Lloyds Bank is giving out £200 payment that will hit accounts before Christmas – but you need to be quick
LLOYDS Bank is giving out payments of £200 in time for Christmas – but you’ll need to be quick to claim it.
The free cash is available to new or existing customers who switch to the bank’s Club Lloyds account.
But they only have until December 10 to take advantage of the deal – which launched on October 2.
To switch, customers can either scan the QR code available on the bank’s website or use the mobile app.
And those who do manage to meet the deadline next week can expect the £200 to be paid within three days of the switch completing.
However, those who received a switch bonus from Lloyds, Halifax or Bank of Scotland (all part of the same group) since April 2020 won’t be eligible.
Club Lloyds also offers 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.
Although the Lloyds bonus is the largest one on offer right now, be aware that the account comes with a £3-a-month fee unless you pay in £2,000 a month.
A full list of details and costs is outlined below, to help you work out if it’s worth the cost.
The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these come with a £22.50 and £11.50 a month fee, respectively, on top of the £3.
Details and cost of the Club Lloyds account
- £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.
Which other banks are offering switching bonuses?
The Co-operative Bank – £150
The Co-operative Bank has relaunched its Switch and Stay offer where 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.
Customers must apply for a Standard Current Account or Everyday Extra account.
And, to be eligible, they must not have benefited from a switch incentive at The Co-operative Bank since 1 November 2022.
NatWest – £180
NatWest is offering £180 in free cash to any new or existing customer who switches their main current account to the bank’s reward account.
The offer from NatWest lasts for a limited time only – so those eyeing up the extra cash for Christmas should act fast.
To be eligible, customers must pay £1,250 into their new Reward Account – through either single or multiple payments.
This must remain in the account for 24 hours.
Customers must also have the latest version of the NatWest mobile banking app.
If these conditions are met, £180 will be paid into the account within seven days.
Customers should be aware that the account does charge a £2 monthly fee.
But for that it also offers customers rewards worth up to £60 a year as well as money off at a range of retailers.
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.
First Direct – £175
First Direct has 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 put 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.
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.
Santander
Santander is offering a £150 switching incentive to new and existing customers.
The offer is open to those using the Current Account Switch Service (CASS), to to switch to either a Santander Edge, Santander Edge Up, Everyday, or Private (v2) current account.
The full switch needs to be completed within 60 days, including closing your previous account.
New customers also need to pay in at least £1,500, within 60 days of the switch request.
This can be made through one or more payments.
At least two active Direct Debits need to be set up on the new account within 60 days of the switch request.
Those eligible for the payment will get paid within 90 days of starting the switch process.
Santander has said the offer could be withdrawn at any time.