NatWest, Nationwide, Santander, Lloyds customers being paid £200 for one task

Santander, Lloyds, NatWest and Nationwide customers are being "paid" to complete a bank account audit and consider switching, experts have claimed. Banks have a series of cash offers on offer for bank account holders who agree to switch.

John Dentry, product owner of the Current Account Switch Service at Pay.UK, said: "Reviewing your bank account is one thing we recommend doing to ensure you’re with a provider whose services suit your individual needs and goals.

"If you feel you need something different from your current account, it pays to consider switching." Mr Dentry spoke out as more and more banks launch switching offers, with Santander the latest, offering a free £150 to customers across the UK.

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Mr Dentry said: "The right bank account is a key component of managing your finances. Some providers offer tools, trackers and savings settings to help with individual financial goals, while others offer varying perks such as cashback from select retailers and energy providers which can help keep budgets on track."

Amy Knight, personal finance expert at NerdWallet UK, said: "Spending announced in the Labour Budget could force the Bank of England to lower interest rates more cautiously to stay on top of inflation. Higher rates dampen the demand for borrowing and with fewer people shopping around for loans, we may well see banks using cash bonuses to draw in new customers, increasing deposits instead."

Ms Knight said: "For some customers, the perks will be well worth the monthly fee and could add up to genuine savings. However, it’s important to take time to digest the details to work out whether a monthly charge falls within your budget and whether you will personally get value for money."

Nationwide, NatWest and Lloyds are some of the other banks offering money to swap your account, as well as FirstDirect.