How to get up to £200 free cash direct to your current account as another major bank launches switch offer
A MAJOR high street bank is offering customers up to £200 free cash directly into their current account – here’s how you can cash in.
The bank is one of many to launch a new switch-and-stay scheme, as they compete to poach customers from rival banks.
Lloyds has confirmed that customers who switch to their Club Lloyds account can receive a whopping £200.
Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.
Those who switch to the Club Lloyds account can expect the £200 to be paid within three days.
To finalise the switch, customers can either scan the QR code available on the bank’s website or use the mobile app.
Once completed, Club Lloyds customers will be able to select from a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
Here are the details and costs of the Lloyds’ account.
Club Lloyds
- £3 monthly fee, waived each month that you pay in £2,000 or more.
- Earn credit interest on balances up to £5,000, when you pay out two different direct debits each month.
- Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.
What other banks are offering cash-switching bonuses?
Of course, Lloyds isn’t the only bank trying to tempt new customers with switching bonuses.
Here’s our round-up of all the other banks that are offering cash incentives for new joiners, including how much you’ll get, and the terms and conditions you need to meet.
Barclays
Barclays is offering £175 to new customers who switch before August 30.
The offer is only open to new customers who open a Barclays Bank Account or Premier Current Account.
To get the money, you must start a full switch by the deadline – and complete it within 30 days.
The switch must include at least two active direct debits, and you need to pay £800 into your new bank account by August 30.
If you choose to open the sole Barclays Bank Account, you’ll need to join Blue Rewards, which costs £5 a month.
In return, you get Apple TV+ and MLS Season Pass subscriptions, you can earn up to 15% cashback with participating retailers and you get up to 5% interest on your savings with a Rainy Day Saver.
The Premier Current Account is free, but has strict eligibility criteria.
To qualify, you need to either pay a gross annual income of at least £75,000 into the account, or have a total balance of at least £100,000 in savings, in Barclays UK investments, or in a mix of both.
You get access to all the same benefits as a Blue Rewards member, and can also choose to pay £12 a month to join the Avios Rewards programme.
You can read the full details and apply to switch on the Barclays website.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
First Direct
First Direct is also offering a £175 welcome bonus to new customers.
The account offers a £250 interest-free overdraft, subject to eligibility, and also access to the First Direct regular saver account, which pays 7%.
It also says you’ll have no debit card fees when spending abroad.
To get the bonus, you need to complete a full switch using the Current Account Switch Service, including at least two direct debits or standing orders.
Next, you need to deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening.
The deal is only available to new customers only, who haven’t previously held a first direct product. It’s also not available for anyone who opened a HSBC current account on or after January 1, 2018.
You can read the full details and apply on the First Direct website.
Co-op
The Co-operative bank is offering new and existing customers £100 for switching to a packaged account, plus £10 per month for the next six months.
However, the bank account costs £15 each month, so factor that in.
In return for the fee, you get mobile phone insurance, worldwide travel insurance, and UK & European breakdown cover.
To be eligible for the original £100 bonus, you need to either switch from another bank to an Everyday Extra packaged account or upgrade your existing Co-op bank account.
You can’t have had any other switch incentives from the Co-op since November 1 2022.
Within 30 calendar days of the switch completing, you also need to deposit £1,000, have two active direct debits or standing orders set up, make five debit card transactions, and register for the Co-op’s online banking services or mobile app.
To get the £10 monthly payments for six months, you need to: meet all the conditions for the switch incentive, have two active direct debits or standing orders in place, and make five debit card transactions in the qualifying month.
You can apply for the switch on the Co-op Bank’s website.