Major UK banks including Lloyds want to give new customers up to £200 | Personal Finance | Finance

Five banks in the UK are currently offering a sizeable amount of cash to new customers. You could get up to £200 just for switching.

It’s quite common for banks to provide switching deals when they want to expand their customer base. Often you will be rewarded with a lump sum if you open up an account and transfer over some of your direct debits.

Some will have other criteria to meet and others will also provide extra rewards such as access to high-interest savings accounts or cashback. All you need to decide is whether making the switch is worth it for you.

In an update from Money Saving Expert (MSE), the website established by Martin Lewis, five UK banks are currently offering cash for switching. These are Lloyds, First Direct, Nationwide, NatWest, and Co-op Bank.

Below is what you need to know about the deals and their eligibility criteria.

Lloyds

By switching to the Club Lloyds account you can get £200 for free, plus access to a 6.25% regular saver, fee-free spending overseas, and a choice of reward. To qualify you can’t have had switch cash from Lloyds, Bank of Scotland or Halifax since 1 January 2023.

How to get the £200 bonus:

• Open the account online, by phone or in branch by 30 April
• Switch in an account from a different bank (not Halifax or Bank of Scotland), including three or more Direct Debits (the switch must be started by 30 April)
• Spend £100 or more on your debit card within 35 days of opening your account

The £200 is paid within 45 days of the account opening.

First Direct

You can get a free £175 for switching to First Direct’s 1st Account. This also gives you access to a 7% regular saver, no fees from First Direct for overseas spending and a £250 0% overdraft for many.

But you can’t have ever had any product with First Direct and you can’t have opened an HSBC current account since January 2018.

How to get the £175 bonus:

• Open the account in-app (online for joint accounts)
• Switch in an account from a different bank including two or more Direct Debits or standing orders within 45 days
• Pay in £1,000 or more and make 5+ debit card payments within 45 days

The £175 is paid by the 20th of the following month after you meet the switch bonus criteria.

Nationwide

Switching to the Nationwide FlexDirect account could get you a free £175 plus 5% interest on up to £1,500, 1% cashback for 12 months, 6.5% regular saver, and 0% overdraft on up to £50.

You can’t have switched into a Nationwide account, or have received switch cash from Nationwide. But if you’ve previously received a bonus by switching into a sole account, and you’re now switching into a joint account, you will still qualify (and vice versa).

How to get the £175 bonus:

• Open the account online (or switch into an existing FlexDirect account)
• Switch over an account from a different bank, including two or more Direct Debits, within 28 days
• Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card

The £175 is paid within 10 days of meeting all the criteria.

NatWest

Customers can get £150 upfront, plus £36 a year cashback and 7% interest linked regular saver by switching to the NatWest Reward account. However, it comes with a £2 a month fee, but you get £5 a month cashback when you pay in £1,250, pay out two or more Direct Debits of £2 plus and log into its mobile banking app each month.

You can’t have held an existing NatWest current account as of 17 February and you can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before.

How to get the £150 bonus:

• Open a new NatWest Reward or Select account by 28 May
• Complete a switch in from a non-NatWest, RBS or Ulster Bank account online or via the mobile app by 16 June.
• Pay in £1,250 or more and log in to mobile banking within 60 days

The £150 is paid within 30 days of meeting the above criteria.

Co-op Bank

You can get a free £100, plus £25 a month for three months and 7% interest linked regular saver, by switching to the Co-op Bank Current Account.

You can’t have had switch cash from Co-op Bank since November 2022. How to get the £100 switch bonus:

• Open a new account and request to switch in an account from a different bank within two weeks. You can also switch a current account held with a different bank to an existing Co-operative Bank account before the offer expires
• Complete a full switch within eight weeks
• Within 30 days of the switch completing: deposit £1,000 or more, have two or more Direct Debits, register for online banking or its mobile app, and make 10 or more transactions using the debit card

The £100 will be paid within seven days of meeting all criteria.

How to get the £25/month for three months:

• Qualify for and receive the £100 bonus above
• Each month thereafter: deposit £1,000 or more, make 10 or more transactions using the debit card and have 2+ Direct Debits. Month one begins the day after you receive the £100 bonus
• Each £25 is paid within seven days of ‘your’ month ending

For more information, visit the MSE website here.

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