BRITISH banks have been offering new and existing customers up to £200 free cash just in time for Christmas – here’s how you can claim.
More than four major banks have launched new schemes, allowing customers to pocket free cash.
Scroll down for the full list of bank switches on offer[/caption]
Lloyds revealed that users who switch to their Club Lloyds account can receive a whopping £200.
Nationwide Building Society is offering customers £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS).
Through the CASS, customers can pick their switch date and leave it to the banks to move any active direct debits to their new account.
Here is the full list of banks offering the best switch offers.
Lloyds
Lloyds has confirmed that customers who switch to their 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.
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.
Here are the details and costs of the Lloyds’ account.
Club Lloyds
- £3 monthly fee, waived each month that you pay in £2,000 or more.
- Earn credit interest on balances up to £5,000, when you pay out two different direct debits each month.
- Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.
Nationwide Building Society
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 also giving account holders a £50 interest-free overdraft buffer to ease burden at what can be an expensive time.
First Direct
First Direct has confirmed that they have relaunched its popular cash switch incentive for anyone who opens a 1st Account.
Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).
Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.
The bank revealed that new customers switching to their current account to first direct can expect several extra perks, including a £250 interest-free overdraft.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.
Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.
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.
Co-operative Bank
The Co-operative Bank has announced eligible customers could receive up to £150.
The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
Like any good offer, there are a few boxes to tick off before the big payment comes in.
Customers must apply for a Standard Current Account or Everyday Extra account.
To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since 1 November 2022.
And to receive the first £75, customers need to follow a series of rules.
They are:
- Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- Have 2 active Direct Debits.
- Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
- Register for our online and/or mobile banking service.
- Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
That leaves the three £25 instalments – and there are some rules to claim them too.
Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.
Barclays
Barclays is offering £175 to new customers who switch before August 30.
The offer is only open to new customers who open a Barclays Bank Account or Premier Current Account.
To get the money, you must start a full switch by the deadline – and complete it within 30 days.
The switch must include at least two active direct debits, and you need to pay £800 into your new bank account by August 30.
If you choose to open the sole Barclays Bank Account, you’ll need to join Blue Rewards, which costs £5 a month.
In return, you get Apple TV+ and MLS Season Pass subscriptions, you can earn up to 15% cashback with participating retailers and you get up to 5% interest on your savings with a Rainy Day Saver.
The Premier Current Account is free, but has strict eligibility criteria.
To qualify, you need to either pay a gross annual income of at least £75,000 into the account, or have a total balance of at least £100,000 in savings, in Barclays UK investments, or in a mix of both.
You get access to all the same benefits as a Blue Rewards member, and can also choose to pay £12 a month to join the Avios Rewards programme.
You can read the full details and apply to switch on the Barclays website.
How to switch current accounts
Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on the CASS website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these by asking your existing bank.
Not interested in free cash?
Switching current accounts has long been an easy way to pocket free cash from banks luring in new customers.
However, these lucrative deals might not be for everyone.
But other perks including free travel insurance, interest-free overdrafts, and cashback, can also make shifting providers worthwhile.
