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 its 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 of completing the switch.
Though this is the highest bonus being paid now, be aware that the account comes with a £3 a month fee unless you pay in £2,000 a month.
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.
But remember you pay a fee for the extras, so work out if it's worth paying the fee to get these.
Here are the details and costs of the Lloyds' account.
New customers can get the bonus, and so can existing Lloyds customers if they don't already have a Club Lloyds account and open a new one.
Those who already received a switch bonus since April 2020 from Lloyds, Halifax or Bank of Scotland (all part of the same group) won't be eligible.
The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these comes with a £22.50 and £11.50 a month fee, respectively, on top of the £3.
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.
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 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.
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.
Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
To get the free money, you must switch through the Current Account Switch Service (CASS).
It’s worth noting that the FlexPlus account does charge a monthly fee in return for benefits such as insurance and breakdown cover.
Currently it's £13 but that will increase to £18 per month from December.
Once again it's worth checking that these are worth paying for.
You'll need to have at least two direct debits coming out of the account and pay in at least £1,000 within 31 days of making the switch.
You'll also need to pay for something with your debit card, but there are some transactions like gambling that won't count.
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