UK banks are intensifying their efforts to attract new current account customers with a range of incentives. These include cash bonuses and other freebies for those who switch accounts.
Santander is offering £240 to customers who switch to its Everyday current account. Eligibility requires paying at least £1,500 into the account, setting up at least two household direct debits, and opening and paying at least £200 into a Santander Regular Saver.
NatWest is providing a £500 welcome bonus for individuals switching to its Premier Select or Premier Reward accounts. To qualify, customers must meet criteria such as paying at least £100,000 income into the new account, holding at least £100,000 in savings or investments with the bank, or having a mortgage of at least £500,000 with them.
Other banks also have offers. HSBC is giving £220 for switching, while its First Direct brand offers £175. Nationwide is also offering £175. The Co-operative Bank has a £200 offer, which concludes on Monday 7 September, with £125 upfront and £25 a month for three months for active account use.
Digital bank Starling is taking a different approach, offering eligible customers who open a personal current account before 11 October a voucher for a Suri Pro 2.0 electric toothbrush and UV clean-and-charge case, valued at £105.