Lloyds Bank has issued a final call for customers hoping to secure a £200 cash bonus, confirming that the lucrative switching offer will end tomorrow, Wednesday, December 17. Eligible applicants who act swiftly could see the money arrive in their account in time for the Christmas period.
How to Qualify for the Lloyds Switching Bonus
To pocket the £200 incentive, both new and existing customers must switch to a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. The process must be completed using the Current Account Switch Service (CASS), which will automatically close your old bank account.
A key condition for receiving the payment is the transfer of at least three active direct debits to the new Lloyds account. It is important to note that new direct debits, standing orders, or recurring card payments set up after the switch will not count towards this requirement.
Understanding the Account Fees and Benefits
Prospective switchers must be aware that Club Lloyds accounts come with a monthly fee. The standard Club Lloyds account costs £3 per month, but this charge is waived if you pay in at least £2,000 each month.
The premium tiers carry additional costs: Club Lloyds Silver has an extra £11.50 fee on top of the £3 Club fee, while Club Lloyds Platinum costs an additional £22.50. In return, these accounts offer a selection of benefits which can include subscriptions like Disney+, cinema tickets, improved travel money rates, and breakdown cover.
Act Before the Deadline
With the deadline imminent, customers interested in this offer need to move quickly. Lloyds has stated that the £200 bonus will be paid within three days of a successful switch meeting all the criteria.
While bank switching can be a simple method to gain a cash windfall, it is always prudent to weigh the ongoing monthly fees against the one-off incentive to ensure the account remains suitable for your financial needs in the long term.
