The switch offer is open to new and existing Lloyds customers and the payment will be transferred after three days of the switch.
If you want to switch, you’ll need to open either one of the Club Lloyds Platinum or Club Lloyds Silver accounts.
New customers shifting their accounts to the provider are required to use the Current Account Switch Service (CASS), which will close your previous account.
Before you make the switch and collect your £200 payment, you need to move a minimum of three active direct debits to the new account. Any new direct debits, standing orders or recurring card payments will not be considered.
The three types of accounts come with monthly fees, which are the following:
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- Club Lloyds – £3
- Club Lloyds Silver – £11.50
- Club Lloyds Platinum – £22.50 plus a £3 Club Lloyds fee
There are some limitations of the deal, such as if you have already received a bonus for switching accounts to any Lloyds Banking Group provider before 2020, including Halifax, Bank of Scotland, and Lloyds Bank itself.
This applies if you are in a joint account and one account holder has already received a switch bonus since April 2020.
The bank also confirmed overdraft fees will be waived for the first three months of the new account opening if you stay within the arranged limit.
You can apply for the switch either at the branch, online, or over the phone.
Jumping through hoops to switch?
In October, Lloyds joined a flurry of banks in launching a switch offer, including Nationwide, which offered bank switchers £175 for opening an account with the mutual.
However, analysis of current accounts shows customers are having to jump through more hoops to secure the switch fee from switching providers.
The average number of requirements has doubled in four years from three to six, as banks look to clamp down on ‘serial switchers’ who hop around from bank to bank to receive as many switch bonuses as possible.
