Banks offer cash bonuses to attract current account customers

Many banks are trying to attract new customers by offering cash bonuses for switching current accounts. Some banks are giving out bonuses of up to £175, but these offers may expire soon. NatWest, First Direct, Lloyds, and Nationwide are among those offering incentives. National Bank customers can earn £150 by fully switching to their Reward account. This account has a monthly fee, but customers can earn back that cost through rewards. However, those who have already received a switching payment from NatWest are not eligible for this offer. First Direct offers a £175 bonus for opening a 1st account, which has no fees for card spending or ATM withdrawals outside the UK. Customers must meet certain conditions, like moving a minimum amount and making multiple transactions, to qualify for the bonus. The deal is available only to those who do not already have an account with First Direct. If you switch to a Club Lloyds account, you can receive a £175 payment, but you need to set up at least three direct debits. The offer ends on April 1. Lloyds allows switchers to choose added benefits, such as a Disney+ subscription or cinema tickets. Nationwide is offering a similar deal, with £175 for new customers switching to one of three accounts. This offer ends on March 31. Customers need to transfer direct debits and make a minimum deposit to qualify. Experts suggest that potential customers should look beyond just the cash bonus and consider the long-term value of the account. Some banks offer valuable rewards, while others are known for better service. It’s important for customers to find an account that best fits their spending and saving habits. Ethical banking options are also available. Triodos Bank focuses on lending to organizations that benefit the environment and society. However, it has a monthly fee and does not offer overdrafts. Other ethical choices like the Co-operative Bank and Nationwide also prioritize responsible banking practices.