Customers can get some free cash payments if they're savvy as the offer is limited time only
Savers looking to switch to a new provider can get some free cash payments and now is the time as they may become less generous. Santander is currently offering £150, Lloyds Bank is paying a £200 cash incentive, NatWest has an £180 switch offer, while Nationwide will pay you £175 to switch, reports the Express.
Suggesting what could be added to these offers to make them more appealing, he said: "Other perks to entice could include reduced or zero monthly fees and even cashback offers, and maybe retail vouchers." He also shared the view that it's "very likely" these switching offers will continue as the current account market is "very competitive" at present.
He also cautioned that the quality of customer service provided by the bank is a "major consideration" to keep in mind. Liz Hunter, director at Money Expert, shared additional tips for switching accounts. She advised checking for exit fees or penalties from your current provider, as these can offset any gains from switching. Shopping around is also crucial to understand the range of products available.
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