Time is running out for banking customers to secure a £200 cash bonus from Lloyds Bank. The high street lender is offering a one-off payment to people who switch their current account, but the deadline to start the process is now just days away.
The Countdown to Claim Your £200 Bonus
Lloyds Bank has confirmed that its popular switching incentive will end on Wednesday, December 17. The offer, which launched on September 16, means customers have less than two weeks to initiate a switch and qualify for the £200 payment. The funds are paid as a cash credit into the new account within 10 working days of the switch completing.
How to Qualify for the Cash Payment
To receive the £200, customers must follow a specific two-step process. First, you need to open a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum, or Lloyds Premier account. Crucially, the offer does not apply to switches into existing Lloyds accounts.
Second, you must request a full switch using the Current Account Switch Service. This switch must transfer at least three active direct debits from your old account. It is important to note that standing orders and recurring card payments do not count towards this minimum. The switch can be arranged in branch, over the phone, or via the Lloyds banking app.
Who Will Not Receive the £200 Offer?
Lloyds Bank has set clear eligibility rules, and several groups will not qualify for the bonus cash. You will not receive the £200 if:
- You switch to any account type other than the specified Club Lloyds or Premier accounts.
- You are moving from a current account with Halifax or Bank of Scotland, which are part of the same banking group.
- You have received a switching offer from Lloyds, Halifax, or Bank of Scotland since April 2020.
- You are switching to a joint account where one party has already received a switch bonus since April 2020.
- Your old bank does not participate in the Current Account Switch Service.
- You are an employee of Lloyds Banking Group.
Furthermore, any direct debits set up after your switch request has been initiated will not count towards the three required for the offer.
With the deadline of December 17 fast approaching, eligible customers looking to benefit from this incentive need to act quickly to start their switch and secure the £200 bonus.
