The bank switch deal scene has been relatively quiet lately, but it’s back with a bang! Four major banks have recently launched offers, each promising free cash for moving your banking over from a competitor. And that’s not all; these current accounts also come with access to some of the highest-paying savings accounts on the market.
If you haven’t been a frequent bank switcher in recent years, you might be eligible for at least one, if not multiple, of these deals. However, if you’ve had an account with these banks in the past, you might be ineligible for their current offers.
Here’s a breakdown of the latest bank switch deals:
Lloyds
Get a cool £200 deposited into your account just three days after completing the switch. To qualify, open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account (the latter two are packaged accounts with monthly fees) and move over three direct debits. You can also choose a freebie like a year-long Disney+ subscription with ads or six cinema tickets. Additionally, Lloyds offers a 6.25% paying regular saver account. This is the only offer with a published end date: December 10.
First Direct
First Direct offers a £175 cash bonus, but only for new customers. The switch process is a bit more involved than some of the other deals. After opening the account, you’ll need to transfer two direct debits and use your debit card five times within 45 days. The account also comes with a 7% regular saver account, offering a higher interest rate than Lloyds.
Nationwide
Nationwide offers a £175 bonus for switching your personal account and another £175 for switching to a joint account. So, if a couple decides to move both their accounts, they could potentially earn a whopping £525. For each switch, you’ll need to deposit £1,000 into the account, use your debit card, and move over two direct debits. This offer is available for new and existing FlexDirect current account holders. It comes with 5% interest on balances up to £1,500 for a year, 1% cashback on spending, and access to a 6.5% paying regular saver account.
Co-operative Bank
The Co-operative Bank’s offer is a bit more intricate than the rest. You’ll receive £75 for switching to a standard current account if you deposit £1,000, set up two direct debits, make ten debit card transactions, and add your debit card to your phone’s digital wallet within 30 days of completing the switch. For even more cash, you can earn another £75 (split over three months) by repeating these actions each subsequent month, totaling a potential £150 bonus. The Co-operative Bank also provides access to a 7% regular saver account.
It’s important to note that these are just the key requirements. Make sure to carefully review the full terms and conditions for each offer at becleverwithyourcash.com/banks to ensure you meet all the criteria and don’t miss out on the bonus.
These bank switch deals present a great opportunity to earn some extra cash and potentially find a better current account with access to attractive savings rates. It’s worth considering if you’re looking to switch banks or boost your savings.
