Two major banks have launched cash offers to help win over new custom amid a rise people switching and ditching the high street.
NatWest is offering £175 to customers who switch over to the lender between now and April 2, 2020.
The offer includes its Select account, which comes with no monthly fee, however those who open a Reward, Reward Silver, Platinum and Black accounts will also be able to redeem the bonus.
The Reward account pays customers £4 a month for two direct debits and an additional £1 for logging onto online banking – however the account itself comes with a £2 a month fee.
Bruno Genovese, head of NatWest current accounts, said: "Switching bank accounts couldn't be easier and we hope our highest ever guaranteed switcher offer will give an added incentive for those who have been thinking about switching to a bank that can help make you more confident about money."
To redeem the bonus, you'll have to switch through the current account switch service – we've got a full guide on how this works, here.
The process takes seven working days – during which time direct debits and standing orders are automatically transferred across.
Under the terms of the NatWest deal, customers must pay in £1,500 to the account and log into online or mobile banking through the NatWest mobile app before 10 May 2020.
The £175 cash offer will then be paid by June 5, 2020.
HSBC, meanwhile, is offering customers £175 when they open a HSBC Advance account through comparison websites Money.co.uk and Uswitch.
The account comes with no monthly fee and offers access to a regular saver that pays 2.7%.
And in third place is award-winning First Direct, which is offering a £100 bonus when you switch to its 1st Account.
"If you have been with your current bank account for a few years and cannot remember the last time your loyalty was rewarded, then it’s time for a change," Salman Haqqi, personal finance expert at money.co.uk, said.
"Many high street banks are literally giving away money to join them as a new customer by switching your account.
"The current deal from HSBC Advance Bank Account, which gives new customers a £175 bonus.
"The Current Account Switch Service makes everything super quick and easy. You can rest assured that moving your account will be hassle-free, as your new bank does all the hard work for you. All you need to do is choose the date you want to switch, and your direct debits and standing orders, as well as all of your incoming payments, will be transferred automatically from that date.
"As always, though, I would encourage you to ensure that you're eligible for an account before applying. It's also a good idea to do your homework and shop around to make sure that the account you choose suits your needs."
Switching perks – the red flags
Switching for money is great – but before you do so, always read the small print to make sure it's the right move for you.
This is because if you don't meet the eligibility criteria, you may not get the reward. Likewise, if there's a hidden monthly fee that you're not aware of, it may hit you further down the line.
Check what the bank is offering on top of the cash perk – ie travel insurance- ask about overdraft fees, any monthly fees, and check that you meet the minimum requirements.
"Switching incentives are a great enticement for consumers looking to move their current account, but this shouldn't be the sole reason for switching," explains Moneyfacts expert, Rachel Springall.
"Customers need to make sure that they weigh up all the elements of a current account before they move, which includes any fees or additional benefits.
"There isn’t much point switching to an account offering free cash if someone expects to use the overdraft on a frequent basis. Not only that, but opening an account which hosts tonnes of benefits and costs in a fee each month is a bit pointless if the customer doesn’t make use of them."
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