Several major UK banks, including Lloyds, Santander, Nationwide, and First Direct, are unveiling cash bonuses for individuals who switch their current accounts this month.
These financial incentives range from £175 to £200 and are designed to encourage new customers to join these institutions. The promotions are part of a broader strategy to attract business, offering customers an opportunity to take advantage of these offers.
According to the Manchester Evening News, the offers are valid for a limited period in July 2025, creating a sense of urgency for those looking to benefit from the deals. However, details regarding each bank’s full terms remain somewhat scarce.
Lloyds Bank Offers £185 for Account Switch
Lloyds Bank is offering £185 to customers who switch to a Club Lloyds account between July 1 and July 28, 2025.
The £185 will be paid within 10 working days of the account switch completion. To qualify for this offer, customers must set up at least three direct debits from their new account.
It’s important to note that customers who have received a switching incentive from Lloyds, Bank of Scotland, or Halifax since April 2020 will not be eligible for this promotion.
Perks of a Club Lloyds Account
The Club Lloyds account also comes with several additional benefits. Customers can select one lifestyle perk each year, such as a Disney+ subscription, six cinema tickets, a magazine subscription, or discounts of 25% off selected food and drink brands.
Furthermore, the account provides access to the Club Lloyds Monthly Saver, which offers a 6.25% gross/AER interest on balances up to £400 per month. Account holders also receive up to 15% cashback at selected retailers.
A £5 monthly fee applies, which is waived if at least £2,000 is paid into the account each month.
Other Bank Offers: Santander, Nationwide, and First Direct
In addition to Lloyds, other banks are offering similar cash bonuses, each with their own specific eligibility conditions.
Santander’s £180 Switching Offer
Santander is offering £180 for customers who switch to one of their current accounts, including the Everyday, Edge, Edge Up, or Private accounts.
To qualify, new customers must pay at least £1,500 into their Santander account within 60 days of the switch request and set up at least two direct debits.
However, customers who held a Santander account before January 1, 2025, will not be eligible for this offer.
Nationwide’s £200 Offer for Existing Members
Nationwide is offering £200 to customers who switch to a Nationwide FlexDirect account. However, this offer is only available to individuals who have had a current account, savings account, or mortgage with Nationwide on or before March 31, 2025.
To claim the £200, customers must set up two direct debits, pay at least £1,000 into the account, and make at least one payment using the debit card within 31 days of requesting the switch.
The FlexDirect account also offers 5% AER on balances up to £1,500 for the first 12 months, along with 1% cashback on debit card purchases, capped at £5 per month.
First Direct’s £175 Switching Bonus
First Direct is offering £175 to customers who switch their everyday banking to a First Direct current account.
To be eligible, customers must pay in at least £1,000, set up two direct debits or standing orders, and register and log onto digital banking within 45 days of account opening.
Additionally, they must make five purchases using their debit card.
Key Considerations Before Switching
UK banks offer significant financial incentives with these switching offers, but customers should carefully review the terms and conditions before making a decision.
Factors such as monthly fees, required minimum deposits, and the number of direct debits to set up can significantly affect the overall value of the offer.
It’s also crucial to note that eligibility rules may exclude customers who have received switching bonuses from certain banks in recent years, as highlighted in the case of Lloyds.
Furthermore, when switching to a new bank, be mindful of any requirements for deposits or card spending within a specified period, such as the 60-day deposit requirement for Santander and the 31-day payment condition for Nationwide.
These conditions can add an extra layer of complexity to an already time-sensitive process.
However, it’s essential to weigh these offers against the long-term costs and benefits of each account, particularly in terms of monthly fees and potential perks.
