Lloyds Bank says free £200 payments will land in bank accounts next week

Lloyds Bank has offered a free £200 cash boost for new and existing customers - but you have one week left to act. The cash bonus from Lloyds Bank could arrive just in time for Christmas, with payments promised within 10 working days of starting the switch.

Lloyds Bank's latest switching offer is open to both new and existing customers. To qualify, you’ll need to follow these simple steps: open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account, switch 3 or more active Direct Debits using the Current Account Switching Service and if you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won't be eligible again.

You must use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to a new Club Lloyds Account (a £3 monthly fee may apply), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus £3 Club Lloyds fee may apply) (‘Qualifying Account’). The ‘Current Account Switch Service’ will close your old account with the other bank.

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Your switch must include the transfer of a minimum of 3 active direct debits from your old account being switched to Lloyd’s as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer.

You must start your switch from your old bank account using the ‘Current Account Switch Service’ to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account between 2nd October 2024 and 10th December 2024.

The offer will be paid directly into your account within 10 working days of you starting your switch and will appear as a cash credit.