Three major UK banks offering free cash for switching accounts

Customers can get up to £175 for switching banks

Several high street banks are offering up to £175, along with other perks and benefits. And it's all just for switching accounts.

Thanks to the Current Account Switch service, which simplifies the process of changing bank accounts, direct debits, and standing orders, banks are providing a range of bonuses including a year's subscription to Disney+ and cinema tickets.

However, there are certain steps that must be followed before customers can start enjoying all the bonuses on offer. Moreover, those who have previously received rewards from a bank switch may not be able to fully benefit from the following offers.

Lloyds Bank

Lloyds Bank is offering £175 free and Disney+ with its Club Lloyds account. The offer includes a choice between 12 months' worth of Disney+, six cinema tickets, a magazine subscription, or a Coffee Club & Gourmet Society membership.

To qualify, customers must not have already received a switch reward from Lloyds, Bank of Scotland, or Halifax since April 2020. To receive the bonus, customers need to open the account either online, by phone, or in a Lloyds branch.

After this, they must switch an account from a different bank, including three or more Direct Debits by July 30. Once all these steps are completed, the £175 is issued within 10 working days of the start of the switch date.

First Direct

First Direct is dishing out a free £175 to those who switch to its 1st Account, which also offers access to a linked regular saver. This savings account provides a whopping 7 per cent interest on up to £300 per month and a £250 overdraft at 0 per cent.

To be eligible for the switch, you mustn't have had any type of account with First Direct or a current account with HSBC since January 2018. To bag the free cash, open the account via the online app and switch in an account from another bank, including two or more direct debit or standing orders.

After this, deposit at least £1,000 within 30 days of opening the account and use the debit card a minimum of five times. Lastly, log into the online banking. Once all these steps are completed, you'll receive the £175 by the 20th of the following month.

Co-operative Bank

Meanwhile, Co-operative Bank is offering a free £75 to customers who switch to their standard current account. However, you must link the bank's 7 per cent regular saver to get this bonus.

The extra cash will be paid in five instalments of £15 over a five-month period. To receive the bonus, deposit £1,000 into the current account including two or more Direct Debits.

After the switch is completed, customers are required to use the debit card at least 10 times and deposit a minimum of £50 into the 7 per cent regular saver. However, customers who have already received a switch bonus from Co-op Bank since November 1, 2022, will not be eligible.

Once all these steps are fulfilled, the £75 reward will start being paid out within seven days.