Lloyds Bank has confirmed the specific steps new customers must take to secure a £200 cash bonus for switching their current account. The time-limited offer requires applicants to complete a full account switch by a fast-approaching deadline.
What You Must Do to Qualify for the £200 Payment
To be eligible for the one-off £200 payment, you must open a new Club Lloyds, Club Lloyds Platinum, Club Lloyds Silver, or Lloyds Premier account. The offer is only valid for accounts applied for from September 16, 2025, whether opened in a branch, online, or over the phone.
The process hinges on using the Current Account Switch Service to move from a bank account held with a different provider. Crucially, you must transfer a minimum of three active direct debits from your old account as part of the switch.
Lloyds Bank has clarified that the following will not count towards the three direct debits requirement:
- Direct debits set up after your switch has begun.
- Standing orders.
- Recurring card payments.
Furthermore, the bank states that you must close your old account to qualify; partial switches do not meet the criteria. The offer is also not available to those switching from a Halifax or Bank of Scotland account, as they are part of the same banking group.
Act Fast: The Crucial Deadline for Your Application
Prospective customers need to act swiftly. To secure the £200 incentive, you must request your switch by Wednesday, December 17, 2025.
Once all the qualifying conditions are successfully met, Lloyds Bank will pay the £200 bonus into your new account within 10 working days of the switch completing. The payment will appear as a cash credit.
Final Steps to Secure the Cash
This offer presents a clear opportunity for those considering a change in their banking provider. The key takeaways are to ensure you open an eligible account, initiate a full switch via the official service with three live direct debits, and crucially, meet the mid-December deadline. With the clock ticking, eligible customers must move quickly to claim this financial incentive.
