Free cash offers on current accounts vanish

UK financial

Website said a number of other banks have recently ended offers of cash to switch

Current account customers looking to switch their provider will find that several offers of free cash have recently vanished, per a financial information website.

A £175 switching offer from First Direct which launched on March 26 ended on Monday.

Website said a number of other banks, including HSBC, NatWest, Lloyds Bank and Santander, have recently ended offers of cash to switch.

Some banks had been offering as much as £200.

Rachel Springall, a finance expert at, said: Consumers will find that the free switching cash perks offered by providers have vanished.

Springall said: These perks come and go at different times of the year, but it will be disappointing news for those who were hoping for a free cash boost when switching using the Current Account Switch Service (Cass).

Springall said the lack of cash incentives should not put people off finding a better current account deal.

She added: This should not deter switchers from comparing deals, as they could still find a better package if their current account is not working hard enough for them.

Consumers could still find cashback on spending, or for paying bills, and savers could stand to earn a decent return on a high interest current account. The best package will rely on an individual’s circumstances, so it is wise to keep that in mind when comparing perks, she added.

Some banks are offering other perks for switching. For instance, Santander has been running a railcard offer for 20 to 25-year-olds, subject to terms and conditions.

Springall said: The current account market will no doubt see a return of free cash offers, but these typically return when banks and building societies want to draw in new customers, or indeed when they expect consumers to be actively looking to move their deal, such as at the beginning of a new year.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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