You can get up to £ 150 in cash with this simple banking trick
With Christmas approaching and many worried about the cost of living during the winter, one way to get extra cash is to change banks.
You can get up to £ 150 in cash back from some major banks just by transferring your checking account to them.
Royal Bank of Scotland (RBS) is offering £ 150 to new and existing customers who change and stay. The limited-time offer is valid until November 18, 2021, according to Wales Online.
Santander also offered £ 130 in cashback to new and existing customers who transferred their checking account there. HSBC UK, meanwhile, offered £ 110 in cash plus an additional £ 30 to eat in with Uber Eats or to eat out with the Dining Out gift card. Lloyds Bank has also launched a limited time cash exchange offer of £ 100.
Change of current account offers often specify that customers must use the Change of Current Account (Cass) service, which automatically transfers their payments from their old bank account, in order to be eligible.
While the upfront cash benefits can be tempting, Rachel Springall, finance expert at Moneyfacts.co.uk, says it’s important to weigh the overall fees on any account when considering switching.
“It’s great to see an increase in cash advance offers to entice bank customers to move away from their checking account provider and change, but its important consumers check an account’s overall package before they go. ‘engage,’ says Springall.
“Someone who can dip into their overdraft every now and then, may be better off choosing an account with an interest-free buffer, or lower rate than one with an attractive upfront edge, and many of the bigger brands charge around 40%. on their arranged overdrafts.