Lloyds says it will pay £200 into customers' bank accounts

Lloyds has said it will pay £200 to new customers who sign up to one of its accounts. Those who join from a rival bank will need to follow a couple of simple steps to get their hands on the cash.

It's one of the latest cash switching offers from one of the major high street banks. They are launched from time to time in a bid to snatch customers away from rivals.

All switchers need to do to get the £200 is open a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. They then need to move three or more active direct debits.

READ MORE: State pensioners to get £108 extra paid into bank accounts

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Finance expert Fiona Peake, from Ocean Finance, said: "Switching your bank account is an easy way to boost your savings, with many banks offering cash rewards for new customers. Right now, Lloyds is giving a £200 bonus just for switching, and if you deposit £2,000 or more each month, they’ll waive the £3 monthly fee.

"On top of that, you can choose a free perk like 12 months of Disney+, six cinema tickets, or a Coffee Club membership." Lloyds said: "Snap up £200 when you switch. To qualify, you’ll need to follow these simple steps:

• Open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account
• Switch three or more active Direct Debits using the Current Account Switching Service

"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. Offer ends December 10."