First Direct, the pioneer of switching bonuses has decided to modernise it's offering, replacing it's standard £100 switching bonus with a range of incentives, including online courses, gadgets or Expedia vouchers.
The new incentives are designed to attract today's more digital savvy and entrepreneurial savers.
The online courses are provided through an online training firm that offers courses with an average value of £238. One course named " Boost Your Business Fast With Marketing, Google Analytics and Social Media" is worth £1,000 according to the website. Various courses covering everything from life coaching to bar tending are on offer at various prices.
First Direct asserts that while courses from the same provider can often be purchased on sites such as Groupon, First Direct says that the courses offered as part of their package will not be available in that fashion.
In addition to the courses offered, a £150 Expedia voucher is also on offer.
Gadgets that can be claimed as part of the deal include Bose headphones, Bluetooth speakers, the Amazon echo and the Fitbit.
In order to qualify for one of the rewards offered, the Current Account Switching Service needs to be used, in addition to the account holder paying in £1,000 in the first three months of opening the account.
Once the new account is set up, the reward must be claimed within 90 days.
The new scheme is being tested for the next three months in order to gauge customer response.
The First Direct scheme is an attempt to disrupt the current account market as switching rates are low. Banks may need to offer more to entice savers to switch as the current crop of incentives do not seem to be working.
Always remember to take the full features and costs of any new bank in to account if you do decide to switch.
Contact Westminster Wealth Management today and one of our skilled advisers can construct a financial plan for you that will enable you to meet your financial goals.