Several major UK banks, including Barclays and NatWest, are currently offering enticing cash incentives of up to £175 to attract new customers. But is switching accounts really worth it? Here’s what you need to know.
Which Banks Are Offering Cash Rewards?
Barclays and NatWest are leading the charge with competitive switching deals:
- Barclays – £175 for new customers who switch via the Current Account Switch Service (CASS) and meet certain criteria.
- NatWest – £175 for switchers who deposit £1,250 and log into their mobile banking app within 60 days.
What Are the Terms and Conditions?
While the offers seem attractive, they come with specific requirements:
- You must use the CASS to switch your account.
- Some banks require a minimum deposit or direct debit setup.
- The incentive is usually paid within a set timeframe after meeting conditions.
Is It Worth Switching Just for the Cash?
Financial experts advise weighing the pros and cons before making a move:
"While £175 is a nice bonus, you should also consider the bank’s fees, interest rates, and customer service reputation," says money-saving expert Jane Doe.
How to Get the Best Deal
Follow these steps to maximise your switching benefits:
- Compare all available offers before committing.
- Check if you meet all eligibility criteria.
- Ensure the new account suits your long-term banking needs.
The switching process typically takes seven working days, with all payments and direct debits transferred automatically.
