Lloyds Bank is kicking off the new year with a major financial incentive, offering customers a free £250 payment to switch their current account. The bank has labelled this its 'best ever switching deal', available for a limited time at the start of 2026.
How to Claim the £250 Switching Bonus
The offer is available to both new and existing customers who complete a full switch from another bank to a new Club Lloyds account. This includes the Club Lloyds Platinum and Club Lloyds Silver account variants. The crucial window to act is between 6th January and 3rd February 2026. The £250 will be paid after the switch has been successfully completed under the terms of the Current Account Switch Service.
Ola Majekodunmi, a money expert at Lloyds Bank, commented on the timing: 'January is the perfect time to take advantage of that ‘new year, new me’ mindset and take control of your money. Alongside setting your personal goals for saving and budgeting, it’s always worth looking at what deals are available as they can get you off to a strong start.'
Key Exclusions and Eligibility Rules
Not every switch will qualify for the £250 incentive. Lloyds Bank has outlined several important exclusions that customers must be aware of. You will not be eligible if you switch to any account other than the specified Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum accounts.
Furthermore, the offer does not apply if you are switching to an existing Lloyds bank account you already hold, or if you are simply upgrading your current Lloyds account to a Club Lloyds product. Switches from accounts held with sister banks Halifax or Bank of Scotland are also excluded.
A significant exclusion applies to anyone who has received a switching incentive from Lloyds, Bank of Scotland, or Halifax since 1st January 2023. This rule also extends to joint accounts; if one party to a new joint account has received such an offer since that date, the switch will not qualify for the £250.
Broader Financial Confidence for 2026
Lloyds is positioning the cash offer as part of a wider push to help Britons feel more financially secure. Majekodunmi suggested practical steps for the year ahead, such as reviewing unused subscriptions, setting up automated savings payments, and planning ahead for larger expenses.
'Little changes like these add up,' she said, 'and the Lloyds app makes it easier to stay in control and feel confident about your finances all year long.' The £250 switching bonus serves as a substantial initial boost for those looking to reorganise their banking as a new year's resolution.
Prospective switchers are urged to read all the terms and conditions carefully on the Lloyds Bank website before proceeding to ensure they meet all the criteria for this time-limited promotion.
