Cash to switch offers on current accounts disappear

Current account customers looking to switch their provider will find that several offers of free cash have recently vanished, according to a financial information website. A £175 switching offer from First Direct which launched on March 26 ended on Monday. Website Moneyfactscompare.co.uk said several other banks, including HSBC, NatWest, Lloyds Bank and Santander, have recently ended offers of cash to switch. Some banks had been offering as much as £200. Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “Consumers will find that the free switching cash perks offered by providers have vanished. “These perks come and go at different times of the year, but it will be disappointing news for those who were hoping for a free cash boost when switching using the Current Account Switch Service (Cass).” Ms Springall said the lack of cash incentives should not put people off finding a better current account deal. She said: “This should not deter switchers from comparing deals, as they could still find a better package if their current account is not working hard enough for them. “Consumers could still find cashback on spending, or for paying bills, and savers could stand to earn a decent return on a high interest...

Read more