Lloyds Bank has launched a new £200 current account switching bonus, available to both new and existing customers.
The offer runs from October 2 until December 10 and applies to those switching to a Club Lloyds account, Club Lloyds Platinum account, or Club Lloyds Silver account.
This incentive stands out as the speediest and most generous on the market, with the £200 bonus paid within just three days of completing the switch.
To qualify, customers must use the Current Account Switch Service and transfer at least three direct debits from their old account.
However, direct debits set up after opening the new account will not count towards the bonus.
Existing Lloyds customers with different current accounts can also benefit from this offer, provided they meet the criteria.
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The banks, both owned by Lloyds Banking Group, will close their Witham branches in OctoberPACustomers who have received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020 are not eligible for this bonus.
While the offer is attractive, potential switchers should be aware of the associated fees. The basic Club Lloyds account charges £3 per month, though this can be waived by depositing £2,000 each calendar month.
The Club Lloyds Platinum account comes with a higher £22.50 monthly fee, recently increased from £21. This fee reduces to £19.50 if £2,000 is deposited monthly.
Similarly, the Club Lloyds Silver account carries an £11.50 monthly fee, up from £10, plus the £3 fee which can be waived with the £2,000 monthly deposit.
Despite the fees, Club Lloyds accounts offer additional perks. These include a one-year Disney+ subscription, Vue or Odeon cinema tickets, and magazine subscriptions.
Lloyds’ £200 switching bonus is currently the most competitive on the high street. It outpaces recent offers from other banks.
Nationwide recently launched a £175 switching deal for its Flexplus, FlexDirect, and FlexAccount. This bonus is paid within 10 days of meeting the criteria.
First direct is also offering £175 for switching to its current account. Customers receive the cash by the 20th of the month following the completed switch.
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Bank customers can still get free cash by switching accounts GETTY Alastair Douglas, the CEO of TotallyMoney, explained: “Changing banks might seem daunting — especially if like many, you’ve been with the same provider for a few years.
“But with the Current AccountSwitch Guarantee, you can transfer balances, Direct Debits and overdrafts, while payments sent to your old account will be redirected to your new one. So you won’t need to worry. And 99.7 per cent of switches are complete within seven working days.
“But while the switching process is easy, you should always read the small print to make sure that the account is right for you.
“This is especially true if you’re looking to make the most out of a signup bonus — as you’ll usually need to jump through a few hoops to land it. Often, the bank will require you to deposit a certain amount, transfer a number of Direct Debits, and to use your new card and app.”