FREE cash is up for grabs for both new and existing customers by making one simple switch.
The £175 could be banked by anyone willing to switch their current account but they will need to be quick as the offer ends in just weeks.
Lloyds Bank is offering new customers £175 in free cash[/caption]
Lloyds Bank is offering the cash to punters who switch from another bank to a Club Lloyds account.
If they do so from tomorrow until April 1, they can scoop the cash which will be wired to your account within 72 hours.
As well as the cash, new customers will also benefit from a handful of other welcome perks.
These include a 12-month subscription to Disney+, or a choice of six Vue or Odeon cinema tickets, a magazine subscription, or a digital Coffee Club and Gourmet Society membership.
The former would otherwise set customers back £60 a year.
Meanwhile, cinema stubs can be expensive too, with movie fans forking out between £5.99 and £13.99 depending on the ticket and location.
There is also the possibility of earning up to £90 in credit interest each year.
Lloyds pays 1.5 per cent on anything up to £4,000 and then pays 3 per cent on balances between £4,000 and £5,000.
At the moment there’s a monthly fee of £3, but this is waived if you deposit £2,000 or more into the account each month.
However, from June 2, this fee will rise to £5 per month, potentially adding up to £24 more per year for those who do not meet the £2,000 monthly deposit requirement.
“Customers can also take advantage of Everyday Offers, providing cashback when shopping at select retailers and it’s easy to sign up to Save the Change when using a debit card,” the bank said.
“The service works by rounding the spend to the nearest pound and transferring the change to a nominated savings account.
“The Lloyds app also makes everyday banking on the go easy – customers can access a range of features including card controls, subscription management and checking credit health, with the app using the latest tech to keep customers and their money safe.”
Andrew Hagger, a personal finance expert at Moneycomms added: “On the face of it, the list of benefits looks impressive.
“As long as you meet the £2,000 monthly income criteria to avoid the £5 monthly fee, then it looks a decent deal.
“The Club Lloyds Platinum and Club Lloyds Silver are packaged bank accounts and come with monthly fees of £22.50 and £11.50 respectively – just make sure you’ll make good use of the benefits on offer with these accounts otherwise it may not work out good value.
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.
“If you’re someone who goes overdrawn from time to time you may be better off looking at First Direct – also offering £175 switch incentive and 7 per cent regular saver.
“With First Direct the first £250 in overdraft is interest free whereas Lloyds charges up to 49.9 per cent depending on your credit record.”
Banks often offer incentives to attract new customers, usually in the form of a cash bonus.
And it’s not the only one offering a bonus right now.
First Direct is also offering a £175 welcome bonus to new customers for example.
Nationwide has a £175 offer and TSB is giving out £100.
Santander was offering £150, but that has now ended.
Deals like this come and go regularly so its worth moving quickly if you think it’s for you, as they can be pulled at any time.
