Banks are competing for customers and three of them have launched new free cash deals to try to win you over this week.
Lloyds came out swinging, luring people in with a market-leading £200 deal.
The cash is available to new and existing customers who switch to one of the following accounts:
- Club Lloyds Account – £5 monthly fee
- Club Lloyds Platinum Account – £27.50 in monthly fees
- Club Lloyds Silver Account – £16.50 in monthly fees
- Lloyds Premier Account – £15 monthly fee
To qualify for the deal, you need to use the current account switch service (CASS) to complete the changeover.
You need to have at least three active direct debits from your old account that are switched over to Lloyds – any set up after the change will not count.
The cash will be paid directly into your account within 10 working days of your switch completing.
Read all the terms and conditions of the accounts here.
NatWest came out next, offering £175 to new customers who switch their main current account to the bank.
Customers qualify for the payment by switching to a Select, Reward, Premier Select or Premier Reward account using CASS, depositing £1,250 and logging into the mobile app within 60 days.
A further £60 in rewards is available each year for those signing up to the NatWest Reward account, which comes with a £2 monthly fee.
Every month, customers will receive £4 in rewards if they have two direct debits of £2 or more. Another £1 is earned for logging into the mobile app.
The £175 will be paid within 30 days after completing these steps, provided the account remains open.
You can read the full terms and conditions here.
Nationwide then launched a similar deal offering £175 for switchers, and 1% cashback and 5% interest on savings if you opt for a FlexDirect account.
An added benefit is the Fair Share payment, which has given customers £100 for the past three years.
To qualify for the incentive, customers must complete a full switch using CASS and not have benefitted previously from a Nationwide switching offer.
At least two direct debits need to be moved over, a minimum of £1,000 must be paid in and one debit card payment needs to be made within 31 days of the account opening to qualify for the deal.
Three current accounts are offering the deal:
- FlexPlus: This also gives you family travel insurance, mobile phone insurance, UK and European breakdown cover and commission-free usage abroad for £18 a month.
- FlexDirect: an online account paying 5% AER credit interest on balances up to £1,500 for the first year and offering 1% cashback on debit card spend, capped at £5 per month for the first 12 months.
- FlexAccount: an everyday bank account where customers can bank online and in branch for no fee.
Read the full terms and conditions here.
