Martin Lewis' MoneySavingExpert (MSE) team has revealed how you can get 'free' cash by switching banks. The money site often refreshes the deals banks are offering customers who join them, with Lloyds Bank the latest to use a £175 incentive - with an added bonus of a free Disney+ subscription.
Writing in the weekly newsletter, Lewis' MSE team said: "Bank switching deals are back - today Lloyds' FREE £175 launched, which comes with a choice of rewards." Millions are likely to be eligible, despite having to meet specific criteria to be able to take advantage of the sign-up offer.
On the offer, Lloyds says: "Get £175 in 10 working days when you switch to a qualifying Current Account and close your bank account held with another bank." Here's how it works and how it can be done in minutes.
Open an account online, by phone or in branch. Switch in an account from a different bank, then set up two or more direct debits. The £175 will then be sent within 10 working days of the switch starting, but must be started before Thursday, March 28.
The account you switch into has to be a Club Lloyds Account, Club Lloyds Silver Account or Club Lloyds Platinum Account. As a bonus, the Club Lloyds account gives you the choice of one a another bonus each year.
This time around, switchers can choose from 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership or a subscription to a magazine. You also get access to a linked regular saver paying 6.25% fixed interest on up to £400/month.
However, it is important to note that there is a monthly fee of £3 if you do not pay at least £2,000 into the account per month. To qualify for the sign-up cash, you can't have been given sign-up money from Lloyds Bank or Halifax Bank since April 2020.
Banks regularly offer bonuses to switch, so if you're already with Lloyds Bank or don't qualify, more banks will likely announce new deals soon. MSE lists the latest offers to switch here, with some also advertising additional bonuses such as boosted savings rates.
