Towards the end of the year is always particularly difficult when it comes to money. Not only do the colder temperatures mean we have to start putting the heating on but the run up to Christmas means many of us are buying gifts for loved ones, making it especially stressful.
But finance gurus at Money Saving Expert (MSE) – the website founded by Martin Lewis – have revealed that one bank is offering a free £200 for switching before Christmas. On top of this, you can choose a reward such as a Disney+ or magazine subscription for making the change.
MSE explained: “Banks sometimes offer bonuses – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”
In an update, MSE said that the best switch deal at the moment is offered by Lloyds for opening up a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. This will get you the free £200 cash as well as a reward of your choice.
Opening the account will also give you access to a savings account with an impressive 6.25 percent interest rate. MSE said: “Free £200, plus choose a reward: 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
“As well as the upfront switch cash, with Club Lloyds you can choose one of the rewards above each year. You also get access to a linked regular saver paying 6.25 percent fixed interest for a year on up to £400 a month (maxed out, it’s £161 a year interest).”
However, you must note that there’s a £3 a month fee on the account unless you pay in £2,000 or more a month. You also can’t get the deal if you’ve already had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020.
How to get the £200 bonus:
- Open the account online, by phone or in branch
- Switch in an account from a different bank, including three or more direct debits
- The switch must be started by December 10
- The £200 is paid within seven working days of the switch starting.
The offer ends on December 10. To find out more visit lloydsbank.com/current-accounts/switch.