Martin Lewis says last chance to get instant £175 from Lloyds or First Direct | Personal Finance | Finance

Martin Lewis has encouraged savers looking for a better deal to take advantage of two switching offers with Lloyds Bank and First Direct.

The financial journalist urged people to act quickly if they want to take up the offers, which featured in the latest edition of the MoneySavingExpert newsletter.

Mr Lewis warned: “They’re not saying they’re due to end imminently, but closing dates can and do change quickly.”

Lloyds Bank is offering £175 in cash to to those who switch to a Club Lloyds account, which has a £3 monthly fee, which is waived for each month you deposit £2,000 or more.

Switchers can also choose another free bonus, picking one of either 12 months of Disney Plus with ads, six cinema tickets, Gourmet Society & Coffee Club membership, or a magazine subscription.

The offer is available until July 30 but Mr Lewis warned the end date may well change.

New customers with Lloyds may want to look at its one year fixed regular saver, which is currently paying 6.25 percent.

Savers can deposit between £25 and £400, with interest calculated daily and paid at the end of the term.

First Direct is also offering switchers £175 as an incentive when opening a 1st Account current account.

The account has been top rated in many MoneySavingExpert polls.

Customers get a £250 interest-free overdraft and there are no First Direct debit card fees when making purchases abroad.

Savers signing up with First Direct can also open a Regular Saver paying seven percent interest.

Customers can deposit between £25 and £300 for the 12-month product, meaning you could earn £136.50 if you deposited the maximum amount.

Interest is calculated on a daily basis and is paid 12 months after the account is opened.

How do I switch account to get the switching bonus?

To secure the swithing bonus, you will need to transfer to one of the eligible accounts using the Current Account Switching Service.

Once you have opened the new account, you can ask your new bank to contact your old provider, to move over the old account using the service.

Your new bank will handle the process and regular payments will be transferred over as well.

Any payments that erroneously go into the old account will automatically go into the new one.

To get the Lloyds offer, you will need to transfer at least three active direct debits from your old account to the new one.

To secure the First Direct offer, you will need to transfer at least two direct debits or standing orders.

You will also need to pay in at least £1,000, make five debit card payments and log in to digital banking, within 30 days of opening the account.

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