2023-01-26 00:05:31

Cost of living: Cash bonuses behind record number of bank switches

Logo BBC
BBC

By Kevin Peachey

Cost of living correspondent

A record number of people switched their custom to a different bank in the final three months of last year.

Cash incentives led thousands of people to move their current accounts, as they sought extra income to help pay bills and deal with rising prices.

Up to 200 was offered by some banks to switching customers.

A total of 376,107 accounts were moved between October and December - the highest since a seven-day switching service began in 2013.

However, that still only represented a fraction of the millions of current accounts being used by individuals, small businesses and charities in the UK. That suggests many less financially engaged customers - who could benefit the most from switching - may not have been involved.

Sticky customers

The Current Account Switching Service (CASS) oversees the seven-day system, which sees details of direct debits and other regular payments automatically adopted by a moving customer's new bank.

Payments accidentally made to or requested from the old account are automatically redirected to the new account.

Continue read on bbc.com

Logo Daily Mail
Business / FinanceBy Sam Barker2023-01-24 07:00:46
Santander has launched one of the best-ever bank account switching deals, with 200 cash on offer - but there some strings attached. The past few months have...

Logo U.S. News & World Report
PoliticsBy Associated Press2023-01-25 18:15:59
NEW YORK (AP) Goldman Sachs no longer wants to be the bank for everyone. The storied investment bank spent eight years attempting to expand its business...

Logo BBC
Business / FinanceBy Https://Www Facebook Com/Bbcnews2023-01-25 13:50:36
By Kevin Peachey Cost of living correspondent The number of wins of some Premium Bond prizes will increase from next month, pushing the prize fund rate to...

Logo American Banker
Business / FinanceBy Rodrigo Liang2023-01-25 15:26:02
Anyone who might have doubts regarding the extent to which technology has changed banking only needs to compare the trading floor of the mid-1990s to the...

Logo Nasdaq
Business / FinanceBy The Motley Fool2023-01-25 21:00:11
Image source: Getty Images Some of the big banks definitely don't have the best reputations. There are plenty out there that pay paltry interest rates and...

Logo American Banker
Business / FinanceBy Polo Rocha2023-01-25 19:31:23
Capital One Financial recorded a healthy increase in deposits last quarter, which led to higher interest expenses and offered a contrast with banks that are...

Logo Bloomberg
TechnologyBy Min Jeong Lee2023-01-25 21:00:00
SoftBank Group Corp. ’s new startup bets hit a record low last quarter as valuations continued to slide, chilling an already frosty startup winter. The...

Logo Fortune
Business / FinanceBy Ivana Pino2023-01-25 13:00:00
Applying for new credit can provide means for spending, even as interest rates push the cost of borrowing higher. What you need to know.

Logo RTTNews
EconomyBy Rtt News Staff Writer2023-01-25 07:41:34
New Zealand's credit card spending declined for the second straight month in December, albeit at a softer pace, data from the Reserve Bank of New Zealand...

Logo PR Newswire
HealthPress Release2023-01-25 14:00:00
Sesame, which raised $27 million in Series B capital in 2022, saw unprecedented demand for its consumer health care marketplace, driving price stability for...

Logo Finextra
TechnologyBy Finextra2023-01-24 09:29:59
We all know dealing with the evolving cost of living crisis is going to require a coordinated effort across government, business and local communities. The...

Logo Benzinga
Business / FinanceBy Pr Newswire2023-01-25 17:00:00
A new report from emergency savings startup SecureSave revealed the alarming impact high inflation and rising costs are having on Americans' savings, with a...

Logo American Banker
Business / FinanceBy John Reosti2023-01-25 19:31:37
Unity Bancorp opened a branch in Lakewood, New Jersey in December. Unity has announced plans to open two additional branches in 2023. "During a time when...

Logo Nasdaq
Business / FinanceBy Rtt News2023-01-25 11:52:03
(RTTNews) - US Bancorp (USB) reported a profit for fourth quarter that decreased from the same period last year and missed the Street estimates. The...

Logo Benzinga
Business / FinanceBy Pr Newswire2023-01-25 16:20:00
While optional extensions give consumers extra time to spend 2022 FSA funds, estimates show that 37% of users will still forfeit funds because they are not...

Logo CBC
Business / FinanceBy Pete Evans2023-01-25 15:00:21
The Bank of Canada has raised its benchmark interest rate again, to 4.5 per cent. The move was widely expected by economists as the bank triesto wrestle...

Logo South China Morning Post
Business / FinanceBy Enoch Yiu2023-01-25 04:47:22
While Citibanks HK$688 (US$88) lai-see packet is the largest, Standard Chartered and Bank of China (HK) are giving each of their staff two tickets to...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-25 14:59:00
KBRA Analytics releases this month's edition of The Bank Treasury Newsletter, the Bank Treasury Chart Deck, and Bank Talk. This month's newsletter, Bank...

Logo PR Newswire
TORONTO, Jan. 25, 2023 /CNW/ - TD Canada Trust today announced that it has increased its TD Prime Rate by 25 basis points to 6.70% per cent, effective...

Logo Finextra
TechnologyBy Finextra2023-01-25 13:31:00
Source: DailyPay DailyPay, a leading financial technology company, today announced it has secured $260 million of capital to fuel growth domestically, expand...