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It's your last chance to bag either £200 or £500 when switching your current account to Lloyds Bank as the offer is set to close on 30 April.
You'll snag £200 for switching to a new Club Lloyds account while those who are eligible can earn £500 for moving to Lloyds Premier instead.
Two separate cashback deals worth up to £1,800 more are also on offer, but you have longer to take these up as they end on 31 May.
It means the maximum on the table is £2,300 – although most will be locked out of achieving that rate of cashback.
There's a handful of switch deals available right now including offers from Barclays, First Direct and Santander. Some give you access to exclusive interest rates and cashback that let you bag more from your bank.
Kate Steere, personal finance expert at comparison website Finder, says that the deal with the most earning potential is Santander's. You stand to score £504 once fees are taken into account.
How to take up Lloyds Bank's switching deals
Club Lloyds has wider eligibility than Lloyds Premier. The regular Club Lloyds account has a £5 monthly fee that's refunded for every month you pay in at least £2,000.
To get the £200 you must use the Current Account Switch Service (CASS) to transfer to a Club Lloyds account. Your switch must include at least three active direct debits and you need to spend £100 on your debit card within 35 days of opening the account.
'The accounts also come with some tasty perks, including a 12-month Disney+ subscription, monthly credit interest, and up to 15 per cent cashback at selected retailers,' says Kate Steere of Finder.
Lloyds Premier is more exclusive because you must pay in at least £5,000 a month or have £100,000 worth of savings and investments with the bank.
But if you're eligible the switch deal has similar conditions. You must spend £200 within the first 35 days and switch at least three active direct debits. You also have to meet the £5,000 deposit or £100,000 in savings and investments requirement in the first month.
Lloyds Premier has perks including enhanced rates and a Bupa GP and wellbeing subscription. There's a £15 monthly fee that's refunded each month you meet the funding criteria.
Just watch out for the fact that to get either bonus you can't have already received a switch boost from Lloyds, Bank of Scotland or Halifax since 1 January 2023.
How can you get up to £1,800 cashback?
To get more cashback from Lloyds after switching you can open either one of its cash Isas or investing accounts – or do both.
You'll get £150 for every £25,000 you transfer to one of Lloyds' four adult cash Isas, up to a maximum of £1,200.
Be sure to check the interest rates on these accounts. Cashback is enticing but over the long run your savings will be eroded by inflation if the rate is paltry.
For example, Lloyds' two-year fixed rate Isa offers a decent interest rate of 4.3 per cent, but its cash Isa saver only offers a maximum of 1.2 per cent.
Trading 212 currently pays 4.51 per cent* on its easy-access cash Isa, which includes a fixed 0.91 per cent 12-month boost for new customers.
If you want to invest you can get up to £600 cashback when funding or transferring to a Lloyds stocks and shares Isa or share dealing account.
You need at least £5,000 to get £30 and a sizable £100,000 to get the maximum £600.
These deals close on 31 May so you have some time after switching to take part.
While there are risks involved and investments can both rise and fall in value, investing gives you a better chance of beating inflation over the long term than cash savings.
What other switch deals are available?
It's a lucrative time for switchers with several deals currently available.
According to Finder's Kate Steere, the deal that can get you the most over the year is Santander's £180 offer.
'If you opt to switch to the Santander Edge account, which has a £3 monthly fee, you get access to its Santander Edge saver at 6 per cent on balances up to £4,000. If you deposit the maximum amount, after a year, you'll have £240 in interest,' she said.
'You can also earn 1 per cent cashback, up to £10 a month, a maximum of £120 over the year. Add that to the £180 switching bonus, and you stand to earn an impressive £504 overall, once you've subtracted the monthly fee.'
The best bank account for you depends on how valuable you find the various perks on offer – with cashback, exclusive interest rates and lifestyle rewards all acting as incentives to switch.
You can read more in our guide to the best current accounts, which includes details on the best switch offers.
