Yeah Nationwide is the exception but I think it’s a bad sign that they have to pay that much. Monzo’s valuable enough for the incentive not to have to be that high.
I don’t like the idea of using interest rates to attract people because once the promotion ends, the rate’s taken away. So it’s typical of the kind of bait & switch (relying on customer inertia) that we see the banks using to attract customers.
As the challengers get bigger (with their easy signup processes), I expect that relying on customer inertia for your marketing campaign will become a more & more flawed strategy.