Lloyds and Barclays £200 ‘bonus’ update issued | Personal Finance | Finance

Brits looking to boost their savings could move their finances to a new account. Two major banks in the UK are currently offering £200 to switch now.

MSE said: “Banks often offer switch incentives – usually free cash, sometimes boosted savings rates or other perks – to get you to open an account and switch from a rival.

“Always check the requirements carefully. If you miss a step, you won’t get the bonus.”

Here’s what you need to know about the deals.

Barclays

You can get a free £200 fuss-free plus an optional half-price subscription to Apple TV+ if you switch to a Barclays Bank Account. MSE said: “A good choice if you want a no-frills account which pays upfront cash.”

While the Barclays Bank Account has no free perks, for an optional £5 a month fee you can join its Blue Rewards scheme to get Apple TV+ for free (normally £9.99 a month).

However, if you go for this you’ll also need to pay in £800 or more a month and register for digital banking.

• Open a sole account via Barclays’ app (no joint accounts)
• Switch in an account with two or more direct debits by 28 May
• Pay in at least £2,000 or more within 30 days
• £200 then paid within 45 working days

If you’re a higher earner, you can get £400 for switching to Barclays Premier. For this you need a £75,000+ annual salary or £100,000+ to save/invest with Barclays.

Lloyds

With this account you can get a free £200 plus an annual perk such as a free subscription to Disney+. MSE said: “Comes with a host of perks, so it can be a winner for many – but you’ll need to pay in £2,000+ a month (about £29,000 salary) to avoid a £5 a month fee, so it won’t suit everyone.

“With Club Lloyds you can choose a yearly reward – including Disney+ (with ads), six cinema tickets, Coffee Club & Gourmet Society membership, or a magazine subscription.”

How to get the £200 bonus:

• Open the account by 30 April
• Switch in an account with three or more direct debits
• Spend £100 or more on the debit card within 35 days
• £200 paid within 45 days of opening account

If you’re a higher earner, you can get £500 for switching to Lloyds Premier. For this, you need a £85,000+ annual salary or £100,000+ to save/invest with Lloyds.