Saving money can be a challenging endeavor, and many people will welcome a helping hand to their bank balance. This can be achieved through incentives for bank swaps that come back to the forefront when banks compete for custom. But which bank should the British choose if they are looking for a change? And what are the benefits of each offer?
Santander has not had an exchange incentive for many years and now they are offering £ 130, which is one of the higher offers.
“It’s interesting that they’re back because their 123 account recently lowered their interest rates over time – my opinion is that they’re trying to get back to normal.”
Brain said there is a lot to choose from at the moment when it comes to bank transfer incentives.
As the competition gets tougher, there are a number of options for Britons who want to take advantage of offers.
“For example, with Virgin Money’s account, you have to pay £ 1,000 into the savings account to qualify.
“NatWest and RBS are not paying out their two-month incentives because they want to see the use of the account first.
“But other providers like First Direct and Nationwide will pay out fairly quickly, within 14 days.
“If you expect money in your account for Christmas, some will be there on time, and others will definitely not.”
Banks and construction associations “play each other out” according to Brain, hoping to attract new savers.
Some providers have extended offers they offer, although at present no one has increased their offers.
But she concluded that despite her warnings, if a person wants to change, they should still consider the matter.
Ms Brain said: “If people are thinking about making the switch now, it’s time to do it because you have that cashback incentive that can always be useful.”