Two new current account switching deals launch from Lloyds Bank and TSB paying up to £175

Lloyds Bank and TSB have launched new switching deals for new Club Lloyds and TSB customers.  

Customers switching to a Club Lloyds current account from another account will be paid £175 within three days of switching. 

While customers switching to a TSB Spend and Save or Spend and Save Plus current account will receive £150 for switching from another account. 

Here’s what each deal includes and how to get them. 

Switch away: Savers switching to a Club Lloyds account will get £175 within three days while savers switching to a TSB account will receive £150 by 30 November

Club Lloyds 

To get the Club Lloyds deal, you need to switch to a Club Lloyds account, a Club Lloyds Platimum account or a Club Lloyds Silver account between September 19 and November 14. 

You must make the switch through the Current Account Switch Service to qualify, and you can apply for these accounts in branch, online or by phone. 

There is a £3 monthly fee to maintain a Club Lloyds account, but you won’t pay this fee if £2,000 or more is paid into the account each month.

Customers switching to a Club Lloyds account will be able to use the Club Lloyds Monthly Saver, which pays a rate of 6.25 per cent and has a high maximum monthly deposit of £400.

This is one of the top regular saver deals. If you were to deposit the maximum amount of £400 each month, you would get £150 in interest over its 12 month term. 

It is beaten only by Coventry Building Society’s regular saver, which has boosted its rate to 5.5 per cent – a lower headline rate, but allows a higher monthly sum to go in.

With a maximum deposit of £500, you could earn up to £178.75 with Coventry Building Society’s regular saver after 12 months if you tucked away the maximum amount each month. 

See our round up of the best regular saver accounts here.  

Savers who have received a switching offer since April 2020 for switching to any Lloyds Bank or Halifax current account will not be eligible for the Club Lloyds switching deal.

You can earn 1.5 per cent monthly credit interest on balances between £1 and £3,999.99, and 3 per cent on any part of the balance from £4,000 up to and including £5,000 with a Club Lloyds account. You won’t earn interest on any part of your balance over £5,000.

To get credit interest you need to pay out two different direct debits from your Club Lloyds account each month.

The account also comes with a 0.2 per cent discount off the initial mortgage rate when a Lloyds Bank mortgage is agreed.

TSB

There is currently no end date to the TSB offer, which the bank says can be withdrawn at any time.

New customers will receive £150 in full if they open an account between 18 September and before the offer is withdrawn and switch to TSB using the Current Account Switch Service. 

Customers can apply for an account online, in branch or in the TSB Mobile Banking app.

Customers will also need to set up at least two direct debits, use their debit card at least once and log into the TSB Mobile Banking app to get the £150 paid into their account. 

If these conditions have been met, TSB will pay £150 into the new account by 30 November 2023.

New TSB customers can also earn double cashback on Spend and Save and Spend and Save Plus accounts with up to £60 in cashback over the first six months.

To earn their cashback, customers must make 20 debit card payments each month.

First Direct 

First Direct is the only other bank with a current switching offer. It has also launched a limited-time prize draw for current account switchers, with new customers in with a chance of winning one of five £12,500 sums.

This is on top of the £175 switching offer which is available to those who switch their full banking to First Direct using the Current Account Switch Service and pay in at least £1,000 within three months of opening.

Eligible customers who open a First Direct current account between now and 1 October will be in with a chance of winning the five-figure sum.

This post first appeared on Dailymail.co.uk