Switch bank accounts now if you want best freebies, consumers told

Financial data firm Moneyfacts says some of the £100-£130 cash incentives are ending soon

If you are thinking of switching bank accounts to grab the £100-£130 cash incentives on offer, you had better get your skates on as the best deals are fast disappearing.

The financial data firm Moneyfacts warned this week that consumers only had a few days to take advantage of NatWest’s £100 cashback offer, which is to be withdrawn on 2 December. There are fewer than three weeks left to grab the £125 cash incentive to switch to Halifax’s Reward Account. This offer ends on 14 December.

Santander continues to offer £130 cashback on its paid-for 123 Current Account, and Nationwide is still offering £100 for new accounts and £125 for existing account holders on selected current accounts, it says. Virgin Money is offering switchers a £150 Virgin experience gift card or a 12-bottle case from Virgin Wines after recently tweaking its offer.

Earlier this week, First Direct withdrew its £130 switching incentive. HSBC and Lloyds dropped theirs in October.

One other option to consider is the US bank Chase’s newish Reward account. While it is not offering a sign-up cash bonus, customers receive 1% cashback on everyday spending for the first 12 months, free card use abroad, including at ATMs, and 5% interest on limited savings, which could exceed the bonuses above if used adroitly.

Rachel Springall, a finance expert at Moneyfacts.co.uk, says customers typically have to use the official current account switching service to gain the bonus.

“Banking customers looking to switch their current account will find a variety of cash switching perks on offer today to entice them but some offers will vanish over the next three weeks,” she said.