Two major banks offering £175 free cash - with just hours left to claim

Two major banks are offering a cash bonus of £175 to customers who switch a current account to them - but there are just hours left to claim the free money.

Both Lloyds and First Direct currently have switching offers on the market, but both offers will be pulled this week.

To claim the money, you need to use the Current Account Switch Service (CASS) to swap a current account with another bank to one of the banks offering the £175 bonus.

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Using the switching service ensures that when your old account closes, your balance, direct debits and standing orders will automatically be moved over to your new one with no need to manually move your money.

The switching process takes seven days but as long as you start the process before the deadline, you will receive your cash bonus. However, there are other hoops you may need to jump through to ensure you are eligible for the offer.

Here's what you need to know.

Lloyds is offering switchers a free £175 bonus among other benefits if they move a current account over to them by midnight tonight.

As well as the £175 bonus, customers get a yearly reward and can choose between 12 months of free Disney+, six cinema tickets or a Coffee Club & Gourmet Society membership.

Club Lloyd account holders have to pay a £3 a month fee, unless at least £2,000 is paid into the account each month. They also get access to a linked regular saver paying 6.25 per cent fixed interest for a year on up to £400 a month.

The account you switch over needs to include three or more direct debits and you must start the switch by midnight on July 30. To get the bonus,