Britons can once again start earning hundreds of pounds for free as banks reintroduce current account switch deals.
After all deals of this nature ended last month, NatWest and Lloyds are back offering up to £200 to eligible people who switch their current accounts to bank with them instead.
Martin Lewis’s Money Saving Expert (MSE) team recently raised awareness of the new bank switch deals in its most recent newsletter, stating: “Three weeks ago, the curtains went down, the lights went off, the crowd left and we had to announce ‘the last bank switch has left the building’. For the first time since (we think) the pandemic, no banks were willing to pay £150+ legal bribes for your custom.
“Now, wrapped up in a glittery jumpsuit, things are looking rosier. There’s a brand new £200 switch, on top of last week’s £175.”
Here’s a rundown of the latest bank switch deals on offer and how to qualify for the money.
NatWest’s £200 bank switch offer
NatWest is now offering £200 to new and existing customers who switch their main current account to the bank.
To benefit from the offer, customers need to use the Current Account Switcher Service, pay £1,250 into the account and log into the mobile app within 60 days of switching accounts.
Customers can also receive a further £60 back in “Rewards” each year by signing up to the bank’s Reward account. Every month customers can receive £4 back in Rewards for two Direct Debits and an additional £1 for logging into NatWest’s mobile app.
The Reward account has a monthly fee of £2, and customers can also benefit from partner offers including four percent back at Booking.com.
Lewis Broadie, customer manager at NatWest said: “Record numbers of customers are switching to NatWest and we are pleased to offer a warm welcome with our latest £200 cash offer. As well as the upfront cash offer, we offer a wide range of features and benefits, from helping kids with their money through our Rooster offering to our save the change feature, Round-Ups.”
The Round-Ups feature saves the change to the nearest pound every time a transaction is made. The NatWest Digital Regular Saver also offers a competitive six percent interest rate and customers can save up to £150 in the account every month.
Lloyds Bank’s £175 bank switch offer
Lloyds bank is offering £175 to new and existing customers who switch from another bank to a Club Lloyds account between February 13 and March 28.
Those who complete the switch using the Current Account Switch Service (CASS) and transfer at least two direct debits will be paid the money within three days.
A number of perks are available for Club Lloyds customers, including Club Lloyds Platinum and Silver accounts.
For example, a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
Customers can also benefit from “Everyday Offers”, which provide cashback when shopping at certain retailers. Club Lloyds account holders can also earn up to £90 in credit interest each year when qualifying criteria are met.
They can also get access to other products, such as the Club Lloyds Monthly Saver, which pays 6.25 percent gross/AER interest, where customers can save between £25 and £400 each month.
There is a £3 monthly fee to maintain the account, waived each month when £2,000 or more is paid in.
Will switching banks impact my credit score?
Addressing the question as to what impact switching banks may have on a person’s credit score, the MSE team said: “A single application for a new current account can have a slightly negative effect on your ability to get new credit for a few months, though it’ll be minor.
“Yet if you’ve an important mortgage or credit card application due, it’s perhaps best to prioritise that.” (sic)
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
