Lloyds and NatWest to pay up to £200 into customers' bank accounts

Banking giants Lloyds and NatWest are giving new customers free money for signing up to certain accounts. They are both offering cash-switching deals in a bid to lure in new customers from their rivals.

Lloyds will pay out £200, while NatWest is offering £180. New customers must meet certain conditions in order to claim the cash, such as paying in a set amount into the new account and moving over some active direct debits.

People usually cannot have claimed cash from switching to that bank in recent times. Money experts say taking up deals like this and moving banks can be an easy way to make some extra money.

READ MORE: Date confirmed for £200 cost of living payments

Get our best money saving tips and hacks by signing up to our newsletter

POLL: Do you agree with the DWP taking money from bank accounts or wages?

The latest deals have been highlighted by Martin Lewis' Money Saving Expert (MSE). They said: "As well as the upfront switch cash, with Club Lloyds you can choose a reward each year including: 12 months' Disney+ (with ads), six cinema tickets, a Coffee Club and Gourmet Society membership, or a subscription to a magazine. Do note there's a £3/month fee unless you pay in £2,000+ a month.

"You can't have had switch cash from Lloyds, Bank of Scotland or Halifax since April 2020." They added: "The NatWest Reward account comes with a £2/month fee, but you get £5/month cashback when you pay in £1,250, pay out 2+ direct debits of £2+ and log into its mobile banking app each month. So the net gain is £3/month or £36/year.

"You can't have ever received a switch bonus from NatWest, RBS or Ulster Bank before."