A BIG high street bank is giving away free £150 in cash to customers, but there’s a catch.
Lloyds Bank is giving away £150 to new customers who switch to the Club Lloyds Bank Account.
Savers can switch from any current account to Lloyds but must do so by July 17 to avoid missing out.
The free cash will be paid within three days of switching.
However, there is a catch as the Club Lloyds Bank Account comes with a monthly fee of £3 unless you pay in at least £2,000 every month.
If you do pay in at least that, then you won’t be charged.
You won’t qualify for the offer if:
- You switch into an existing account.
- You’ve received cash back for switching to Lloyds Bank or Halifax Bank since April 2020.
- You start your switch after July 17 2023.
Lloyds was previously offering £200 to customers who switched to any of its four current accounts.
This scheme ended on May 7.
Other banks have also been offering new customers a switching bonus.
Customers switching to the NatWest Reward or RBS Reward current account get £200 in cash and £4 a month so long as you pay out two or more direct debits for £2 or more.
You can earn an extra £1 each month you log in to the app.
While First Direct Customers can get £175 by transferring over.
You can switch using the Current Account Switch Service, deposit £1,000 within three months to get £175 free cash.
You can only benefit from the offer if you’ve never had any sort of account, loan, mortgage or other First Direct product.
If you’ve opened a current account with HSBC on or after 1 January 2020, you also can’t apply.
New customers to first direct only, who have not previously held a first direct product.
HSBC bank is offering customers £200 if they switch from a different provider to either its HSBC UK Advance or Premier Bank accounts.
The offer is available now and there is currently no end date in sight.
To qualify, you will need to meet a monthly qualifying criteria.
You’ll need to be approved for an optional arranged overdraft of at least £1,000.
Here’s the full list of banks offering free cash when you switch.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
How to find the best bank accounts
With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
Research websites like MoneyFacts and price comparison websites such as Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates available.
These sites let you tailor your searches to an account type that suits you.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
