Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“The summertime of free cash incentives on current accounts fizzled out over recent weeks. These changes were largely expected, as many of the free cash offers had a set window for consumers to take advantage. It’s not all bad news though, as consumers will see these types of incentives come and go throughout the year when banks decide to compete for new business. However, those customers who have not made time to explore the variety of offers and switch using the Current Account Switch Service (CASS) would have missed out on free cash from some of the biggest banking brands last month. This should not deter customers from ditching and switching to an account that works harder for them, as there are still some decent packages available to suit different circumstances. It’s vital that customers choose an account based on its overall value, and not just for a free cash incentive.

“A low interest rate overdraft tariff could suit customers who may need to borrow more than they earn in an emergency. Starling Bank offers a fuss-free account and charges 15.0% EAR on its overdraft, which is less than half the rate many of the biggest banks set. Those consumers who want to earn a bit of interest on their current account will find Nationwide offering the highest in-credit interest rate of 5.00% AER on its FlexDirect account. Customers will need to make a note that the credit interest rate will fall after 12 months to 1% AER. Those who spend and save will find Santander’s Edge Up current account appealing; savers can earn 3.50% AER interest on balances up to £25,000 and spenders can earn cashback on debit card transactions and monthly bills. Those who sign up to Santander Boosts can also get entry into prize draws, earn cashback or vouchers.”