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BANK customers could be in line for a £125 payment – but you'll have to switch accounts to get your hands on it.
Many banks and building societies offer switching bonuses, which means if you transfer an account across to them, you receive a cash boost.
Lloyds is one bank currently offering such a deal – but you'll have to be quick, as the offer closes on Monday (June 27).
You will receive the £125 when you switch to a Club Lloyds Account or Club Lloyds Platinum Account.
But these bank accounts do come with fee if you don't pay in a certain amount each month, so you'll want to check it's worth it first.
The Club Lloyds Account charges a £3 monthly fee, unless you pay in at least £1,500 each month.
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And the same applies to the Club Lloyds Platinum Account. plus there's a £21 per month fee on top.
But you do get the other benefits for that, for instance free cinema tickets and insurance.
If the account fees are not a problem, you can claim the free cash.
You have to use the Current Account Switching Service to transfer and close your existing current account held elsewhere.
But, you should be careful, as you won't qualify for the offer if you are switching to any other Lloyds Bank current account outside of the two mentioned
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You also won’t be eligible if you upgrade any existing account to one of the qualifying accounts.
Another exemption is if you've received cashback for switching to Lloyds since April 2020.
And you’ll need to start the switch by the June 27 deadline.
You'll need to use the Current Account Switching Service (CASS) to move account which means closing your old one.
It is a free service to use and they manage the majority of the process so you don't have to.
On top of this, you should check the rest of the account will work for you, whether that be on interest rates, overdraft fees or cash withdrawal limits abroad.
And finally, you should make sure you are eligible for the account and check the terms and conditions.
For example you won’t automatically be eligible for an overdraft, so if you need one it’s worth checking if you can get this before moving over.
Lloyds's isn't the only bank offering free cash to switch accounts.
Nationwide is currently offering a switching offer with £125 up for grabs plus 5% interest on balances.
And Martin Lewis' moneysavingexpert.com has revealed three other banks offering up deals.
HSBC is the first and offers new customers joining the bank who switch to its Advance Account £170.
Virgin offers 20,000 Red Points to customers who switch across to their account, that can be spent on experiences, gifts or flights.
First Direct offers you £150 if you switch its its 1st Account and you also get £20 just for opening it.
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Each bank and switching offer will have different terms and conditions, as well as eligibility and the amount on offer.
Check these carefully before moving over so you don't miss out on the cash.
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