A MAJOR bank is offering new and existing customers £200 if they make a switch – but the deadline to start the process is just days away.
Lloyds Bank is offering the free money to anyone moving to one of four current accounts.
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But the deadline to start the switch is March 7, so anyone looking to make the most of the offer has to move quick.
Banks and building societies regularly offer switching bonuses to entice customers in.
They usually include free money and access to a number of other accounts.
But you often have to meet certain rules to access the cash so it’s always worth looking at the specific terms and conditions.
What is Lloyds offering?
Lloyds is offering new and existing customers £200 if they switch to one of four accounts.
They are: the Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account and Club Lloyds Platinum Account.
But you have to start the switch, using the Current Account Switch Service (CASS), by March 7.
You can’t apply for one of the four accounts if you switched to a Lloyds current account since April 2020.
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You will have to pay a monthly fee to maintain any of the four accounts too.
These are the accounts, their fees and what else they offer you:
There’s a £10 monthly fee to maintain the Lloyds Silver Account.
It also comes with European family travel insurance, AA breakdown family cover and mobile phone insurance.
There’s a £10 monthly fee to maintain the Club Lloyds Silver Account plus a £3 monthly Club Lloyds fee.
However, the £3 monthly fee is paid back to you every month you pay £1,500 or more into the account.
This figure will go up to £2,000 from April 1.
The account comes with the same benefits as the standard Lloyds Silver Account plus you can get free cinema tickets, and up to 15% cashback from a number of retailers including Sainsbury’s, Costa and Just Eat.
There’s a £21 monthly fee to maintain the Lloyds Platinum Account.
It comes with worldwide family travel insurance, AA breakdown family cover and mobile phone insurance.
There’s a £21 monthly fee to maintain the Club Lloyds Platinum Account plus a £3 monthly Club Lloyds fee.
But again, the £3 monthly fee is paid back to you every month you pay £1,500 or more into the account.
This will go up to £2,000 from April 1.
The account comes with AA breakdown family cover, worldwide family travel insurance, mobile phone insurance and more.
You should check whether the fees you pay for each account are worth it for the perks on offer.
For example, if you already have breakdown cover and travel insurance it might not be worth your time switching to Lloyds.
What other banks are offering switching bonuses?
It’s always worth looking online to see if other banks or building societies are offering switching bonuses.
Don’t just look at what the cash bonus is either.
Signing up to an account might give you access to other worthwhile features too, such as a competitive savings account.
Here are some other banks currently offering switching bonuses.
Santander
Santander is offering new and existing customers a £200 bonus if they switch to one of five current accounts. They are:
- Santander Edge Current Account (with a £3 monthly fee)
- 1|2|3 Current Account (with a £4 monthly fee)
- Everyday Current Account (no monthly fee)
- Select Current Account (with a £4 monthly fee)
- Private Current Account (with a £4 monthly fee)
To get the £200 bonus, regardless of which account you switch to, you have to set up two active direct debits, pay in £1,000 and log on to online or mobile banking within 60 days of telling Santander you want to switch.
Existing Santander customers can get the bonus too, but they should head to their local branch to do the switch.
Santander’s website says you might have to book an appointment.
Customers switching could be eligible for a four month fee-free arranged overdraft too.
But this depends on what account you pick and whether your finances are in good enough order.
You can make the switch through the Current Account Switch Service (CASS).
But if your bank or building society is not part of the service you can still make the switch for free.
First Direct
First Direct is offering £175 to new customers who switch to its 1st Account.
You will need to pay a minimum of £1,000 into the account within three months of opening it though.
Plus you will have to switch your everyday banking to First Direct to get the free money.
If you have opened a HSBC account on or after January 2020 you won’t be eligible for the bonus.
One perk is that there’s no monthly fee to maintain the account.
Again, you can make the switch through the Current Account Switch Service (CASS).
TSB
TSB is offering customers up to £260 in free cash as part of its switching incentive.
All customers who switch to a TSB current account using the CASS will get £200 in free cash.
And depending on which account you choose you could get up to an extra £60 on top.
But you have to pay a monthly fee to maintain one of the accounts – the TSB Spend and Save Plus account.
You can make the switch using the CASS.
How does the CASS work?
The Current Account Switch Service (CASS) is free to use and allows you to swap a current account from one bank or building society to another.
Not all banks and building societies are part of the service, although over 40 are. You can find the full list on the CASS website.
All you have to do is contact your new bank to apply for a current account.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
Your old bank should then talk to your old one and everything will be switched across, including your balance, direct debits and salary.
You should then receive your new cards, log-in details and any PINS.
