Lloyds Bank has issued clear instructions for customers looking to secure a £250 cash bonus by switching their current account. The high street lender is offering the financial incentive to attract new customers, but there are specific criteria and a fast-approaching deadline to meet.
The Switching Criteria for the £250 Bonus
To be eligible for the £250 payment, customers must open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. The crucial step is to complete a full switch using the Current Account Switch Service, which will automatically close your old account.
Applicants are also required to transfer a minimum of three active direct debits as part of the process. Once all conditions are satisfied, Lloyds Bank will credit the £250 bonus into the new account within 40 working days of the switch completing.
Important Clarification for Joint Accounts
The bank has provided vital clarification for couples hoping to open a joint account and claim the offer. Responding to a query on social media, Lloyds explained the necessary procedure.
If neither person is an existing Lloyds customer, each individual must first open a personal (sole) account. Only after these are active can they apply online for a joint account together. Both parties need to log into mobile or online banking to complete the joint application.
An alternative method is to open a new Club Lloyds account in one name and then book a branch appointment to add the second person. The bank also highlighted a key restriction: if either applicant has received a switching offer from Lloyds, Halifax, or Bank of Scotland since 1 January 2023, they will not be eligible for the £250 bonus.
Key Deadline and How to Apply
Prospective customers must act quickly. To qualify for the promotion, you need to set up the account and submit your switch application by February 3. Applications can be made through multiple channels: in a local branch, online, or via telephone.
This offer represents a significant incentive for those considering a change in their banking provider, but attention to the detailed rules and the impending cutoff date is essential for a successful claim.
