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

David Piper, head of payments operations at Pay.UK, the owner and operator of Cass, said: “It is encouraging to see the highest level of switches ever this quarter, demonstrating the continued relevance of the service to consumers and businesses across the UK.”

Source link As the cost of living continues to rise, more and more people are turning to banks in an effort to secure better financial opportunities. Recent research has shown that cash bonuses are behind a record number of bank switches, with consumers keen to get the most bang for their buck.

The research, conducted by banking comparison platform Moneyhub, has revealed that for the first time, over half of customers who switched banks received a cash bonus. The findings suggest that these bonus payments are playing a significant role in consumer behaviour and are driving more people to switch accounts. Of those surveyed, over a quarter said that the bonus payment was the deciding factor for switching banks.

Typically, cash bonuses come in the form of incentives when opening new accounts, with banks competing to offer the most attractive bonuses. These can range from lower interest rates to cash rewards, but as a result of recent competition, cash bonuses have become the norm.

These cash bonuses come as welcome relief to consumers feeling the pressure of the rising cost of living. With prices rising at a faster rate than wages, more people are feeling the financial pinch and are trying to stretch their budget as far as possible. Bank bonuses make this financial juggling a little easier, and give people the opportunity to make their money go a little further.

However, when it comes to bank accounts and switching, convenience is almost as important as cash bonuses. Moneyhub’s research suggests that the hassle-free nature of switching banks is also playing a role in the record number of bank switches, with more than half of customers saying that the ease of switching was the main factor in their decision.

These findings are a testament to the financial savviness of today’s consumers, and the importance of convenience and incentives for their spending. With cash bonuses and ease of use leading the way, this is an excellent reminder that financial security is increasingly within reach.

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