15-minute move to get £175 free cash direct to bank account

LLOYDS is offering new customers £175 to switch to its packaged bank accounts, but you’ll need to be quick.

The offer ends on July 30, and you’ll need to have completed the switch by the deadline.

To get the offer, you need to open a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum Account.

All three accounts have fees, but the Club Lloyds account waives them if you meet certain conditions.

To get the bonus, you'll need to use the Current Account Switch Service (CASS) to transfer a minimum of three active direct debits and close your current account held with another bank.

The switch service does all the work for you, you just need to let the banks know you want to switch, which takes minutes.

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.

15-minute move to get £175 free cash direct to bank account - you need act quick (2024)

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