Lloyds Bank is giving customers a free cash boost of £200 just in time for Christmas.
The freebie is up for grabs between now and December 10, so customers only have a few weeks left to take advantage of the offer.
The high street branch is giving away the cash to customers who switch to a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account by the December deadline.
Customers must use the ‘Current Account Switch Service’ to transfer their active credits and debits from a bank account held with another bank to one of its qualifying Club Lloyds accounts.
The move must include the transfer of a minimum of three active direct debits from the customer’s old accounts being switched to Lloyds as part of the offer. Any direct debits that are set up after the switch has been started won’t count, the bank said.
Any customers that have already received a switching offer for transferring to Lloyds, Bank of Scotland or Halifax Bank accounts since April 2020 won’t be eligible again.
Customers will need to check that the bank they are switching from participates in the ‘Current Account Switch Service’ online before making the transfer and then applications can be made online, in branch or by phone up to December 10, 2024.
Lloyds says the switch should take around seven days in total to complete, at which point your balance will be transferred and your old bank account will be closed.
The bank will then pay the free £200 switching bonus directly into your account within three working days of your switch completing and this will appear as a cash credit.
Lloyds adds: “We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.”
If you don’t meet the criteria to take part in the Lloyds offer then there are plenty of similar cash incentives currently available from other banks and building societies right now.
Santander, Co-op, Nationwide and NatWest all have switching offers up for grabs at the moment offering bonuses of between £75 and £200, with most offering the free reward in time for Christmas, giving households a welcome income boost at what is an expensive time of year for most.
