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Current account switching cash perks return

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
01/02/2022

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:

“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.”

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

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

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.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.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

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

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.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.

 

Contact Us 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.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert