Lloyds Bank has issued a clear warning and guidance for customers hoping to open a joint account and benefit from its cash incentive to switch banks. The high street giant, which operates branches in Birmingham and across the UK, responded directly to customer queries on social media platform X, formerly Twitter, to clarify the often-misunderstood terms and conditions.
Step-by-step process for joint applicants
In a direct reply to a couple inquiring about the offer, Lloyds Bank outlined the necessary procedure. If neither person is an existing Lloyds customer, each individual must first open a personal sole account. Only after both sole accounts are active can an application for a joint account be made online.
The bank's terms further state that to complete a joint account application digitally, both parties must log into their respective mobile or online banking apps. Alternatively, customers can open a new Club Lloyds account in one name and then book a branch appointment to add the second person.
Critical eligibility rules for the cash offer
Lloyds has emphasised a crucial condition that could disqualify many applicants. If either person has already received a switching incentive from Lloyds, Halifax, or Bank of Scotland since 1 January 2023, the couple will not be eligible for the new offer. This rule is strictly enforced across the banking group.
Furthermore, to qualify for the cash bonus, the account switch must include the transfer of at least three active direct debits from the old account. The bank defines an active direct debit as one that has made a payment to the originator within the last 13 months. Direct debits set up after the switch process has begun do not count towards this requirement.
Important deadlines and fine print
Prospective switchers should note that the switch itself does not need to be completed at the moment of opening the new account. However, the switching process must be initiated within the official campaign offer period. Applicants will be prompted during the application to decide if they wish to switch and should have their existing account details ready.
Lloyds Bank also reminds customers that standing orders and subscription payments are excluded from the direct debit requirement. The offer itself can be withdrawn by the bank at any time without prior notice, as stated in the terms and conditions.
