Just hours left to bag up to £175 free cash bank offer – and others paying £200 will close applications in days
THERE are just hours left to go if you want to bag up to £175 free cash from a major bank.
The Lloyds Bank switching offer closes tomorrow, and others paying £200 will close in just days.
The banking giant is offering new customers £175 plus other perks to anyone who switches to one of three current accounts from a different bank.
However, you will need to act fast if you want to cash in, as the offer ends tomorrow, Thursday, March 28.
As well as the cash customers can get a 12-month Disney+ subscription, plus access to a linked saver paying 6.25%.
The Lloyds’ offer is only available to customers who switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum current account.
After switching, customers then need to move two direct debits to qualify for the cash bonus, which will be paid within ten working days of the switch starting.
Customers can also choose one of the following rewards:
- Disney+ free for a year (a saving of £79.90)
- Six cinema tickets
- Coffee Club and Gourmet Society membership
- Magazine subscription
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.
What if I miss out on the Lloyds Bank offer?
There are other switching offers available if you miss out on the Lloyds Bank one.
Nat West and Royal Bank of Scotland are offering £200 in free cash, plus other perks for switching to one of their qualifying accounts.
However, you will need to apply by April 2 if you want to take advantage of this one, so don’t delay.
Newbies who switch their current accounts to an Everyday, Reward or Premier account using the CASS will need to meet certain criteria to cash in on the reward.
Once the account is opened you will need to deposit £1,250 into your new current account and log into the mobile banking app within 60 days of switching.
When you have done this, the money will be paid into your account within seven days.
You won’t be able to switch if you have received a switching incentive from the NatWest Group, which RBS is part of, since January 1, 2020.
Customers switching to NatWest or RBS’ Reward bank account can also earn up to £5 cashback when using their card – but they’ll have to pay a £2 monthly fee.
That means they could earn £36 cashback over the year in total.
The Everyday current account from both banks doesn’t offer cashback but is fee-free.
Meanwhile, there are three Premier accounts to choose from: Premier Select, Premier Reward and Premier Reward Black.
There’s no monthly fee for the Premier Select account, but there is a £2 and a £31 monthly fee for the Premier Reward and Premier Reward Black accounts, respectively.
Other banks such as HSBC and Santander also have switching offers on for new customers at the moment.
Also First Direct’s popular £175 switching deal has made a comeback, but it is for one month only.
We have the full list of the best bank switching bonuses to get yourself up to £200 free cash.
Things to look out for when switching your current account
Throughout the year most banks tend to offer some kind of incentive to get customers to switch to them.
However, there are usually certain criteria that you need to meet to get the cash bonus, so make sure you check all the details before signing up.
As tempting as the thought of bagging some free cash may be, do make sure that the account you are switching to suits you in the long term.
Some accounts come with fees, and others need a set amount of money to be paid in over a certain period of time, so bear that in mind.
Some people are quite nervous of switching as they think that they will have to do all the work themselves, but that is not true.
In most cases to qualify for the switching offer you need to complete the switch through the current account switching service (CASS).
If you are savvy you can earn thousands by taking advantage of multiple switching offers throughout the year.
It is worth bearing in mind, however, that while it can be profitable, switching your bank can impact your credit rating in the short term.
Therefore if you have an important credit application you are looking to make soon, such as a mortgage, it could be worth holding off until after that.
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.