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The Guardian - UK
The Guardian - UK
Business
Laura Whateley

Time to switch your current account? Banks up rewards to lure new customers

A Visa debit card for a Nationwide FlexAccount
The data firm Moneyfacts thinks banks are looking for ways to drum up new business at a time when more households are concerned about finances. Photograph: Stephen Barnes/Finance/Alamy

Fancy a free £175? If you are hunting for ways to make and save money, one of the quickest and easiest could be to reconsider your relationship with your bank.

First Direct is the latest to offer an unusually generous cash reward to new customers who open a 1st current account. This week it boosted its usual incentive of £150 by an additional £25, the highest amount any bank has paid since March 2020, according to the financial analyst Defaqto.

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