Lloyds Bank launches £200 current account switching deal
by Helen Kirrane · Mail OnlineLloyds Bank has launched a £200 current account bonus for both new and existing customers switching to a Club Lloyds deal.
From 2 October until 10 December, those using the Current Account Switch Service to move to either a Club Lloyds account, a Club Lloyds Platinum account or a Club Lloyds Silver account, can snag the bonus - as long as certain conditions are met.
The bank said the £200 bonus payment will be made within three days of the switch being completed, making it the speediest switching deal on the market.
In order to qualify, customers must transfer at least three direct debits from their old account.
Direct debits set up after the account was opened will not count towards the bonus, nor will other automated payments such as standing orders and recurring card payments.
Existing Lloyds customers who have a different Lloyds current account to these three accounts can qualify for the bonus to receive the £200.
Those who have received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020 will also not be eligible for the bonus.
A Club Lloyds account does come with fees, however, which will eat into the switching bonus - although with the basic account, it can be circumnavigated.
The basic account charges £3 per month, unless customers deposit £2,000 each calendar month.
The Club Lloyds platinum account, meanwhile, comes with a £22.5 monthly fee, which has gone up from £21, albeit with £3 deducted if you pay £2,000 in a month into the account.
If you do not deposit £2,000 a month you will also have to pay a £3 monthly fee on top of the £22.5 for a total of £25.5 a month.
Likewise, the Silver account also comes with the £3 fee, as well as a £11.5 per month payment, which has gone up from £10 a month.
The £3 monthly fee will also be waived if you deposit £2,000 a month in the account.
The three accounts also offer benefits such as a one-year Disney+ subscription, Vue or Odeon cinema tickets, as well as magazine subscriptions and other benefits.
Switching deals are making a comeback
A number of other high-street banks have also recently introduced switching bonuses but Lloyds the lloyds deal will land in customers' accounts the quickest and it is also the biggest cash bribe.
Nationwide launched its own switching deal last week, giving customers the chance to nab £175 if they switch to its Flexplus, FlexDirect or FlexAccount.
In order to qualify for the bonus, customers must switch a non-Nationwide account to one of these three account options. The switching bonus will be paid within 10 days of the switching criteria being met.
New customers opening the FlexDirect account will also be able to earn 5 per cent interest on their current account balance up to £1,500 and earn 1 per cent cashback on debit card spending capped at £5 a month.
Nationwide's FlexPlus account has a £13 monthly fee, which is increasing to £18 a month from 1 December.
First Direct is also offering £175 to switch to its current account. Customers must open an account and switch through the Current Account Switch Service and will receive the cash by the 20th of the following month after the switch has been completed.
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