Lloyds Bank has relaunched its £200 current account switch offer, one of the most lucrative upfront cash deals available. However, consumers are warned that a popular rival offer from Nationwide is being withdrawn next week, so swift action is needed to secure it.
To qualify for the Lloyds bonus, customers must use the Current Account Switch Service to close their old bank and open a Club Lloyds account, transferring at least three existing direct debits. They must also spend £100 on the debit card within 35 days; the £200 cash bonus is paid within 45 days of that spend. The offer runs until 30 April, but may be withdrawn earlier if uptake is high.
Club Lloyds accounts come with a monthly fee of £5 to £22.50, though perks such as a Disney+ subscription, Coffee Club discounts, and additional interest may offset the cost. For those seeking higher rewards, Lloyds Premier offers up to £500 for switching, but requires a monthly pay-in of £5,000 or £100,000 in savings or investments, making it less accessible.
Meanwhile, Nationwide's £175 switch offer ends on 4 March. Switches must be started by that date to be eligible. The Flex Direct account also provides 5% interest on balances up to £1,500 for the first year, 1% cashback on spending, and access to a 6.5% saver. Nationwide has previously offered higher bonuses, so missed applicants may have future opportunities.
Other current deals include offers from NatWest and Barclays, while TSB's has been withdrawn and Danske's is limited to Northern Ireland residents. Lloyds has clarified that, contrary to some reports, customers can still open accounts and access services in branches, though staff may encourage digital channels.
