Current Account Cash Incentives Disappear: Switching Bonuses Vanish
Financial information website Moneyfactscompare.co.uk reports that several banks have recently ended cash incentives for switching current accounts. These offers, which previously ranged up to £200, have vanished from providers including First Direct, HSBC, NatWest, Lloyds Bank, and Santander. Rachel Springall, a finance expert at Moneyfactscompare.co.uk, expresses disappointment for consumers who were hoping for a cash boost when switching, but emphasizes that the lack of incentives should not deter them from comparing deals.
Springall highlights that other perks, such as cashback on spending or high interest rates on current accounts, may still be available. She recommends that consumers consider their individual circumstances and focus on finding the best package that suits their needs, rather than solely relying on cash incentives.
While cash incentives may not currently be available, some banks continue to offer alternative perks. For example, Santander is running a railcard offer for 20 to 25-year-olds. Springall predicts that cash offers will likely return in the future when banks aim to attract new customers or anticipate a surge in consumer activity, such as at the beginning of a new year.
Consumers may pause their switching plans until cash incentives return, but those who are not swayed by the lack of a cash bonus are advised to thoroughly research and compare accounts to ensure they meet their needs and eligibility criteria. By considering all factors, consumers can still find a better current account deal that aligns with their financial goals.
