Banks mean business

CURRENT ACCOUNT SWITCH OFFERS

- Harvey Jones

BANKS are battling to win new business again by reviving popular incentives to switch current accounts, such as free wine or cash payments.

First Direct is offering a £100 “welcome” to new customers who switch to its 1st Account, while parent bank HSBC offers £125 and Virgin Money is giving away wine.

Established banks are feeling the heat, as they face growing competition from app-based rivals such as Monzo and Starling. So are the latest batch of goodies enough to encourage you to switch?

First Direct regularly wins awards for its customer service, but is only for those happy to operate online, by phone or app, as it has no branch network. Its 1.5million customers may pay in cash and cheques at HSBC branches and the Post Office.