The 8 UK banks offering customers up to £300 free cash | Personal Finance | Finance
Eight banks are offering customers up to £300 in free cash if they switch accounts. Santander, NatWest, Barclays and Nationwide are among the banks offering people cash to switch.
HSBC, Co-op, the Bank of Scotland and First Direct are also giving customers money to change their account.
Banks offer cash incentives in order to draw in new customers, but it’s worth being aware that switching banks regularly can affect your credit score and ability to get loans and mortgages.
As reported by Birmingham Live, Rachel Springall, finance expert at data firm Moneyfacts, said: “Current accounts are all very different, some pay credit interest, others reward customers each time they spend on bills, and some are simpler and carry a competitive overdraft tariff. The right current account does depend on someone’s individual circumstances.”
Meanwhile, Money Supermarket advises: “Look for an account that suits how you manage your money. This could mean a switching bonus, cashback, high interest, a cheaper overdraft, or extra benefits. Check the eligibility rules carefully.
“You’ll usually need to share your personal details and prove your identity. Some banks may run a credit check, particularly if you apply for an overdraft.
“Once your application is accepted, you can choose when the switch happens. A full switch through the Current Account Switch Service takes seven working days. Your new provider will move your regular payments, transfer your balance and close your old account.”
The Current Account Switch Guarantee protects you when you complete a full switch through the Current Account Switch Service (CASS). This means your account switch should be completed within seven working days, with your balance and regular payments transferred to your new account, while any payments sent to your old account details will be automatically redirected.
Likewise, if something goes wrong with the switch and you’re charged fees then your new bank should refund you. However, not every account switch is covered so people are advised to check their new provodier uses the CASS before applying.
The following banks are offering customers cash to switch accounts:
