If the financial impact of April is already putting an extra squeeze on your personal or household budget due to double-digit inflation, the loss of the £67 monthly energy rebate and ever-increasing prices at the supermarket, now could be a good time to switch your banking services to one of three high street big names currently offering up to £200 in free cash.
The Royal Bank of Scotland (RBS) and NatWest are offering £200 to new customers who ditch their old bank and switch to them while First Direct is offering £175. The main rule for securing the free cash boost is to use the Current Account Switch Service (CASS), which last year successfully moved over 986,956 bank accounts in 2022.
The Service has facilitated more than 8 million switches since its launch in 2013 and provides a secure and reliable way to move your current account to and from any one of 47 high street and digital banks and building societies - and it can complete the move in just seven working days.
Latest bank switching deals
RBS - free £200
- £200 for customers who switch to an RBS Select or Reward account. There is a monthly account fee and you need to pay in £1,250 or more each month and use the app within 60 days.
NatWest - free £200
- £200 for customers who switch to a NatWest Select or Reward account. There is a monthly account fee and you need to pay in £1,250 or more each month and use the app within 60 days.
First Direct - free £175
- £175 for new customers who switch to a 1st account. You need to open the account on the app and pay in £1,000 or more within three months.
Pay out times for each of the offers is different and there are other terms and conditions to be aware of, so check the dedicated website for full details.
Commenting on the success rate of CASS over the last year, Jo Kenrick, Chair of the Pay.UK Switching Services Customer Committee, said: “I am exceptionally proud of the achievements that the Current Account Switch Service and the team have delivered in 2022.
“We were presented with a unique set of challenges, including a third successive year of economic turmoil, so it is particularly humbling to have reached our highest ever volume of quarterly switches in 2022. We will continue to stand confidently by consumers as the UK’s switching service for current accounts as we enter our 10th anniversary year in 2023.”
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