Lloyds Bank has reminded customers that the £250 switching incentive may take up to 40 days to be paid. The clarification came after a customer asked on social media when they would receive the payment after completing a switch in late January.
To qualify, customers had to open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account and complete a full switch using the Current Account Switch Service, including closing their previous account. They also needed to transfer at least three active direct debits. The deadline to open the account and apply for the switch was February 3.
Lloyds confirmed that the incentive is paid within 40 days if the criteria are met. Customers who have already received a switching offer from Lloyds, Halifax, or Bank of Scotland since January 1, 2023, are not eligible, as all three are part of Lloyds Banking Group.
For those who missed this offer, other switching deals are available. Nationwide Building Society offers £175 for switching to a FlexDirect, FlexAccount, or FlexPlus. NatWest, Royal Bank of Scotland, First Direct, and the Co-operative Bank also offer between £150 and £175, while Santander provides £200.
Money expert Martin Lewis encouraged customers to consider switching if they find a better account, advising against staying with a provider out of loyalty. He noted that the switching process automatically moves direct debits and standing orders, but recommended checking that important payments have transferred successfully.
