Overview

• Lloyds is paying £200 to customers who open a new Club Lloyds or Lloyds Premier current account by switching from another bank or from other Lloyds accounts they hold.
• Qualifying for Lloyds’ offer requires transferring at least three active direct debits via the Current Account Switch Service, with a £5 monthly fee on Club Lloyds if pay-ins are below £2,000 and a £15 fee on Premier unless higher thresholds are met.
• Barclays is offering £200 through its Blue Rewards scheme plus access to a 4.36% linked saver on up to £5,000 and complimentary Apple TV+ and MLS Season Pass subscriptions.
• Barclays’ criteria include a £5 monthly Blue Rewards fee, paying in £800 or more each month, a £2,000 deposit within 30 days, registering for digital banking, and switching at least two direct debits by 27 November; existing Barclays current account holders as of 7 October or past switch-bonus recipients are excluded.
• Money experts note each bank application triggers a credit check and caution that multiple recent applications can lower scores, as other banks including TSB, Nationwide and NatWest also run switching incentives that, according to some analysts, could increase in value before Christmas.