Lloyds Bank is giving a free £200 cash payment to customers who switch bank accounts in the next 10 days.
The freebie is available to both new and existing customers who make the switch by December 10, 2024, and if you meet this deadline you’ll get your cash within 10 working days of starting the switch.
It means that if you made the switch on the last possible day on December 10, you should receive the £200 payment by December 24 at the latest, just in time for Christmas.
To qualify for it, you must switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’, and transfer a minimum of three active direct debits from your old account.
Direct debits set up after your switch has been started and other automated payments, such as standing orders and recurring card payments, won’t count towards the offer.
The £200 will be paid directly into your bank account within 10 working days of starting your switch and it will appear as cash credit.
If you’ve already had a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account then you won’t be eligible for the £200.
A spokesperson for Lloyds Bank said: “We make contact with your old bank to arrange the switch.We’ll let you know that your old bank has received your request, and then we can start transferring your payment arrangements across to your new Lloyds Bank account.
“It’ll take a couple of days to switch over your payment arrangements, and make sure your Lloyds Bank account is ready to go for the switch date. If you’re clearing a debit balance at your old account, you’ll need to make sure there are enough funds in your Lloyds Bank account to cover this transfer.”
Once the switch is complete, your balance is transferred and your old bank account is closed – this process should take around seven days.
To get the £200 freebie in time for Christmas you can apply online via the Lloyds Bank website and must start the switching process by December 10 to qualify.
Several other banks are also offering similar incentives to entice customers to switch accounts, with cash freebies up for grabs before Christmas.
Nationwide Building Society and First Direct are currently running offers of £175 to switch, while the Co-operative Bank has a “switch and stay” offer, allowing eligible customers to get up to £150.
