Lloyds Bank has launched a new £200 cash offer for customers switching their current account, topping recent offers from rivals. The incentive, available from 16 September, is part of a trend among UK banks to attract new customers using the Current Account Switch Service (CASS).
To qualify, customers must open one of several specified accounts: Club Lloyds Account, Club Lloyds Platinum Account, Club Lloyds Silver Account, or Lloyds Premier Account. These accounts carry monthly fees starting at £5, though the fee is refunded if at least £2,000 is paid in each month. Applicants must also have at least three active direct debits and use CASS for the switch.
The offer excludes anyone who has received a switching bonus from Lloyds, Halifax, or Bank of Scotland since April 2020. Additional perks include a choice of a Disney Plus subscription, cinema tickets, or other gifts, plus access to a 6.25% interest savings account.
Other banks are also competing: Co-op recently launched a £175 switch offer, and First Direct offers a straight £175 bonus. Consumers are advised to consider overall banking features beyond the cash bonus, such as app usability and savings rates.
