Time is running out for anyone hoping to secure a free £200 cash bonus by switching accounts, with both Lloyds Bank and Barclays offering deals but only for a limited.
Lloyds Bank currently has a £200 switching bonus, with the deadline set to expire on April 30, with Barclays' deal set to last until May 28 for current account switchers.
Money Saving Expert, the website founded by Martin Lewis, has outlined the details of both offers.
The team 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."
Customers considering switching must act quickly and ensure they meet the specific requirements to receive the bonus.
To qualify for the Lloyds £200 incentive, applicants must open a Club Lloyds account before the April 30 deadline and switch an existing account with at least three direct debits.
They must also spend a minimum of £100 using their new debit card within 35 days of opening the account.
The £200 payment is then expected to be deposited within 45 days.
Lloyds £200 switching bonus deadline April 30 – how to qualify and Barclays £200 offer explained
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Applicants must also pay in £2,000 or more each month to avoid a £5 monthly fee, which may limit eligibility for some customers.
This monthly deposit requirement is roughly equivalent to a £29,000 annual salary.
Higher earners may be eligible for a larger incentive through Lloyds Premier.
Customers earning £85,000 or more annually, or those holding £100,000 in savings or investments with Lloyds, can receive a £500 switching bonus.
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Barclays is also offering a £200 switching incentive, with a deadline of May 28
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The criteria for the Barclays offer differ slightly from Lloyds.
Customers must open a sole account through the Barclays app, as joint accounts are not eligible, and they are required to switch an account with at least two direct debits.
Within 30 days of opening the account, customers must deposit £2,000 or more.
Once all conditions are met, the £200 payment is issued within 45 working days.
Money Saving Expert described the Barclays deal as "a good choice if you want a no-frills account which pays upfront cash."
Barclays also offers a higher-tier incentive through its Premier account.
Customers earning £75,000 or more annually, or those with £100,000 available to save or invest, can receive a £400 bonus.
Money Saving Expert highlighted the importance of meeting all conditions when applying for switching offers.
The team said: "Always check the requirements carefully. If you miss a step, you won't get the bonus."
Apple TV+ would normally cost £9.99 per month
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In addition to the cash incentives, both banks offer additional account benefits.
Club Lloyds customers can choose an annual reward, including options such as Disney+ with adverts, six cinema tickets, Coffee Club and Gourmet Society membership, or a magazine subscription.
Barclays does not include standard perks with its basic account, but customers can opt into Blue Rewards for £5 per month.
This package includes access to Apple TV+, which typically costs £9.99 per month.
To qualify for Blue Rewards, customers must deposit at least £800 each month and be registered for digital banking.