Switch it up and cash in

COMPETITION for your current account business is hotting up, with three big name banks now dangling cash “switcher” incentives to lure in new customers.

- By Harvey Jones

Switching is quick and simple through the official Current Account Switch Service, and with hundreds of pounds on the table, it may be worth a closer look.

NatWest is offering £175 to newcomers who switch using the service, pay in £1,250 and log into its mobile app within 60 days.

Customers who opt for its Reward account can pocket a further £60 in rewards a year, although there is a £2 monthly fee. NatWest also throws in family perks, including free prepaid Rooster cards for children, which usually cost £19.99 each per year.

Customers can bolster their savings via the Digital Regular Saver, paying 5.5% on up to £150 a month.