Customers of Lloyds Bank are being encouraged to review their eligibility for a £250 bonus associated with switching their current accounts. Many existing account holders may not realize they qualify for this enticing offer, which aims to bring new customers to Lloyds.
To receive the £250 reward, customers must transition their current accounts to one of Lloyds’ qualifying accounts: the Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account. The switch must be conducted through the Current Account Switch Service, which involves closing the previous account and transferring at least three active direct debits.
Understanding Eligibility Criteria
According to the terms outlined on the Lloyds website, only those making a complete account switch will be considered for the bonus. This may lead some existing Club Lloyds account holders to mistakenly believe they are ineligible for the offer. However, a recent query on social media revealed that customers can hold both a joint and a sole Club Lloyds account. Lloyds Bank confirmed, “Yes, you can hold two Club Lloyds accounts as long as one is in joint names and the other is a sole account.” Therefore, if an existing account holder wishes to take advantage of the promotion, they may still qualify by opening a different type of account than the one they currently maintain.
To qualify for the £250 switching incentive, customers must open a new qualifying account between January 6, 2026, and the offer’s closing date of February 3, 2026. It is essential to initiate the account transfer by the closing date to secure the bonus payment.
Key Requirements for the Bonus
The eligibility criteria for receiving the £250 bonus include the requirement to move a minimum of three active direct debits from the previous account to the new one. It’s important to note that any direct debits established after the switch process has commenced will not count towards this requirement. This exclusion also applies to other automated payment methods, such as standing orders and recurring card transactions.
Once the switch is completed and the account is in place, customers can expect the £250 bonus to be credited to their new account within 40 working days.
For those looking for additional money-saving tips and consumer news, resources are available on the Everything Money website, which offers updated insights into financial opportunities and promotions.
In summary, Lloyds Bank’s current offer presents an enticing opportunity for eligible customers to receive a £250 bonus, provided they meet the specific criteria outlined by the bank. Potential customers are encouraged to carefully assess their eligibility and consider switching accounts before the offer expires.
