Nationwide and Santander customers have been urged to act for a free £325. Nationwide is offering £175 as a cash incentive for those customers who switch to it, while Santander is giving away £150 and First Direct is offering £175 too.
Matt Sanders, money spokesperson at Go.Compare, said: “Switching your bank could make you a bit of cash. Some banks and building societies offer an incentive to move your account to them and with the Current Account Switch Service, it’s easier than it has been before.”
Mr Sanders, from Go.Compare, also recommended trying cashback sites as these can help you “make a little bit of money back” when doing your shopping. He explained in a warning to UK savers: “From fashion to beauty, holidays and takeaways it’s a great way to put a bit of extra cash back in your pocket.”
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Money Saving Expert, the consumer group founded by Martin Lewis, the BBC and ITV star, explained: “Banks will use this credit check, plus data on your application form, to decide whether to accept or reject you for the account you applied for.
“If you’re rejected, it could be for one of many reasons, for example… you’ve got a poor credit record, you’ve had past dealings with that bank where you’ve missed payments or the bank doesn’t think you’ll be a profitable customer. But don’t assume because one bank doesn’t want you, none of the others will. All the same, don’t just apply everywhere as it can do more damage to your credit record.”
MSE went on, adding to its loyal readership and follower base: “Instead, you need to do two things – first, ask the bank why it rejected you. Its answer may be vague, but it should tell you if you were rejected because of your credit record.”