Lloyds and Barclays offering free £175 but new customers reminded 'don't get caught out' - full list of banks
Big banks are offering cash incentives to account switchers
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Savers are being reminded to take advantage of free cash deals for account switchers as major banks are offering £175 in free cash to new customers, including Lloyds Bank and Barclays.
This comes as the Current Account Switch Service (CASS) reported that 300,000 consumers in the UK chose to bank somewhere else while these deals were available for at least a period of time.
Here is a full list of the high street banks offering free £175 in cash for new customers who switch to one of their current accounts:
- first direct - 1st account
- Barclays - Bank Account
- Lloyds Bank - Club Lloyds.
Those looking to take advantage of them are urged to take action as soon as possible before they go away.
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Lloyds is among the many
PAfirst direct
To claim the £175 through this bank, customers need to have not ever had a first direct account or have had an account with the organisation's sister bank HSBC since January 2018.
Customers are able to apply for this deal through the first direct app and switch to an account from a different bank.
This involved having to make two direct debits or standing orders in order to qualify.
Within 30 days of opening the account, customers need to pay in £1,000 or more, use their debit card five times and log on to online banking, the £175 will then be paid by the 20th of the next month.
Barclays
Anyone interested in claiming a free £175 via Barclays, customers cannot have an account, closed on or after July 8.
Furthermore, money will not be awarded to anyone who has claimed free cash from Barclays before.
Britons need to open a sole account through the Barclays app and also switch an account from a different bank, including two direct debits.
Notably, customers need to join the bank's "Blue Rewards" scheme and pay in £800 by August 30 with the free cash being handed over within a month of meeting this criteria.
Lloyds Bank
To get this money, customers must not have received free cash in a switch offer from Lloyds, Bank of Scotland or Halifax since April 2020.
Accounts can be opened either online, through the phone or in a branch with three direct debits needing to be made by July 30. Money will be paid within 10 working days of the switch starting.
LATEST DEVELOPMENTS:
first direct is among the banks offering free cash for switchers PAAlastair Douglas, the CEO of TotallyMoney, broke down what Britons need to be aware of before trying to get a hold of these deals.
He explained: "Right now, three different banks are offering customers £175 and a host of additional perks to switch.
"But it’s really important to read the terms and conditions before you apply. That’s because they’ll ask you to tick some boxes before you can unlock the cash.
"This might include depositing money into the account, making a minimum number of payments, or downloading an app — and some banks will even charge you a monthly fee. So don’t get caught out."