Two of the biggest banks are offering £200 cash incentives to new customers who switch their current accounts, as part of a wave of deals aimed at attracting savers. Barclays and Lloyds are both running switching offers, but customers must meet strict conditions and deadlines to qualify.
MoneySavingExpert (MSE), the financial advice site founded by Martin Lewis, says banks regularly use cash incentives and perks to encourage customers to switch. However, he warns customers to carefully review the requirements before making the move. It said: “Banks often offer switch incentives - usually free cash, sometimes boosted savings rates or other perks - to get you to open an account and switch from a rival. Always check the requirements carefully. If you miss a step, you won't get the bonus.”
Barclays Offer
Barclays is offering £200 to customers who switch to its standard current account, with an optional perk of a discounted Apple TV+ subscription through its rewards scheme. MSE describes it as: “A good choice if you want a no-frills account which pays upfront cash.”
The bank’s Blue Rewards scheme costs £5 a month and can include Apple TV+ at no extra cost, which is usually £9.99 a month. Customers opting in must also pay in at least £800 per month and register for digital banking.
To qualify for the £200:
- Open a sole Barclays account via the app (joint accounts excluded)
- Switch to an account with at least two direct debits by May 28
- Pay in £2,000 within 30 days
- Receive £200 within 45 working days
Higher-value customers may be eligible for a £400 bonus under Barclays Premier, which requires an income of £75,000 or savings/investments of £100,000 or more with the bank.
Lloyds Offer
Lloyds is also offering £200 to customers who switch to its Club Lloyds account, which includes an annual lifestyle reward. MSE said: “Comes with a host of perks, so it can be a winner for many - but you'll need to pay in £2,000+ a month (about £29,000 salary) to avoid a £5 a month fee, so it won't suit everyone.” Club Lloyds customers can choose a yearly benefit, such as Disney+ (with ads), cinema tickets, Coffee Club and Gourmet Society membership, or magazine subscriptions.
To claim the £200:
- Open an account by April 30
- Switch to an account with at least three direct debits
- Spend £100 on a debit card within 35 days
- Receive £200 within 45 days of opening
Higher earners can secure £500 when switching to Lloyds Premier. This requires either an annual salary of £85,000 or more, or those with £100,000 in savings or investments.
