Lloyds launches bumper cashback offer on current accounts, savings and more

Consumers could earn hundreds, or even thousands, of pounds in cashback by moving to eligible accounts from Lloyds Bank.

Lloyds Bank today [24 February 2026] launched a “Big Switch Bonanza”, giving consumers the opportunity to take advantage of a range of attractive cashback offers.

In addition to a more standard current account switch incentive, the bank is offering further bonuses when opening an eligible savings account, ISA or investment account.

Firstly, consumers can receive £200 by switching their current account to a Club Lloyds account by 30 April 2026. They must transfer three or more active Direct Debits and spend at least £100 on their debit card within 35 days of opening their account to receive the £200 cashback, which will be paid within 45 days.

To be eligible, they must switch from a different bank using the Current Account Switch Service (CASS) and close their previous account.

This offer applies to the Club Lloyds Account, the Club Lloyds Silver Account and the Club Lloyds Platinum Account. Note that these accounts charge different fees and come with a range of perks, so make sure to check which one may be more suitable for you before starting a switch.

£500 cashback for Premier customers

Consumers who will pay in at least £5,000 per month to their current account or have at least £100,000 in qualifying savings or investments with Lloyds Bank may be eligible for the Lloyds Premier account, which offers a higher £500 switching incentive. They must meet these terms in the first calendar month (as a minimum) after switching to receive the bonus.

Customers will also need to transfer at least three active Direct Debits as part of the switch and spend £200 or more on their debit card within 35 days of opening their account.

How does the switching offer from Lloyds Bank compare?

This latest current account switch incentive from Lloyds Bank is one of the more competitive bonuses available, particularly if customers take advantage of the additional cash offers (explained below).

But, even though Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, notes that it could be “an enticing choice for consumers looking to move their current account”, she points out that “Lloyds Bank was offering £250 at the start of the year”.

To find out which banks are offering switch incentives and how much money you could receive, visit our current account switching chart.

However, before moving providers, check all the terms of any switching offers and the features of each account to make sure it’s a suitable option for your banking needs.

Earn up to £1,200 cashback on your savings

Consumers who have switched to a Lloyds Bank current account since 1 January 2026, or switch before 30 April 2026, could receive an additional cash bonus by opening and funding an online fixed savings account or fixed ISA by 31 May 2026.

To receive the smallest bonus of £30, savers need to deposit between £5,000 and £9,999. They can earn a higher cashback bonus by depositing larger sums, with £150 paid on balances between £25,000 and £49,999.99, for example, up to a maximum of £1,200 when customers deposit £200,000 or more.

Customers can transfer in from certain qualifying ISAs to take advantage of this offer, as long as they start their transfer by 31 May 2026 and it is completed by 31 August 2026.

Note that the cashback you receive will be determined by your total deposited balances on all qualifying accounts on 31 May 2026 (31 August for ISA transfers). These accounts must remain open until at least this date and your current account will need to stay open until Lloyds Bank pays the cashback by 30 September 2026.

“Tis the season to review any ISAs to ensure they are earning a decent rate of interest, so the cashback offer on ISA transfers could be attractive for savers who want to move their pots,” Springall commented.

However, she adds that, “depending on the amount someone wants to move, and the interest rate they earn, they could net more elsewhere by shopping around”. As a result, she urges savers “to take time out to see what the best option might be”.

Up to £600 available for investors

Eligible current account customers could also benefit from another cashback reward if they’re comfortable investing their money.

Lloyds Bank will pay up to £600 to eligible customers who open (or already hold) a Lloyds Bank Share Dealing Account or ISA or an Invest Wise Account or ISA.

To receive the cashback, customers will need to:

• Pay in (or transfer from another ISA provider) £5,000 or more into a qualifying account by 31 May 2026.
• Keep the required sum in the investment account until 30 October 2026.

Lloyds Bank will pay cashback of £30 for every £5,000 funded or transferred, up to £25,000. If customers deposit more than this, they will subsequently receive £150 for every £25,000 funded. To receive the highest cashback bonus of £600, customers will need to fund an account with £100,0000 or more.

The cashback will be paid to the qualifying current account by 20 November 2026, so it must remain open until this date (at the earliest).

Consider the risks of investing

Before opening any investment account, it’s crucial to bear in mind that the value of your pot could go down as well as up. As a result, you should always consider the potential risks of investing and ensure you’re comfortable putting your money in one of these accounts.

Moreover, it’s important to check the fees that providers may charge and the features of each account to make sure it’s right for you.

You can compare different providers and find out more on our stocks and shares ISA chart.