Over Half Of Cashback Switching Offers Due To End | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 22/11/2021

Consumers looking to gain cashback from a bank account switching offer will need to act quickly as three of the five deals currently available are due to end within the next four weeks.

NatWest, first direct, Halifax, Nationwide Building Society and Santander all have switching offer incentives at the moment, which can see consumers earn up to £130 in cashback.

NatWest’s switching offer is due to end in just 10 days’ time, on 2 December 2021. The offer sees customers earn £100 when they switch to a NatWest Select Account using the Current Accounts Switcher Service (CASS) before the end of the 2 December deadline. In order to be eligible for the cashback incentive, customers must credit £1,500 into the account and log into online or mobile banking*.

Meanwhile, those interested in the £130 cashback incentive from first direct have only until midnight tonight to apply. In order to earn the £130 first direct switching incentive, customers must switch to a 1st Account using CASS by the end of 22 November 2021 and credit £1,000 into the new account within three months*.

Consumers tempted by the £125 cash incentive from Halifax have three weeks left until the offer ends. Under the Halifax offer, customers can earn the cashback by switching to its Reward Account using CASS by 14 December 2021*.

The cashback offers from Nationwide and Santander do not currently have an end date.

Nationwide has a cashback incentive of up to £125 when consumers switch to its Flex Account. The switch must take place using CASS* and those opening a new account with Nationwide will get cashback of £100, while existing customers can earn £125 in cashback.

The cashback offer from Santander sees consumers earn £130 when they switch to its 123 Current Account. In order to be eligible for the cashback, customers must switch using CASS, as well as ensure two direct debits are set up, pay £1,000 into the account and log in using online or mobile banking within 60 days of switching*.

Along with the cashback offers, Virgin Money also has a switching offer that sees customers receive a £150 Virgin Experience Day Gift Card or a free luxury 12-bottle case of wine from Virgin Wines valued at £150 when they switch to its M Plus Account*.

Why do banks offer cashback incentives?

Switching offers are normally used as a way for banks and building societies to entice new customers or to encourage new and existing customers to open a specific bank account. These offers are often popular at this time of year as they can be a good way for consumers to earn extra money in the run-up to Christmas.

Saying this, consumers tempted by a cashback switching incentive should check to ensure that the bank account they are switching to meets their banking needs. As Rachel Springall, finance expert at Moneyfacts.co.uk, said: “The festive season draws ever closer, so some consumers may be considering a quick switch using the CASS for a free cash perk, but it is vital they choose an account which will work hard for them. Weighing up any incentives and fees, such as an overdraft tariff, is important, and consumers must be confident to utilise any perks if an account charges a fee.”

 

*Additional terms and conditions may apply.

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