Major bank offering £200 free cash – how to claim

A MAJOR bank is offering new and existing customers £200 if they make a switch.

Lloyds Bank is giving the cash bonus to anyone who switches to one of four current accounts.

You just have to make the switch using the Current Account Switching Service (CASS).

Banks often offer switching bonuses to entice new customers in.

But you usually have to meet certain rules to get the money paid to you.

Lloyds' offer is only applicable to customers who switch to a Lloyds Silver Account, Club Lloyds Silver Account, Lloyds Platinum Account or Club Lloyds Platinum Account.

Existing Lloyds customers can take advantage of the switching bonus.

But you won't qualify if you received cashback for switching to the bank from April 2020.

You have to start the switching process, which can be done through internet banking or on the app, by March 7.

The £200 will be paid into your account within 10 working days of starting the switch.

How do I switch my current account?

If you are looking to take up Lloyds' switching bonus offer, the process isn't too complicated.

You can make the switch through the Current Account Switching Service (CASS) in a few steps.

You just have to contact Lloyds to apply for one of the four current accounts.

If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.

Your old bank should then talks to Lloyds and everything will be switched across, including your balance, direct debits and salary.

After this you will receive your new cards, log-in details and any PINS.

What other banks offer switching bonuses?

The only other bank currently offering a switching bonus is First Direct.

Customers can get £175 in free cash if they open a 1st Account with the bank and switch within three months.

Plus, you have to pay in £1,000 or more within the same period.

Once you've done this the £175 is paid to you within 28 days.

In other news, we reveal the full list of bank branches closing in January, including Lloyds and Natwest.

Plus, a warning to 10 million Lloyds customers over plans to shake up its service.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk