A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
Consumers looking to switch their current account over the summer holidays could be disappointed to find that banks have slashed the free cash offered when using the Current Account Switcher Service (CASS).
Research by Moneyfactscompare.co.uk has found that fewer brands are competing with upfront cash incentives over the past few weeks. For example, HSBC and Halifax have recently pulled their cash switching incentives of £175 upfront and up to £135 respectively, while first direct has slashed its offer in half and is now offering just £50 down from its previous £100 incentive. In fact, the research shows that there are now very few cash incentives, or equivalent gift card perks, around for customers to choose from.
Current account analysis
Providers with upfront switching cash incentives | Switching cashback | Cost of borrowing £300 using an arranged overdraft for 15 days | Cash incentive minus overdraft charges after 12 months |
first direct 1st Account | £50 (was £100) | £1.96 pm / £23.52 pa | £26.48 |
M&S Bank Current Account | £100 gift card upfront, plus £80 gift card after 12 months* | £1.96 pm / £23.52 pa | £156.48 (gift card) |
Providers with recommend a friend cash incentives | Cashback | Cost of borrowing £300 using an arranged overdraft for 15 days | Cash incentive minus overdraft charges after 12 months |
Nationwide Building Society FlexAccount | £100 (friend also gets £100) | £2.33 pm / £27.96 pa | £72.04 |
*Existing M&S Bank credit card customers can get up to £220 when they switch and stay. Cashback may be dependent on minimum funding of the account or other requirements (direct debts, using the current account switcher service etc.) Source: Moneyfactscompare.co.uk
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Clearly the summer season is the wrong time of year for consumers to grab a sweetener when switching their current account or indeed when recommending a friend.
“It will be disappointing news for those who waited for the summer holidays to move their account, as they would have missed out on the most lucrative free cash offers. The best time to spot competition on switching sweeteners is typically at the start the year, as banks tend to bring out offers to entice new customers looking to rework their financial products as a new year’s resolution.
“Current account providers generally offer banking perks to gain new customers who could then go on to take out other financial products with that brand, which is why it’s common to see other incentives offered to existing current account customers.
“Just because an account offers a cash sweetener, doesn’t necessarily mean it’s the best possible choice – particularly if customers were to dip into their arranged overdraft each month. Free cash can be eroded over time, so it’s important to keep this in mind and compare overdrafts along with any perks.
“There are other accounts available that may not pay sweeteners upfront, but in fact pay a monthly reward. These may be more appealing to consumers who can meet the eligibility criteria and indeed, Barclays Bank, Halifax, The Co-operative Bank all offer the option to earn rewards every month.
“It goes to show that if consumers are thinking about switching their bank account, then they must not wait around for too long to do so. It doesn’t take long thanks to the CASS and it’s worth considering if their current account isn’t offering them the best possible package.”
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account
With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account
NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed
NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed
The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank
The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank
With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account
With just a few weeks left until the new university semester begins, it is vital for students to take a time out to find a competitive student account
NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed
NatWest will be piloting new technology that will enable its customers to bank from home using just their voice, the bank has revealed
The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank
The Islamic Finance Consumer report 2019 from Gatehouse Bank has revealed that nearly half of all Muslim consumers have never used a sharia-compliant bank
Moneyfactscompare.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie PolicyMoneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.