How you could earn £200 by switching to Lloyds Bank

The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.

Lloyds Bank becomes the latest bank to offer a switching incentive, giving £200 to customers switching to an eligible account before 10 December 2024.

To be eligible, customers need to switch from an existing current account using the Current Account Switch Service (CASS), to either a Club Lloyds, Silver with Club Lloyds or Platinum with Club Lloyds account. Existing Lloyds customers can also benefit from the offer by switching from another provider to a new Club Lloyds account.

As part of the switch, a minimum of three active direct debits must be transferred over. Keep in mind that automated payments like standing orders, or a direct debit set up after the switch process has begun won’t count towards the offer.

Once the criteria have been met, Lloyds Bank will transfer the £200 to you within three working days of the switch completing.

Note you won’t be eligible if you previously received a switching offer from either Lloyds Bank, Halifax or Bank of Scotland since April 2020.

A range of lifestyle benefits

Alongside the switching incentive, Club Lloyds customers can choose from a range of lifestyle benefits each year.

This includes either a 12-month subscription to Disney+, six months of cinema tickets at either VUE or Odeon, a magazine subscription or a Coffee Club and Gourmet Society membership. Customers also get access to exclusive savings accounts, including the Club Lloyds Monthly Saver paying 6.25% AER.

This comes at the cost of a £3 monthly fee that is waived every month £2,000 or more is deposited. The Silver and Platinum with Club Lloyds accounts charge a further £11.50 and £22.50 per month, but include extra benefits such as family travel insurance, breakdown cover and mobile phone insurance.

Competitive switching offers

As the end of the year approaches, free cash incentives can offer a welcome boost to your finances leading up to the festive period.

Last week, The Co-operative Bank launched its Switch and Stay offer, whereby eligible customers could earn up to £150, including its Everyday Extra account which also charges a monthly fee.

Launched in the same week, Nationwide BS unveiled its £175 switching deal alongside a £50 interest-free overdraft buffer on selected accounts. Its eligible FlexPlus account is yet another packaged account with a monthly cost.

Moreover, first direct continues to offer its own £175 incentive for customers moving to its 1st Account.

This sudden influx of switching deals may be a sign of providers attempting to “draw in new customers” at a time when they “expect customers to be actively looking to move their deal,” suggested Caitlyn Eastell, Spokesperson for Moneyfactscompare.co.uk.

However, as these deals can be withdrawn with little notice, customers looking to take advantage may need to act quickly. That being said, it’s important to carefully consider all aspects of a deal before making the switch.

You can discover more features of these and other current accounts, over on our regularly updated current account charts, which can help you compare the whole of the market.