Fancy a free £175? If you are hunting for ways to make and save money, one of the quickest and easiest could be to reconsider your relationship with your bank.
First Direct is the latest to offer an unusually generous cash reward to new customers who open a 1st current account. This week it boosted its usual incentive of £150 by an additional £25, the highest amount any bank has paid since March 2020, according to the financial analyst Defaqto.
Since the beginning of August, Santander has offered £160 cashback to persuade people to switch, while new Halifax customers can get £150. For those joining Nationwide, it is up to £125.
"It's unusual to see banks launching switching incentives during the summer," says Rachel Springall, a finance expert at data firm Moneyfacts.
She believes they are looking for ways to drum up business at a time when households are particularly concerned about finances.
This story is from the August 20, 2022 edition of The Guardian.
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This story is from the August 20, 2022 edition of The Guardian.
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