From high-interest savings options to cash bonuses for account switches, UK banks like Coventry Building Society and Santander UK are rolling out attractive offers to customers amid a competitive banking landscape.
In recent developments within the UK banking sector, Coventry Building Society and Santander UK have introduced attractive offers aimed at enticing and rewarding their customers. Coventry Building Society has launched a new savings account with an impressive 6.75% interest rate for its “loyal” customers. This offer is exclusively available to members who have been with the building society since at least January 1, 2023. The account allows for a maximum deposit of £250 per month, with a charge on withdrawals equivalent to 30 days’ interest on the amount taken out. After a 12-month term, the account transitions to a variable rate easy access saver, offering a 3.10% interest rate.
Santander UK has countered the competitive banking market by offering a £185 bonus to both new and existing customers who switch their current accounts using the Current Account Switch Service. To be eligible for this incentive, customers must complete the switch within 60 days, deposit a minimum of £1,500, and establish two direct debits within the same period. The £185 payment will be made within 90 days of the completed switch. However, customers who have previously benefited from a Santander switch incentive are not eligible for this new offer.
The banking sector has seen a flurry of lucrative offers, with HSBC UK introducing a switching incentive of up to £220, while NatWest/RBS and Lloyds are offering £200 and £175 respectively to attract new customers. This escalation in competitive banking offers reflects a broader trend within the sector to retain and secure customers by providing compelling financial incentives for switching and saving.
As the banking landscape becomes increasingly competitive, customers are presented with a variety of enticing options, from high-interest savings accounts to cash incentives for switching current accounts, underscoring the dynamic nature of UK banking offerings.
