Results for: Cash Incentives

Nationwide Building Society emerged as the clear winner in the final quarter of 2023, leading the pack with 163,363 net gains from current account switches. Barclays and Lloyds Bank followed with 12,823 and 5,800 net gains, respectively. Notably, NatWest faced a significant exodus of 43,182 customers, while other major banks such as RBS, Halifax, and Santander also saw net losses. The allure of cash incentives for account switching seems to be waning, with banks withdrawing such offers. However, improved rates, cheaper overdrafts, and better services remain important factors in customer decisions. Overall, the number of account switches in Q4 of 2023 was lower compared to the previous quarter, but the Current Account Switch Service (Cass) has facilitated over 10.6 million switches since its inception in 2013.

Banks are offering fewer cash incentives to entice customers to switch providers, with several major banks recently ending their offers. However, experts advise consumers not to be deterred from finding a better current account deal, as other perks and benefits are still available.