Saving money can be a challenging endeavour, and many people will welcome a helping hand to their bank balance. This can be obtained by bank switching incentives which are coming back to the fore as banks compete for custom. But which bank should Britons choose if they are looking for a switch? And what are the benefits of each offer?
“Santander haven’t had a switching incentive for many years and now they’re offering £130, which is one of the higher offers.
“It’s interesting they’ve come back as their 123 account recently decreased its interest rates over time – my opinion is that they are trying to recoup custom.”
Ms Brain said there is a lot to choose from at present when it comes to bank switching incentives.
As competition becomes more fierce, there are a number of options for Britons who want to take advantage of offers.
“For example, with Virgin Money’s account, you will have to pay £1,000 into the savings account to qualify.
“NatWest and RBS are not paying out their incentive for two months, as they want to see use of the account first.
“However, other providers such as first direct and Nationwide will pay out fairly quickly, within 14 days.
“If you’re expecting money in your account by Christmas, some will be there in time, and others certainly won’t.”
Banks and building societies are “playing off each other” according to Ms Brain, in hopes of attracting new savers.
Some providers have extended offers they are offering, although at present, none have increased their offers.
But she concluded that despite her warnings, if a person wants to switch, they should still consider the matter.
Ms Brain stated: “If people are looking to make the switch now is the time to do so as you’ve got that cash back incentive which can always be useful.”