Lloyds Bank is urging its customers to take a close look at their old bank statements for a specific two-word phrase. This advice comes as the high street lender launches a new incentive, offering a £250 one-off payment to those who switch to one of its premium current accounts.
How to Spot If You're Eligible for the Bonus
The bank has clarified that existing customers can qualify for the £250 switching bonus, but with an important condition. To be eligible, you must not have received a switching incentive from Lloyds, Bank of Scotland, or Halifax since 1 January 2023.
When a customer queried on social media how to check their past eligibility, Lloyds advised reviewing previous account statements. The bank stated that any past incentive payments would be labelled as 'Cash Incentive' in the transaction history. This two-word phrase is the key to determining if you can apply for the new offer.
The Rules and Deadlines for the £250 Offer
To secure the £250 bonus, customers must complete a full switch using the Current Account Switch Service to a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. The qualifying account must be opened between 6 January 2026 and 3 February 2026, with the switch process itself beginning by the February deadline.
The switch must also transfer a minimum of three active direct debits from the old account. It is crucial to note that direct debits set up after the switch has commenced, or other automated payments like standing orders, will not count towards this requirement.
Who Will Not Qualify for the Payment
Lloyds has explicitly listed groups who will not be eligible for this promotion. This primarily includes anyone who has received a switching offer from Lloyds, Bank of Scotland, or Halifax since 1 January 2023. The bank previously ran a £200 switch offer which concluded in December 2025.
For customers unsure of their status, the recommendation is clear: scrutinise your bank statements from 2023 onwards for any transaction described as a 'Cash Incentive'. If none appear, and you meet the other criteria, you could be in line for a welcome £250 boost by making the switch.
