£175 Lloyds Bank message as households told 'grab while you can'

Richard Guttridge

26 June 2024 at 4:34 am·2-min read

Households are being encouraged to check out cash switching offers from a number of banks. Deals giving free money to customers who join from rivals run for particular periods, with finance experts highlighting the best offers.

Santander and TSB have recently closed their offers but Lloyds Bank and First Direct are among those still running them. People could pocket £175 for switching to Lloyds or First Direct.

Details of the deals have been shared by Martin Lewis' Money Saving Expert (MSE) team. They say people may want to consider taking the deals as they are usually quick and hassle-free, though it's always important to check the details carefully before making a decision.

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MSE warned the latest deals could end at any time without warning. They explained: "The on-off relationship with bank switching seems to be moving into an off stage. Since last week, both Santander and TSB have pulled their free-cash bank switch offers. Now only two biggies remain - they're not saying they're due to end imminently, but closing dates can and do change quickly...

"Switching's usually quick and easy. You need to go via the bank's seven-working-day switch service, which closes your old account and auto-moves your balance, standing orders & direct debits. Once done, any payments to your old account are auto-forwarded. You'll need to pass a not-too-harsh credit check."

MSE added the Lloyds deal was "good for perks" as it also comes with one of 12 months Disney+, six cinema tix, Gourmet Society & Coffee Club membership or a magazine subscription. They said: "Here you need to commit to having £2,000/month being paid in (equivalent to a ~£29,000+/year salary) or there's a £3/month fee.

"The account you switch must have 3+ direct debits moved across. You can't have had switch cash from Lloyds, Halifax or Bank of Scotland since April 2020."

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