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Are you tired of your sofa? Customers can grab a £200 windfall by switching as big street giants hear each other in the final battle of ‘switching wars’
- Banks are fighting a fierce battle to get customers to move their accounts
- Customers have to switch from rival banks using the current account switching service
Are you tired of your sofa? Now could be a good time to make the switch… as you can get up to £200 for this.
Banks are engaged in a fierce battle to get customers to move their accounts to them.
NatWest is the latest to join the ‘switching wars’. NatWest’s £200 offer makes it the best in terms of free cash upfront.
All bonuses require customers to switch from a rival bank using the Current Account Switching Service (CASS).
This guarantees that everything runs smoothly. Direct debits are transferred automatically, but you must cancel the old account. There are normally other criteria such as paying a certain amount each month.
NatWest is the latest to join the ‘switching wars’. The £200 offer makes it the best in terms of free cash upfront
NatWest’s move comes after the number of people using the switching service plummeted to just 65,976 in January – after a record 157,376 in November.
Rachel Springall, financial expert at the website Moneyfacts, said: “It’s exciting to see such generous free switching incentives being marketed at a time when consumers may be looking for a monetary boost.”
She said NatWest is generally a good choice, and for those willing to shell out £2 a month for the bank’s Rewards account, customers can also look forward to earning additional bonuses throughout the year. This can be up to £60 annually.
Alternatively, the free Select option also includes a £200 boost if £1,250 is deposited into the account and the NatWest banking app is used within 60 days.
Lloyds Bank is currently offering a £200 switch sweetener for those switching from their platinum or silver checking accounts.
Both options come with their own bundle of incentives, including European or worldwide travel insurance and AA breakdown cover.
These do have a monthly fee, but can be offset by the sign-up bonus.
The Platinum and Silver account offers end on March 7.
Lloyds Bank is currently offering a £200 switch sweetener for those switching to their platinum or silver checking accounts
NatWest’s sister banks, RBS and Ulster, have similar offerings. First Direct offers £175 for those switching and TSB pays £125 with a Spend & Save account that also pays £5 cashback monthly. That deal expires on March 3.
Ms Springall says: ‘All of these options are worth exploring thoroughly before embarking on the switching process – the right account depends on one’s individual circumstances. Transfer offers usually don’t stick around for long. A good example is the Santander £200 free cash offer which recently ended.’
Santander ended this incentive after just two weeks. HSBC and Nationwide also ended switching offers in December.
Customers who decide to move accounts do so for a variety of reasons. This could be due to poor service levels or their existing account isn’t working hard enough to stay. On the other hand, customers who are struggling financially have a hard time ignoring an incentive for free cash, especially since it is quick and easy to switch bank accounts with CASS.
As with any checking account, it is imperative that consumers choose an account carefully, weigh all the benefits and costs, and not be guided by the cash alone.