Banks are offering new customers up to £130 to switch accounts. And at Nationwide, RBS and Santander, even existing customers are being rewarded for opening current accounts.
Experts believe they are trying to lure back customers from new banks such as Starling and Triodos.
RBS is paying Reward account customers £100, plus £50 if they make ten transactions a month between January and September 2022.
Switching rewards: Experts believe banks like Nationwide and Santander are trying to lure back customers from new banks such as Starling Bank and Triodos
Santander’s deal offers £130 to anyone who sets up a current account.
Lloyds has a £100 cash incentive for new Club Lloyds account customers. HSBC is giving £110 to new Advance account customers, plus £30 in Uber Eats vouchers or a The Dining Out gift card.
Existing Nationwide members get £125 on opening a FlexDirect account. New customers will receive £100.
Virgin Money is handing new current account holders £150 towards a Virgin Experience Day.
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