Lloyds to give away free £185 cash boosts

Lloyds has launched a new £185 switch offer. This free cash is available to people who switch to a Club Lloyds account between July 1 and July 28 this year.

After switching accounts, you must also set up at least three direct debits. The £185 will be deposited within 10 working days of the switch completion.

You won't qualify if you've received switch cash from Lloyds, Bank of Scotland or Halifax since April 2020. Club Lloyds is a type of packaged bank account that offers additional benefits, including one free lifestyle perk per year.

Club Lloyds benefits

You can choose from a Disney+ subscription, six cinema tickets, a magazine subscription, or 25% off certain food and drink brands.

You also gain access to the Club Lloyds Monthly Saver which offers 6.25% gross/AER on up to £400 a month, and up to 15% cashback at selected retailers. However, it does come with a monthly £5 fee, which is waived if you deposit at least £2,000 a month, reports the Mirror.

Other switch offers on the market Nationwide

Nationwide is offering customers £200 to switch to its Nationwide FlexDirect account - but this money is only available if you're already a Nationwide member.

This means you must have held a current account, savings account or mortgage with the building society on or before 31 March, 2025.

To qualify for the cash reward, you must establish two direct debits and deposit a minimum of £1,000 within 31 days of requesting the switch, in addition to making at least one payment using the debit card.

The FlexDirect account provides a 5% AER on balances up to £1,500 for the first year, as well as 1% cashback on debit card purchases, capped at £5 per month.

Santander

Santander has also launched a £180 switch offer for both new and existing customers who move to its Everyday, Edge, Edge Up, or Private current accounts.

New customers are required to deposit at least £1,500 into their Santander account within 60 days of the switch request and set up at least two direct debits within 60 days. The cash offer will not be available if you had a Santander account on January 1, 2025.

First Direct

First Direct is offering customers £175 if they transfer their everyday banking to its current account. With First Direct, you must deposit at least £1,000 and set up two Direct Debits or standing orders from the account within 45 days of opening it.

You must also register and log onto digital banking, within 45 days of the account opening and make five transactions using your debit card.