Lloyds Bank is giving away free £200 payment before Christmas

People have been told they can get £200 if they switch from existing bank accounts to a new Club Lloyds account from tomorrow, with the deal lasting until December

Lloyds is launching a new £200 bank account switch offer - and you could get the cash before Christmas.

People who switch from another bank to a Club Lloyds account between October 2 and December 10 will be given the money. Eligible existing customers who already bank with Lloyds can also switch to a new Club Lloyds current account, as long as they meet all of the conditions.

Making the switch is probably simpler than people think, as people can use the Current Account Switch Service to transfer active credits and debits from the bank account you currently hold with another bank to qualifying accounts.

These are either a new Club Lloyds Account, which may carry a £3 monthly account fee), a new Club Lloyds Platinum Account (£22.50 monthly fee applies, plus a £3 Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, plus a plus £3 Club Lloyds fee may apply).

The Current Account Switch Service’ will close your old account with the other bank. The £200 will be deposited into accounts within three days. Club Lloyds customers can also choose from a range of lifestyle benefits, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

There are a number of conditions which may disqualify people from the offer, including if people switch to a joint account and one of the parties to the joint account has already received a switching offer since April 2020. Existing employees of Lloyds are also exempt.

Last month an expert issued a stark warning, particularly for elderly and vulnerable Brits, as it was announced 292 Lloyds Banking Group branches will shut their doors throughout 2025, Alastair Douglas, money expert and CEO of TotallyMoney said people have become more dependent on their banks than ever before, whether in-person or online, to manage their finances effectively.

Douglas noted that this is partly due to an increase in people switching to online platforms to handle their finances, but also because "going digital will also benefit the banks' bottom lines", he claimed. Alistair explained: "They'll be less likely to have the understanding and ability to access online services and apps, effectively locking them out of the banking system."