Lloyds vs Nationwide: Switch Bonus Comparison
Lloyds offers the better net value at £500 vs £200 after fees.
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- Full CASS switch required
- Full CASS switch required
- 5% AER on up to £1,500 for 12 months (FlexDirect)
Verdict: Lloyds vs Nationwide
Lloyds offers the higher switch bonus at £500 vs £200.
Nationwide comes with more perks (1 vs 0), including things like 5% aer on up to £1,500 for 12 months (flexdirect).
Nationwide has the better regular saver rate at 6.5% vs 6.25%.
Frequently Asked Questions
Which has the higher switch bonus, Lloyds or Nationwide?
Lloyds currently offers the higher bonus at £500, compared to £200 from the other bank.
Can I switch to both Lloyds and Nationwide?
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 Lloyds and Nationwide?
The cooling-off periods are: Lloyds: 12 months, Nationwide: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Lloyds or Nationwide?
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.