£185 in cash and free cinema tickets: July's best offers to switch banks

Independent

6 hours ago

Millions of people have switched their main bank using the Current Account Switch Service (CASS) – it's free, easy and can move you, your money and your payments from one bank to another in around a week or so.
Usually, though, people aren't just moving for the fun of it, of course: banks and building societies have a pretty fierce battle for your custom and so, from time to time, some will offer incentives to switch to them worth hundreds of pounds.
Every month we run down the very best of them, but as ever it's important to look beyond just the initial cash offer you'll receive and make sure that the rest of the perks, the terms and the fees associated with any accounts suit your circumstances and needs.
A bank should work for you and so should your money – so here are the best offers around at the moment to consider.
Lloyds: £185
Launched from the start of July, Lloyds Bank will give you £185 in cash, a market leading initial sum, but you have to open a specific type of account with them.
Those are either a Club Lloyds or a Premier Account, both of which have fees. We'll focus on the Club Lloyds here as the Premier requires an income or assets of over £100,000.
The Club account is £5 a month but this is reimbursed if you put in more than £2,000 a month – a good example of why you should always make sure the account suits your needs. In addition you'll get access to a savings account offering 6.25 per cent, plus the choice of an extra perk – cinema tickets, a coffee club membership for reduced price food and drink, a Disney plus subscription or other similar bonuses. Check out more about the offer here.
Nationwide: £200
If you're already a Nationwide member through a mortgage, ISA or other product, you might be eligible for a switch bonus of £200 – but as it's not for all switchers, it can't reasonably be called the market leader at this stage.
This offer runs up until 10 July so if you're already with them for one of your services and want to move your current account to the building society too, it might suit you – but you need to move fast.
Santander: £180
There are three different account types with Santander which you can switch to and get £180, ranging from free to a £5 monthly fee and with their own different perks and bonuses included.
Cashback on household bills, interest on balances and no fees when spending abroad are among the different considerations when choosing between the account types.
A long-running offer which had previously been the market leader, first direct, owned by HSBC, offers £175 for switching.
It also gives access to a high-interest saving account offering a hefty 7 per cent rate, for up to £300 a month, with a 'no fees abroad' debit card also included which might appeal to some frequent travellers.
Alternatives
There are quite a few banks currently offering either lower amounts or different types of perks when joining.
Zopa don't offer a joining fee but give interest on account balances as well as a higher 7.1 per cent rate savings account. Natwest offer £125 for switching and an extra £50 for opening a savings account afterwards. Others may offer better cashback rates, foreign exchange rates or other perks which are of interest.
Remember to check
Always, always ensure you are eligible for any bonuses before starting the switch process – you often cannot get the cash bonus if you've had an account with the bank or building society over the last few years, or if you've benefited from the bonus previously.
That also extends to brands owned by the same bank – so for Lloyds, you can't have had it for Halifax, for example.
Usually you'll also need a certain amount of direct debits to be switched, deposit a certain amount and do other tasks like log in to the app within a certain timeframe, so make sure the bank account you choose suits your needs completely.