One day left to bag £125 FREE cash – here’s how

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BANK customers could be in line for a £125 payment – but you’ll have to act fast.

Moving your current account to another provider could land you a nice lump sum.

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Many banks and building societies offer bonuses for switching and Lloyds is one of them

The deal closes on Monday (June 27), so you’ll need to get moving your money soon to bag the bonus.

You will receive the £125 when you switch to a Club Lloyds Account or Club Lloyds Platinum Account.

But these bank accounts do come with fee if you don’t pay in a certain amount each month, so you’ll want to check it’s worth it first.

The Club Lloyds Account charges a £3 monthly fee, unless you pay in at least £1,500 each month.

And the same applies to the Club Lloyds Platinum Account. plus there’s a £21 per month fee on top.

But you do get the other benefits for that, for instance free cinema tickets and insurance.

If the account fees are not a problem, you can claim the free cash bonus when you switch.

You have to use the Current Account Switching Service to transfer and close your existing current account held elsewhere.

You won’t qualify for the offer if you are switching to any other Lloyds Bank current account outside of the two mentioned.

You also won’t be eligible if you’re a Lloyds current account holder already and upgrade to one of the qualifying accounts.

Another exemption is if you’ve already received cashback for switching to Lloyds since April 2020.

And of course you’ll need to start the switch by the June 27 deadline.

You’ll need to use the Current Account Switching Service (CASS) to move account which means closing your old one.

It is a free service to use and they manage the majority of the process so you don’t have to.

On top of this, you should check the rest of the account will work for you, whether that be on interest rates, overdraft fees or cash withdrawal limits abroad.

And finally, you should make sure you are eligible for the account and check the terms and conditions.

For example you won’t automatically be eligible for an overdraft, so if you need one it’s worth checking if you can get this before moving over.

More free cash to switch

Lloyds’s isn’t the only bank offering free cash to switch accounts.

Nationwide is currently offering a switching offer with £125 up for grabs plus 5% interest on balances.

There’s no deadline for this switch, but beware that banks can pull these offers at any time

And Martin Lewis’ moneysavingexpert.com has revealed three other banks offering up deals.

HSBC offers new customers joining the bank who switch to its Advance Account £170.

Virgin offers 20,000 Red Points to customers who switch across to their account, that can be spent on experiences, gifts or flights.

First Direct offers you £150 if you switch its its 1st Account and you also get £20 just for opening it.

Each bank and switching offer will have different terms and conditions, as well as eligibility and the amount on offer.

Check these carefully before moving over so you don’t miss out on the cash.

How to switch current accounts

It’s simple to open a new bank account using the Current Account Switch Service.

It does most of the legwork for you, so you don’t have to remember to move direct debits over when you move.

All you need to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.

Make sure you double check all the terms and conditions attached to the account first.

Before you switch banks, you should think about what you want from your current account based on your spending habits.

You can then find one that best suits your needs using a comparison site such as Uswitch or Compare the Market.

If you have an overdraft, you should find out whether your new bank will take it on before switching.

You should also make sure can meet the eligibility rules for the new account you’ve chosen, such as being able to pay in a certain amount each month.

Once you’ve decided which account is best for you, switching should be a simple process.

To start your switch, ask your new bank or building society to move your old account using the Current Account Switch Service.

It takes only seven working days and you can choose a switch date to suit you, apart from Saturday, Sunday or Bank Holidays.

While the switching service makes things easier, you’ll still have to manually update some important things.

While your salary should get redirected to your new account, it’s worth letting your employer know you new payment details just in case.

Changing account is a good time to cancel standing orders that you no longer need.

You should also download a copy of your statements and transaction history, as this information will be wiped when your old account is closed.

If you have agreed an overdraft facility with your new provider, then you may transfer any existing overdraft to the new account.

Any payments sent to your old account by mistake will be forwarded on to you indefinitely, so you won’t lose out on cash.

We spoke to one serial switcher who moved bank three times in a year alone, pocketing rewards of almost £400.

This post first appeared on thesun.co.uk