Customers of Lloyds Bank are being encouraged to double-check their eligibility for a significant £250 cash bonus, as a potential loophole could benefit those who already bank with them.
Unlocking the £250 Switching Incentive
Lloyds Bank is currently running a promotion designed to attract new current account customers. The bank is offering a one-off payment of £250 to individuals who switch their main bank account to a Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account.
To qualify, applicants must use the official Current Account Switch Service, which involves closing their old account. A key requirement is the transfer of at least three active direct debits from the previous account. Standing orders and recurring card payments do not count towards this total.
A Potential Route for Existing Customers
While the offer's terms state it is for those "switching to a new account," which may seem to exclude current Club Lloyds account holders, there is a notable exception. The bank has clarified that a customer can hold two Club Lloyds accounts simultaneously if one is a sole account and the other is a joint account.
This means an existing customer with a sole Club Lloyds account could potentially open a new joint Club Lloyds account (or vice versa) and use the switching service to qualify for the £250 bonus. This provides a valuable opportunity for loyal customers who might have initially thought they were ineligible.
Key Dates and Payment Details
Prospective switchers must act swiftly. The offer is only available to those who open a qualifying account between January 6, 2026, and February 3, 2026. The account switch itself must also be initiated by the February 3 deadline.
Once the switch is successfully completed, the £250 incentive will be paid into the new account within 40 working days. It is crucial to ensure the three direct debits are active and transferred as part of the process; any set up after the switch has commenced will not be considered.
This promotion highlights the competitive nature of the UK retail banking sector, where switching bonuses remain a popular tool for attracting new business. Customers are advised to review all terms and conditions on the Lloyds Bank website before proceeding.
