Lloyds Bank is offering up to £2,300 in switching bonuses and cashback deals, including £200 for switching to a Club Lloyds account and £500 for switching to a Lloyds Premier account. The switching offer closes on 30 April, while two separate cashback deals worth up to £1,800 end on 31 May.
To qualify for the £200 Club Lloyds switch bonus, customers must use the Current Account Switch Service (CASS), transfer at least three active direct debits, and spend £100 on the debit card within 35 days. Club Lloyds has a £5 monthly fee, which is refunded if customers pay in at least £2,000 per month. For the Lloyds Premier account, customers must pay in at least £5,000 per month or have £100,000 in savings or investments with the bank. Those who have already received a switch offer from Lloyds, Bank of Scotland, or Halifax since 1 January 2023 are not eligible for the bonus.
The deal with the most earning potential is Santander's. You stand to score £504 once fees are taken into account.
In addition to the switching bonuses, customers can earn up to £1,800 cashback by transferring money to Lloyds cash ISAs or investing accounts. According to Lloyds Bank, the offer is subject to change and can be withdrawn without notice at any time. Only one offer is available per customer, and joint accounts will only receive one payment. The specific interest rates on the cash ISAs and investing accounts have not been disclosed, nor have the exact terms for which transactions count toward the spend requirement.
According to Daily Mail - Money, personal finance expert Kate Steere said that Santander's switching deal has the most earning potential, with customers able to gain £504 after fees. She also noted that the accounts come with perks such as a 12-month Disney+ subscription, monthly credit interest, and up to 15 per cent cashback at selected retailers. However, the full terms of the Santander deal were not detailed in the announcement.
The accounts also come with some tasty perks, including a 12-month Disney+ subscription, monthly credit interest, and up to 15 per cent cashback at selected retailers.
It remains unclear how long the cashback from ISAs or investing accounts takes to be paid, and whether there are any other eligibility criteria beyond those mentioned. Customers are advised to check the latest terms before applying.