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Act now to get current account cash perks

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Written by: Emma Lunn
22/11/2021
Several current account switching cash incentives are on the verge of being withdrawn – so time is ticking to pocket some free cash.

Bank customers have just days or weeks to switch their current account and benefit from cash handouts and other incentives, according to Moneyfacts.

First Direct is withdrawing its £130 switching offer at midnight tonight, while consumers have 10 days to take advantage of NatWest’s £100 cashback offer which will be withdrawn on 2 December.

There are three weeks left to get a £125 cash incentive with Halifax on its Reward Account. The offer ends on 14 December and has been available since 3 November.

Switching incentives still available include Virgin Money which tweaked the switching incentive on its M Plus Account last month. Switchers can receive a £150 Virgin Experience Days gift card or 12-bottle case of wine from Virgin Wines.

Santander is still offering £130 cashback on its 123 Current Account, and Nationwide is still offering £100 for new accounts and £125 for existing account holders on selected current accounts.

Rachel Springall, finance expert at Moneyfacts, said: “Current account providers launched free cash perks for customers who switch using the Current Account Switcher Service (CASS), however, some gave just a small window of opportunity for customers to apply, such as HSBC which gave consumers 14 days.

“One of the biggest cash perks on a current account which does not charge an account fee is for £130 with First Direct, which is due to expire at midnight. In the weeks to come, so too will the £125 offer from Halifax and £100 offer from NatWest disappear.

“Those looking to get a better overall package with their current account will not only find Santander’s £130 switching cash offer appealing, but the 123 Current Account also boasts 1 to 3% cashback on selected household bills and Santander home or life insurance premiums and it pays 0.30% AER credit interest on balances up to £20,000, all for a £4 per month fee.

“Virgin Money currently offers a different upfront perk to those who switch to its Virgin Money M Plus Account; a £150 Experience Days gift card or a free luxury 12-bottle case of wine from Virgin Wines.

“Another bank to launch a different incentive for switchers recently was Barclays Bank, depending on the type of account pack add-on that is taken, they will provide a free trial of a variety of Apple entertainment with Apple One, for up to five months. However, like many cash perks, this offer will be withdrawn within the next three weeks on 12 December.”

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