Lloyds Bank customers may want to double check if they qualify for a £250 bonus. Some existing customers may think they are not eligible but there is a way for them to get the one-off payment.
The bank is offering a £250 payment if you’ll switch your current account over to them. You can get the funds when switching your current account to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account.
You have to carry out a full account switch using the Current Account Switch Service, including closing your old account. Your switch must include at lest three active direct debits from your old account.
The rules on the Lloyds website state that you will only qualify if you switch to a new account you switch to a new account. So customers who already have a Club Lloyds account may think they are not eligible.
However, this may not be the case. A customer with a Club Lloyds account in a joint name recently asked Lloyds over social media if they could also open a Club Lloyds account in a sole name.
The provider said in response: “Yes, you can hold two Club Lloyds accounts as long as one is in joint names and the other is a sole account.” So if you currently have a Club Lloyds account, you may still be able to open a new account and qualify for the offer, as long as you open an account in a joint name if you existing account is in a sole name, and vice versa.
How do you qualify for the £250 Lloyds Bank switch offer?
To qualify for the £250 switch incentive, you need to switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account, using the Current Account Switch Service. You must open one of these qualifying accounts between January 6, 2026 and the deadline for the offer, which is February 3, 2026.
Your account switch must begin by February 3 for you to qualify for the bonus cash. Your switch must include at least three active direct debits coming over from your old account.
Any direct debits set up after the switch has started will not count, neither will other types of automated payments, such as standing orders and recurring card payments. The £250 will be paid into your new account within 40 working days if your switch completing.
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