Customers across the UK have one final opportunity to secure a free £200 payment from Lloyds Bank this week, as the banking giant prepares to withdraw its popular switching incentive.
Deadline Day for Cash Bonus
The offer, which has seen thousands of people claim the cash reward, is scheduled to end on Wednesday, December 17th. This marks the conclusion of a three-month promotion that began back in September. To qualify for the £200, new customers must switch their existing current account to one of Lloyds' eligible accounts: Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum, or a Lloyds Premier account.
This type of incentive is part of a competitive trend among UK banks, with many offering cash to entice customers to move their main account. Personal finance experts frequently highlight bank switching as one of the simplest ways for consumers to earn legitimate extra money without taking on debt or purchasing unnecessary products.
How the Switching Process Works
While the process is designed to be straightforward, applicants must complete several steps after signing up. These typically include moving a minimum amount of money into the new account and transferring at least two direct debits across from their old bank. The Current Account Switch Service, used by most banks, automates much of the heavy lifting.
"It’s one of the easiest ways to make money legally," explains Aaron Peake, a personal finance expert at CredAbility. "You’re not borrowing or buying anything you don’t need. Some people even earn thousands by switching repeatedly."
He notes that while terms vary—sometimes requiring a one-off deposit or a minimum monthly pay-in—the effort is usually minimal. "That might mean moving money between accounts for a short time but it’s straightforward," Peake adds. "Direct debits move automatically, your salary lands in the right account and you control everything in the app."
A Competitive Market for New Customers
The withdrawal of Lloyds' offer does not mean the end of such deals. Banks frequently launch similar promotions at different times throughout the year, making it worthwhile for consumers to keep an eye on the market. For those who miss Wednesday's deadline, researching other available switching bonuses could soon present another opportunity.
For now, the focus is on the final hours of Lloyds' £200 giveaway. Households considering a switch must act before the offer is officially pulled on December 17th to secure their payment.
