Brits are being told they could receive hundreds of pounds before Christmas by switching current accounts.
Several current account providers have launched free cash offers to attract new customers and entice new business.
Nationwide Building Society recently launched a £200 free cash offer, Lloyds Bank also has a £175 free cash deal and TSB has a £150 offer.
Free Cash Offers for switching current accounts 'come and go'
If you're looking to switch current accounts and pocket a little money, you won't want to delay.
Not all of the offers will be around for long, according to the financial information website Moneyfactscompare.co.uk.
Free cash offers are known to come and go - in fact, NatWest recently withdrew its £200 cashback deal.
That being said, Moneyfactscompare notes that, first direct continues to offer a £175 cashback deal, which was launched over a year ago.
Individual providers determine what switching offers can be given out and these are based on various terms and conditions.
For instance, Starling Bank also recently announced an offer of 3.25% AER (annual equivalent rate) credit interest, on balances up to £5,000.
Cashback perks on spending are also offered such as Chase, Halifax, Lloyds Bank, Santander, the Co-operative Bank and Virgin Money.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “Current account providers have launched some enticing perks for customers looking for a new bank account, with some free cash of up to £200 on offer up-front.
“Consumers who switch using the Current Account Switch Service (Cass) have a variety of free cash perks to choose from, but there are alternative accounts offering some attractive benefits elsewhere, such as cashback on spending, high credit interest or a competitive overdraft tariff.
“The right current account does depend on someone’s individual circumstances, so it’s important consumers are not swayed by free cash alone, albeit tempting in the run-up to the festive season.”
For people that are looking to maximise the interest and cashback they could earn, Santander ( who does not currently offer a switching cash perk) allows customers who put £1,500 per month into their Edge Up current account to earn 3.50% AER interest on balances up to £25,000, according to Ms Springall.
She added: “The account also provides some enticing perks, such as cashback on selected spending and bills, but it is worth noting they will need to pay a £5 per month fee.”
The past few weeks have been a popular time for current account providers to enhance their offers, the finance expert commented.
This is because customers may be looking at ways to maximise their budget in preparation for the festive season.
She said: “The cost-of-living crisis continues and a free cash boost could make a big difference, but it’s vital customers pick the right current account that suits their everyday needs.
“Customers could consider opening more than one account to suit different needs too, they just need to make sure they meet any eligibility criteria to earn any perks.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here