First Direct vs Lloyds: Switch Bonus Comparison
First Direct offers the better net value at £175 vs £0 after fees.
- Full CASS switch with 2+ direct debits/standing orders
- Deposit £1,000 within 45 days
- 5 debit card transactions within 45 days
- Register for digital banking
- New customers only (never previously held First Direct account)
- Full CASS switch required
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
Verdict: First Direct vs Lloyds
First Direct comes with more perks (4 vs 0), including things like 7% aer regular saver (up to £300/month).
First Direct has the better regular saver rate at 7% vs 6.25%.
Frequently Asked Questions
Which has the higher switch bonus, First Direct or Lloyds?
Currently only First Direct has an active switch bonus. Lloyds does not have an active offer at this time.
Can I switch to both First Direct and Lloyds?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for First Direct and Lloyds?
The cooling-off periods are: First Direct: 12 months, Lloyds: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, First Direct or Lloyds?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.