August sees a surge in current account incentives, with Starling leading by offering a Suri Pro 2.0 electric toothbrush to new customers, signalling a shift towards innovative rewards amidst rising competition among major banks.
August has brought a fresh round of current account incentives, with a mix of cash, vouchers and points now competing for attention. The most unusual is from Starling, which is offering a Suri Pro 2.0 electric toothbrush rather than cash to new customers who open an account by 11 October and complete a full switch within 30 days. T3 has reported that Suri has recently expanded its toothbrush range with a cheaper Core 1.0 model, but the switch reward remains tied to the higher-end Pro 2.0.
Among the cash deals, Barclays is still advertising £200 for new switchers, although the offer closes on 27 August. Other major banks are keeping their own incentives in place, including HSBC at £220, Nationwide at £175 and NatWest and RBS at £200. Co-op Bank is offering up to £200, with part of the payment delayed until customers stay for three months, while First Direct has reinstated a £175 bonus and still has additional cashback available through reward sites.
Santander has also returned with a different approach, offering a £100 supermarket voucher to new current account customers who do not already hold products with the bank. The deal applies to Edge, Edge Up and Everyday accounts, and requires a fairly heavy spend pattern in supermarkets across September, October and November before the voucher is issued in mid-December. Santander is also running a prize draw with monthly cash prizes of up to £25,000, although the odds are slim.
The wider banking market is also shifting on pricing. Monzo will raise the monthly cost of its premium current account bundles from mid-October, while NatWest and RBS are trimming their Reward account payouts by £1 a month from 1 October after removing the app-check bonus. Co-op Bank, by contrast, has cut the fee on its Everyday Extras packaged account from £18 to £12 a month and has also removed foreign card charges on its debit cards. Klarna has meanwhile said it will reshape its debit card memberships in the coming months, though UK pricing details have not yet been confirmed.
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