Lloyds Bank has launched a new offer giving customers a free £175 if they switch their account to it – making it the only major provider to currently do so.
The bank will give customers a reward of 12 months of Disney+, six cinema tickets, a Coffee Club & Gourmet Society membership or a magazine subscription as well as the money, if they switch to its Club Lloyds current account.
Many banks offer cash – typically between £100 and £200 – to customers who switch their account to them, but these offers come and go, and there are none currently available.
Customers who switch to the account also get access to a linked regular saver paying 6.25 per cent interest on up to £400 each month.
But there are a few pitfalls to be aware of. For every month you do not pay £2,000 in, you are hit with a £3 charge.
You also will not get the bonus if you have had switch cash from Lloyds or Halifax since April 2020.
To get the money, you need to open the account online or in branch, switch using the Current Account Switching Service (CASS) and include two or more direct debits, by 28 March, 2024.
The £175 will be paid within three working days of the switch being completed.
There is nothing to stop you chaining several switching offers in a row when others do become available, and you can make hundreds of pounds per year as long as you follow the rules each provider lays out.
There were other deals on the market very recently, but last month, TSB, Co-operative Bank and First Direct pulled their offerings.
This leaves Lloyds as the only current available way to get cash for switching.