Norwich and Peterborough customers buoyed as banks stand by introductory ‘golden hellos’
- Credit: � ARCHANT NORFOLK PHOTOGRAPHIC
The tens of thousands of Norwich and Peterborough Building Society customers looking for a new current account have been handed a boost after several leading banks confirmed they would honour introductory cash incentives.
Since N&P announced it would be closing its current account by the end of the summer, customer anger has centred on the fact the building society is not a member of the seven-day current account switching service (CASS) – meaning that customers might miss out on the golden hellos offered by many banks.
But N&P says it has urged other banks and building societies to honour the deals for its departing customers, as three of the providers offering market-leading incentives said they would still pay out to N&P switchers.
First Direct confirmed it would pay £100 for non-CASS customers, and M&S Bank said it would honour its £50 cash offer. Meanwhile, TSB – which has seen a 300% increase in switchers from N&P – said it would stand by an offer that could net customers nearly £165 a year.
The British Banking Association said it was working with N&P and others to help customers find suitable accounts, but stressed that offering incentives was a commercial decision for each bank.
Charlotte Nelson, a personal finance expert at Norwich-based Moneyfacts Group, said N&P customers seeking a new account should look beyond the introductory offers to examine cashback on spending, credit interest and monthly rewards.
'By shopping around a little they could earn something for almost nothing,' she added.
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Last month, Norwich and Peterborough Building Society said that its switching process was further ahead than anticipated as it managed the transfer of around 100,000 accounts.
A Yorkshire Building Society spokesman said: 'At present there are very few incentives being offered but as part of our discussions with other banking providers in preparation for switching our customers we have asked them to extend any offers to our customers who meet their qualifying criteria.'
The spokesman also confirmed its sponsorship of Norwich City, due to end this season, 'remains under review' and that no final decision had been taken despite N&P's rebranding, due to be completed by September.