Current account switching cash perks return

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

Current account switching cash perks return

Several providers have launched enticing current account switching perks this month. With as much as £150 in free cash available, Moneyfacts.co.uk compares the latest deals on offer.

NatWest is offering £150 cashback, launched on 25 January and due to close on 7 April, more than the £100 they offered at the end of 2021.
Santander now offers £140 cashback on its 123 Current Account, launched on 24 January, up from the £130 it offered a few months ago.
Virgin Money has tweaked the switching incentive on its M Plus Account; switchers can receive a £100 Virgin Experience Days Gift Card, and the account pays a higher credit interest rate, now 5.02% AER up from 2.02% AER, launched 28 January.
first direct currently offers a £130 cashback offer which was launched 29 December.
Nationwide offers £100 for new customers and £125 for members to switch to them.

Current account switching cash perks return

Several providers have launched enticing current account switching perks this month. With as much as £150 in free cash available, Moneyfacts.co.uk compares the latest deals on offer.

NatWest is offering £150 cashback, launched on 25 January and due to close on 7 April, more than the £100 they offered at the end of 2021.
Santander now offers £140 cashback on its 123 Current Account, launched on 24 January, up from the £130 it offered a few months ago.
Virgin Money has tweaked the switching incentive on its M Plus Account; switchers can receive a £100 Virgin Experience Days Gift Card, and the account pays a higher credit interest rate, now 5.02% AER up from 2.02% AER, launched 28 January.
first direct currently offers a £130 cashback offer which was launched 29 December.
Nationwide offers £100 for new customers and £125 for members to switch to them.

Selection of accounts
Selection of accounts	Account	Cashback	Benefits	Cost to borrow £500 for 15 days
High interest	Virgin Money M Plus Account*	Cashback on debit card spending on everyday shopping online and/or instore with selected retailers	5.02% AER** credit interest on balances up to £1,000 (£50 in interest in one year); £100 Experience Days gift card when switching using the CASS	£3.75 (19.9% EAR)
Spend and save	Santander 123 Current Account***	1-3% cashback on selected household bills and Santander home or life insurance premiums (up to £15 per month)	0.30% AER credit interest on balances up to £20,000 (£60 in interest in one year); access to 123 World offers	Four months’ free overdraft, thereafter £7 (39.94% EAR)
Overdraft usage	Starling Bank Current Account	None	0.05% AER credit interest on balances up to £85,000 (£42.50 in interest in one year). No fees overseas for card usage	£2.89 (15.0% EAR)
Must open a M Plus Saver Account at the same time as current account. 2.00% gross per annum variable, plus a 3% AER fixed bonus interest rate on balances up to £1,000 for the first year when you switch to us. Bonus interest will be paid into your current account as a one-time payment in June 2023. **£4 monthly fee. Source: Moneyfacts.co.uk

Switching cash incentive selection
Provider	Account	Switching incentive	Eligibility
first direct	1st Account	£130	Switch using CASS, must credit £1,000 within three months.
Nationwide	Flex Account	£100 or £125	Switch using CASS, new accounts get £100 and existing account holders get £125.
NatWest	Select Account	£150	Switch using CASS by 7.4.22, must credit £1,500 and log into online or mobile banking.
Santander	123 Current Account	£140	Switch using CASS, two direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching.
Source: Moneyfacts.co.uk

Selection of accounts
Selection of accounts	Account	Cashback	Benefits	Cost to borrow £500 for 15 days
High interest	Virgin Money M Plus Account*	Cashback on debit card spending on everyday shopping online and/or instore with selected retailers	5.02% AER** credit interest on balances up to £1,000 (£50 in interest in one year); £100 Experience Days gift card when switching using the CASS	£3.75 (19.9% EAR)
Spend and save	Santander 123 Current Account***	1-3% cashback on selected household bills and Santander home or life insurance premiums (up to £15 per month)	0.30% AER credit interest on balances up to £20,000 (£60 in interest in one year); access to 123 World offers	Four months’ free overdraft, thereafter £7 (39.94% EAR)
Overdraft usage	Starling Bank Current Account	None	0.05% AER credit interest on balances up to £85,000 (£42.50 in interest in one year). No fees overseas for card usage	£2.89 (15.0% EAR)
Must open a M Plus Saver Account at the same time as current account. 2.00% gross per annum variable, plus a 3% AER fixed bonus interest rate on balances up to £1,000 for the first year when you switch to us. Bonus interest will be paid into your current account as a one-time payment in June 2023. **£4 monthly fee. Source: Moneyfacts.co.uk

Switching cash incentive selection
Provider	Account	Switching incentive	Eligibility
first direct	1st Account	£130	Switch using CASS, must credit £1,000 within three months.
Nationwide	Flex Account	£100 or £125	Switch using CASS, new accounts get £100 and existing account holders get £125.
NatWest	Select Account	£150	Switch using CASS by 7.4.22, must credit £1,500 and log into online or mobile banking.
Santander	123 Current Account	£140	Switch using CASS, two direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching.
Source: Moneyfacts.co.uk

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

“Consumers looking to switch their current account will be pleased to see an array of free cash and perks launched which may entice them. Those who switch using the Current Account Switch Service (CASS) could get either an upfront free cash incentive or perk as providers heat up the market with new offers to fight for new business. As much as £150 in free cash is on offer from NatWest, which launched just last week.

“Current account holders looking at the overall package of their account may find the new offer from Virgin Money attractive. Not only do switchers get a £100 Experience Days gift card, but they will also get a credit interest boost. Those who have £1,000 in their account will earn 5.02% AER interest in the first year, as the underlining 2.02% AER rate has seen a fixed bonus of 3% applied for switching customers. This is welcome news for anyone looking to maximise interest earned on their current account but, in addition, they can also earn cashback on purchases at selected retailers online and in store.

“Those customers who would like a free cash boost may like the offer from Santander, which recently launched a £140 free cash offer. The 123 Current Account pays credit interest of 0.30% on balances up to £20,000 and boasts 1-3% cashback on selected household bills and Santander home or life insurance premiums. Overall, this account may help consumers earn a little extra off their spending, but it is worth noting they will need to pay a £4 per month fee.

“As we have seen with HSBC withdrawing its £150 offer last week, there is no guarantee such lucrative perks will remain on offer forever, but this time of year tends to be a popular one for providers to launch offers. As the cost of living is expected to rise, consumers may be tempted to grab a free cash perk, but it is imperative they weigh up the overall package of any account before they commit and be sure it suits their needs.”

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

Notes to editors

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Notes to editors

Pioneering financial comparison technology for over 35 years.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.

James Hyde Press & PR Manager

T: 01603 476205

E: Email James

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant