Power switching Banks woo current account customers with cash payouts

If you're thinking of changing bank, several want your business: but time is running out on some deals, writes Shane Hickey

- Shane Hickey

Some of the biggest high-street banks are eager for people to ditch their existing current accounts and switch to their offerings - with the promise of cash bonuses of up to £175 in return. NatWest has joined First Direct, Lloyds and Nationwide in promising healthy one-off payments for new accounts.

However, time is running out to take advantage of some of the deals, with a couple of them expiring at the end of this month.

It is the latest round of campaigning for custom from banks and other current account providers, which were last year offering up to £200 for people to move, according to Rachel Springall at Moneyfacts.

"Switching incentives come and go, so they are never a guarantee for consumers," she says. "It all comes down to the business appetite of current account providers and the time of year."

But many worry that moving from one account to another can take time and effort. So what is on offer and is it worth it?

NatWest

The high-street lender is the latest bank to offer a healthy sum to attract people to switch.

Customers will get £150 within 30 days of fully switching to the bank's Reward account. This charges a £2 monthly fee but promises that customers can "earn" the money back by using direct debits and the mobile app.