Customers looking to switch bank accounts could earn £175 for opening a current account with NatWest, or £150 by opting for Lloyds Bank.
NatWest’s new offer is open to new and existing customers switching their main current account to the bank. Lloyds Bank's offer is open to new customers opening a paid Club Lloyds account.
You’ll have to make a relatively quick decision as to whether either of these banks are right for you, as both switching offers expire in November.
Here, we take a look at the two offers in more detail, and see how they compare to other switching deals on the market.
How does NatWest's new switching offer work?
Switching your main current account to NatWest will net you £175, whether you’re a new or existing customer.
You’ll just need to use the Current Account Switching Service (CASS) to move your money before 5pm on 3 November 2022, then pay £1,250 into the account and log into the NatWest app before 15 December. After that, you’ll receive the £175 by 12 January 2023.
NatWest customers can also enter a £1,000 prize draw if they have a current account and a savings account with the bank. If you turn on the ‘round ups’ feature, it automatically sends ‘spare change’ to the nearest pound from current account purchases to your savings account.
- Find out more: how do I switch my bank account?
How to get the Lloyds Bank switching bonus
Lloyds says its latest £150 switching bonus is the largest it's ever offered.
This one’s only available if you use CASS to switch from another bank to a Club Lloyds or Club Lloyds Platinum account. These are Lloyds Bank’s premium packaged bank accounts, which both come with a monthly fee.
Club Lloyds account customers have to pay £3 a month to keep the account open, while Club Lloyds Platinum is £24 a month. With both accounts, £3 of the fee will be refunded if £1,500 or more is paid into the account each month.
Club Lloyds accounts come with various perks and features, such as travel insurance for the Platinum account, or cashback with both. If you’re not interested in these perks, or if you won’t be paying in £1,500 a month, you might want to consider other accounts.
The Lloyds deal runs until 14 November 2022 – and you’re not eligible for the cash if you have already received a switching bonus after April 2020.
What other switching offers are available?
If neither of these two banks take your fancy, there are a couple of other switching offers that might appeal.
First Direct: £175 for new customers
First Direct matches NatWest’s £175 switching offer, but in this case it's only for new customers switching to a First Direct 1st Account. You can’t get the bonus if you already have an account with First Direct, or if you opened an HSBC account after 1 January 2019.
Nationwide: up to £125
Switching to a Nationwide FlexDirect, FlexAccount or FlexPlus account will get you £100 if you’re a new customer. If you're an existing Nationwide customer who doesn't yet hold a current account – you may have a Nationwide mortgage or savings account, for example – you can get £125 for making the current account switch.
Virgin Money: 25% cashback (up to £160) on supermarket and fuel spending
Due to expire on 30 September, this offer from Virgin Money gives new customers who switch to its M Plus or Club M current accounts 25% cashback on supermarket and fuel spending.
Switchers to the Virgin Money M Plus Account and Virgin Money Club M Account can earn cashback at any supermarket and any petrol station in the UK, but cashback is capped at £160 and you will have 60 days to earn cashback from the date you become eligible.
The cashback you earn will be paid into your cashback account within 35 days of each qualifying spend.
- Find out more: best and worst banks revealed
How to choose a bank account
You'll likely interact with your current account more regularly than any other financial products, so you should make sure it suits you – don't switch solely on the basis of a bonus offer.
There are other things to keep in mind if you’re thinking about switching.
Look at other current account perks
We’ve looked at the banks offering cash switching bonuses, but some current accounts pay customers cashback on their purchases, or pay interest on balances.
If you want to get rewarded for your spending, or know you're likely to keep your cash in your current account, these features might be worth considering. It’s worth shopping around to see what's available – our guides can help you find the best high-interest bank accounts, along with the best bank accounts for cashback.
Fees and features
Packaged bank accounts, like the Lloyds Club Platinum account mentioned above, come with all kinds of perks included such as travel insurance, breakdown cover, and even free cinema tickets or magazine subscriptions.
If you can cover the monthly fees, make the most of the account's features and earn enough to meet the minimum pay-in threshold, you might prefer a packaged account.
- Find out more: best packaged bank accounts
source https://www.which.co.uk/news/article/natwest-and-lloyds-bank-launch-switching-bonuses-should-you-get-a-new-bank-account-adXOy3P3Mbnf