Following the news that First Direct will be scrapping its £100 current account switching incentive, Tashema Jackson, money expert at Uswitch.com, says: “Consumers will be disappointed to hear that First Direct has scrapped its switching bonus. following in the footsteps of NatWest and HSBC who did so in recent weeks. This leaves just M&S and Halifax as the only banks who are offering an incentive to new customers to switch banks.
“However, being offered a cash sum shouldn’t be the only reason for consumers to switch accounts. The interest you get on your savings, and how much you are charged for your overdraft are also key factors to take into consideration. Increasingly, we are finding that customers are making their decisions based on the ease with which they can manage their finances on the go, and those banks with the best mobile apps are therefore proving to be more and more popular.
“We’d hope that the savings made by the banks in withdrawing these incentives are passed onto their customers in the form of additional interest or rewards.”
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