There are huge number of consumers who could benefit from switching their current accounts. These days, a few banks are rolling out irresistibly lucrative incentives to increase savings by spectacular margins. Lloyds Bank, Nationwide, Monzo, HSBC and NatWest have launched a host of other incentives to lure customers. This article looks at the most lucrative deals out there right now, showcasing how making the switch could see you raking in some serious cash.
Lloyds Bank’s Competitive Offers
Lloyds Bank is one bank that has been running a £100 switching incentive for new customers that move to its standard current account. The real attraction lies for customers opening a Club Lloyds account or a Lloyds Premier account. These options £200 market-leading incentive! To keep Lloyds from losing their customers, Lloyds incentivizes customers to use their money management accounts. If you set up two or more monthly payments, you’ll receive an additional £25 every month for three months!
Lloyds is shining this particularly bright and alluring bait to its clientele. Additionally, they offer an attractive annual interest rate of 7% on their regular savings account. This means that customers can get the most from their boosting savings and earn all the other rewards that come with switching accounts. Lloyds’ Classic account, with no monthly fee, is so popular that it is closed to new customers. Note that it is out of bounds for the switching promo.
Nationwide’s Attractive Alternatives
Smartly, Nationwide is raising the stakes in this space. They are incentivising customers to switch by offering £175 when switching to any of their three main current accounts. In particular, Nationwide’s FlexAccount and FlexDirect don’t charge a monthly fee at all, meaning they’re more attractive prospects to new customers.
If you invest the maximum £300 a month into your Nationwide account, you’ll receive around £136.50 in interest after one year. That’s a hefty addition to your nest egg! This puts Nationwide on the shorter list of options for folks who want to weigh low fees against higher interest rates.
Offers from Other Banks
Monzo, the branchless bank partially owned by HSBC, is revolutionizing the current account market as well. The bank is paying £175 to customers who switch to its 1st Account. Monzo provides a new form of savings account, where all people can save monthly and earn a high 7% annual interest rate. This is limited to £1-250 deposits per month, like Lloyds and Nationwide.
Likewise, HSBC offers a £175 switching bonus for customers moving to its 1st Account. NatWest rises to the challenge by giving new customers £175. This bonus is only available if you switch your main day-to-day current account to your bank. These promotional deals from leading institutions like these banks show a cut-throat market eager to get consumers to re-think where they keep their money.