Here’s how to claim the switching bonus – which also comes with other benefits such as a free year of Disney+
Brits aiming to bolster their savings this summer could pocket nearly £200 simply by switching their banking provider. Lloyds Bank is offering new customers £185 for switching to their banking services.
To be eligible for the complimentary cash, applicants must satisfy three specific conditions. But time is of the essence as the promotion ends in less than a month’s time, the Liverpool Echo reports. The Lloyds Bank website says: “Snap up £185 when you switch.” To qualify, you’ll need to meet these criteria:
- Open either a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account
- Use the Current Account Switching Service to switch three or more active direct debits and close your bank account held with another bank
However, if you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax bank account, you won’t be eligible again. This deal ends on July 28 this year.
Here’s how to make the Lloyds switch
Kick off the process by opening a current account with Lloyds. This can be done through their website here.
The bank says: “We’ll ask if you want to switch when you apply. This will be before you choose your new account. You’ll need the details of the account you want to switch to us, including your debit card number.”
It will then take around seven working days for the switch to complete. “We’ll let you know when it’s done – in the meantime, you can still use your old account,” Lloyds says.
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“Your switch is covered by the switch guarantee” On your switch date, Lloyds will transfer your balance and close your old account.
They will move over all incoming payments (like your salary) and outgoing payments (like direct debits and standing orders), and redirect payments made to your old account and give the payor your new details.
The current account options you can choose between include:
- Club Lloyds – £5 monthly fee that is refunded each month you pay in £2,000 or more
- Lloyds Premier – £15 monthly fee that is refunded if you pay in £5,000 a month or have £100,000 saved with Lloyds
- Club Lloyds Silver – £11.50 per month plus £5 Club Lloyds monthly fee which is refunded each month you pay in £2,000 or more
- Club Lloyds Platinum – £22.50 per month plus £5 Club Lloyds monthly fee which is refunded each month you pay in £2,000 or more
Other benefits of switching to Lloyds include no debit card fees abroad. This means the bank won’t charge your debit card fees when you use your card to:
- Make payments in a foreign currency
- Take out money in any currency from an ATM at home or abroad
- Take out money over the counter abroad
You also qualify for a lifestyle benefit each year including either 12 months of Disney+, six cinema tickets, an annual digital Coffee Club and Gourmet Society membership or an annual magazine subscription.
For more information, visit lloydsbank.com/current-accounts/switch.