Anyone with a bank account can earn free £715 | Personal Finance | Finance

Many banks across the UK are offering lucrative benefits for account holders to attract more customers to their branches. Switching a bank account may sometimes feel like a tedious task, however, it is an easy way to earn extra money, even up to £715 if you do so multiple times.

For instance, Lloyds Bank is offering a cash incentive scheme wherein you can earn £185 if you switch to a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier Account. However, Lloyds’ sole fee-free account isn’t part of this deal. The most affordable option is Club Lloyds, which comes with a £5 monthly fee, though this is waived if you deposit £2,000 or more each month. To qualify, one needs to switch using the Current Account Switch Service and transfer over three direct debits.

The offer is valid till July 28, and the customers can get the benefits within 10 days of making the switch, reports The Telegraph.

Similarly, opening an adult current account, including a free Everyday account with Santander, will give you a benefit of £180. The customer just needs to pay £1,500 into their account and move at least two qualifying direct debits over after completing the switch with the Current Account Switch Service.

The bank will deposit £180 into your current account 90 days after making the switch (eligibility for the offer is checked on day 60). Unfortunately, this offer isn’t available to anyone who held a Santander current account on January 1, 2025, or has previously received a switching incentive from the bank.

The next bank to offer cash benefits is NatWest, which is paying £125 to its new customers who switch to a current account with the bank, including its fee-free Select Account. Customers can also earn £50 more after opening a digital regular saver within 60 days of switching their current account.

One needs to pay £1,250 either as a one-time payment or in parts, and the money should remain in the account for at least 24 hours. The other condition for using the benefit is to have a NatWest banking app.

Once all the necessary conditions are fulfilled, a £125 payment will be credited to your account within 30 days. Customers can expect an additional £50 if they have opened a regular saver. The amount will be credited within 30 days of receiving the initial £125.

Customers who will switch to First Direct will receive £175 benefits by opting for First Direct’s simple fee-free current account

The customer will need to transfer two direct debits or set up a standing order to pay £1,000 and make five payments with their debit cards. The payment should be made within 45 days of opening the account.

This offer isn’t valid if you are currently a First Direct customer or if you’ve opened an HSBC account at any time since January 1, 2018. Customers will be paid on the 20th of the month.