Eligibility for the Winter Fuel Payments has changed, affecting millions of state pensioners, meanwhile Banks are offering free money to customers who switch accounts before the winter fuel eligibility shift.
State Pensioners to Get £200 ‘For Free’ from Lloyds, Santander, and Other Banks
By Chourouk Derkaoui
Published on 7 November 2024 13:29
UK banks are urging customers to switch their accounts by providing up to £200 for free in light of the changes that will make millions of state pensioners ineligible, for the winter fuel allowance this year.
Winter Fuel Payments Eligibility Tightened, Affecting Millions of Pensioners
In the 2024–2025 period, in England and Wales households will lose their eligibility for Winter Fuel Allowance unless they receive Pension Credit or other specific means tested benefits according to a statement by the Department, for Work and Pension (DWpS). This decision comes from the Labour Party Government.
Due to these new provisions, the number of pensioners receiving the £300 payment will fall from around 10.8 million people in 7.6 million families to just 1.5 million people in 1.3 million households in England and Wales.
Banks Offering Cash to New Customers as Millions of Pensioners Lose Winter Fuel Allowance
There is free money that will be credited to your account within a few days if you immediately transfer your bank account to Lloyds, Nationwide, Santander or NatWest.
Customers who convert their Lloyds Club account at any time between October 2 and December 10 will earn £200, according to Lloyds, and this money must be deposited within three days of completing the switch.
Meanwhile, Birmingham Live reports that Nationwide Building Society is offering a new £175 bonus to customers who opt for its FlexDirect, FlexPlus or FlexAccount current accounts.
Quick and Easy £150 Bonus with Santander Account Switch
You must have at least two direct debits to the account and deposit at least £1,000 within 31 days of moving in order to qualify. A debit card purchase is also required, though some purchases—like gambling—do not meet this requirement.
By switching to a Santander Edge, Santander Edge Up, Every day or Private (v2) current account, Santander customers can take advantage of the free money offer. You have until 4 November, or until the end of the switching offer, to submit a switching request in order to be eligible.
In order to complete the entire change procedure, including the closure of the previous account, you must do so within 60 days.
Andrea Melville, Santander's director of current accounts, savings and business banking, commented: “We’re excited to roll out our latest switching incentive, giving customers a quick boost to their finances and yet another reason to bank with us.
"Our £150 offer rewards both new and existing customers for making the switch, while our current accounts continue to deliver cashback and competitive rates on savings.”