Lloyds Bank customers need to act soon to claim a £200 bonus from the bank. This one-off payment is available when you switch your current account to a new account with Lloyds.
The offer applies when switching to one of four accounts: either a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account. To secure the payment, there are two vital steps to follow.
Firstly, you have to open a new account with Lloyds, and then request a switch using the Current Account Switch Service. Your switch must include at least three active direct debits.
This can be done in branch, over the phone or via the banking app. Once you have met all the qualifying criteria, the funds will be deposited into your new account within 10 working days of your switch.
The bonus will appear as a cash credit. This offer only applies to new accounts, so if you switch into an existing account, you won’t qualify.
The offer concludes on Wednesday, December 17, some three months after its launch on September 16. Only switches begun after September 16 will be eligible for the bonus.
Any direct debits set up after your switch has commenced will not count towards the minimum requirement of three direct debits. Other types of automated payments will not count towards this, such as standing orders and recurring card payments.
If you have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won’t be eligible for this offer.
Who is not eligible for the £200 Lloyds Bank switch payment?
The following groups will not qualify for the cash incentive:
- Those who switch to any account other than a Club Lloyds account, Club Lloyds Platinum account, Club Lloyds Silver account or a Lloyds Premier account
- Those who switch to an existing Lloyds bank account, or change their existing Lloyds Bank Current account to a Club Lloyds account, Club Lloyds Silver account, Club Lloyds Platinum account or Lloyds Premier account
- Those who switch from a Halifax or Bank of Scotland current account
- People who have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account
- Customers switching to a joint account where one of the parties has already received a switching offer since April 2020
- Those whose bank does not participate in the ‘Current Account Switch Service’. For more information, visit www.currentaccountswitch.co.uk
- Employees of Lloyds Banking Group, or if an employee is on any bank account held in joint names.