Two of the UK's largest banks, Barclays and Lloyds, are currently offering a £200 switching bonus to new customers. The incentives, highlighted by Money Saving Expert (MSE), provide a straightforward way for Brits to boost their savings by moving their current account.
Barclays £200 Switch Offer
Barclays is offering a £200 cash bonus for switching to a Barclays Bank Account. Additionally, customers can opt for a half-price subscription to Apple TV+ for a monthly fee of £5 through the Blue Rewards scheme. To qualify for the bonus, you must:
- Open a sole account via the Barclays app (joint accounts are not eligible).
- Switch an account with two or more direct debits by 28 May.
- Pay in at least £2,000 within 30 days of account opening.
- The £200 will be paid within 45 working days.
For higher earners, Barclays Premier offers a £400 switching bonus, requiring an annual salary of £75,000 or £100,000 to save or invest with the bank.
Lloyds £200 Switch Offer
Lloyds is also offering a £200 bonus for switching to a Club Lloyds account, along with a choice of annual perks such as Disney+ (with ads), six cinema tickets, Coffee Club & Gourmet Society membership, or a magazine subscription. To qualify:
- Open the account by 30 April.
- Switch an account with three or more direct debits.
- Spend £100 or more on the debit card within 35 days.
- The £200 will be paid within 45 days of account opening.
Note that the Club Lloyds account carries a £5 monthly fee unless you pay in £2,000 or more each month. For higher earners, Lloyds Premier offers a £500 switching bonus, requiring an annual salary of £85,000 or £100,000 to save or invest with Lloyds.
MSE advises customers to carefully check all requirements to ensure eligibility, as missing any step could forfeit the bonus.
