Lloyds Bank customers are being urged to scrutinise their past account statements for a specific two-word phrase. This advice comes as the high street bank launches a new cash incentive, offering a £250 one-off payment to those who switch to one of its premium current accounts.
How to Check Your Eligibility for the £250 Bonus
The bank has confirmed that existing customers can qualify for the lucrative switch offer, but with a crucial 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 verify their past eligibility, Lloyds provided clear guidance. The bank advised customers to review their transaction history, looking for any payments labelled as 'Cash Incentive'. This two-word phrase is the key identifier for past bonus payments that would disqualify an applicant from the new offer.
The Key Details of the Lloyds Switch Offer
The £250 incentive is available to those who use the Current Account Switch Service to move to a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. The promotional window is strict: the qualifying account must be opened between 6 January 2026 and 3 February 2026, with the switch process itself needing to begin by the February deadline.
Furthermore, the switch must transfer a minimum of three active direct debits from the old account. It is important to note that direct debits set up after the switch has commenced, standing orders, and recurring card payments do not count towards this requirement.
What This Means for Customers
This offer represents an increase from the bank's previous £200 switching bonus, which concluded in December 2025. For eligible customers, it presents a significant opportunity to gain a cash bonus while accessing the features of Lloyds' Club accounts, which often include perks like magazine subscriptions, cinema tickets, or dining offers.
However, the bank's clarification highlights the importance of checking your financial history before applying. The first step for any interested Lloyds customer should be to log into their online banking or app and search several years of statements for the tell-tale 'Cash Incentive' description to avoid disappointment.
