Lloyds Bank is currently enticing customers with a £250 bonus for switching their current accounts to one of its Club Lloyds options. This offer is available to new customers and some existing account holders who may not realize they qualify.
The £250 incentive applies when customers transfer their current accounts to a Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account. To be eligible, customers must complete a full account switch using the Current Account Switch Service, which requires closing their previous account. Additionally, at least three active direct debits must be transferred from the old account.
Understanding the Eligibility Criteria
According to the terms outlined on the Lloyds Bank website, only those switching to a new account will qualify for the bonus. This stipulation might lead existing Club Lloyds account holders to believe they are ineligible. However, recent inquiries on social media have revealed that this assumption may not hold true.
A customer who held a joint Club Lloyds account asked if they could open a sole account, to which Lloyds Bank responded affirmatively: “Yes, you can hold two Club Lloyds accounts as long as one is in joint names and the other is a sole account.” This means that existing Club Lloyds customers may still be eligible to open another account and claim the £250 bonus, provided they adhere to the account type requirements.
Key Details of the Switching Offer
To qualify for the £250 switching bonus, customers must open one of the aforementioned accounts between January 6, 2026, and the offer’s closing date of February 3, 2026. The transfer process must commence by February 3 to secure the bonus payment.
It is important to note that the switch must involve transferring a minimum of three active direct debits from the previous account. Direct debits established after the switching process has begun will not count toward this requirement. Other automated payment methods, such as standing orders and recurring card transactions, are also excluded from this offer.
Once the account switch is completed, the £250 bonus will be credited to the new account within 40 working days.
For those interested in maximising their finances, it may be worthwhile to review the eligibility criteria for this Lloyds Bank promotion. With the potential for a significant cash bonus, customers could benefit from making the switch. For additional money-saving tips and consumer news, visit the Everything Money website.
