account Switch Service (CASS) and crediting the account with £1,000 within three months.
Lloyds Bank is hoping to entice people to switch to Club Lloyds, Club Lloyds Silver account or Club Platinum. Those switching using CASS by November 14 are being offered £175, as long as they credit the account with £1,500 and log into online or mobile banking.
The bank says new customers can get the cash within 10 working days.
There is a £3 monthly fee to maintain this account, although it’s waived each month a person pays in £2,000 or more.
Nationwide Building Society is offering some notably competitive interest rates right now, plus £200 cash for eligible switchers who move to FlexDirect using CASS and switch at least two direct debits.
Ms Springall said: “Nationwide currently offers the highest in-credit interest rate of 5.00 per cent AER for 12 months on its FlexDirect account, but is also offering the highest upfront free cash switching offer of £200.
“Customers will need to make a note that the credit interest rate will fall after 12 months to one per cent AER, and they will need to meet the set terms and conditions to receive the cashback.”
TSB also launched a switching offer last month, offering £150 free cash plus the option to earn up to £60 in total cashback over the first six months.
To qualify, eligible customers must switch using CASS, log into TSB’s mobile banking app, have a minimum of two direct debits and make one debit card transaction by October 31.
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TSB is offering £150 free cash plus the option to earn up to £60 in total cashback over six months
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To earn the cashback, customers must make 20 debit card payments each month, once the switch has been completed.
Ms Springall said there have been several enhanced switching offers over the past few weeks, but urged customers to ensure the account meets their everyday needs.
She said: “The cost of living crisis continues and a free cash boost could make a big difference, but it’s vital customers pick the right current account that suits their everyday needs.
“Customers could consider opening more than one account to suit different needs too, they just need to make sure they meet any eligibility criteria to earn any perks.”
