Lloyds Bank issues £250 switching bonus payment update
Lloyds Bank has issued an update for customers waiting to receive their £250 switching bonus after moving to a Club Lloyds account.
The bank confirmed customers who completed a current‑account switch before the February 3 deadline can expect their payment within 40 days, provided all eligibility criteria have been met.
The clarification followed a query from a customer on social media who had switched in late January.
In response, Lloyds said: “The switch incentive takes up to 40 days to be paid if you have made the criteria.”
The £250 offer was available to customers opening a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account using the Current Account Switch Service (CASS).
While some customers have yet to receive their payments, those who qualified should see the money deposited within the stated timeframe.
To be eligible, customers were required to complete a full CASS switch, which includes closing their previous current account, and transfer at least three active direct debits.
Anyone who has received a switching incentive from Lloyds Banking Group, including Halifax or Bank of Scotland, since January 1, 2023, is excluded.
Lloyds confirms £250 bonus timeline for customers who switched before February 3 deadline
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When another customer asked about the requirements, Lloyds replied: “You would have needed to have another account held elsewhere with three active direct debits to switch and open a new Club Lloyds account.”
Customers who missed the February 3 deadline may still be able to take advantage of switching incentives offered by rival banks.
Santander UK is offering £200 to new switchers, while Nationwide Building Society has a £175 incentive for those moving to a FlexDirect, FlexAccount or FlexPlus account.
First Direct and The Co‑operative Bank are also offering £175, while NatWest and Royal Bank of Scotland currently provide £150.
Nationwide Building Society has a £175 incentive
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Most offers require customers to use CASS and close their existing current account to qualify.
Financial expert Martin Lewis previously encouraged consumers to review their banking arrangements if they are not receiving competitive benefits.
Speaking on his BBC podcast, he said: “Unless it is actually giving you really good service and you love it, it is a good time to be looking to see could it be more financially lucrative for you to move elsewhere.
“The answer for many people is,‘Yes’.”
Explaining how the switching process works, he added: “When you switch, your old bank account is closed, all your direct debits and standing orders are automatically moved for you, and all payments to your account are automatically forwarded.”
He advised customers to check that key payments have transferred correctly to avoid any disruption.
NatWest currently provides a £150 bonus
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Lloyds typically handles the entire switch under the Current Account Switch Service, transferring a customer’s balance along with incoming and outgoing payments before closing the old account on day seven.
Any payments sent to the old account after the switch are automatically redirected, with the sender notified of the new details.
Customers do, however, need to update card‑based subscriptions and mobile‑wallet payments themselves, as these do not transfer automatically.
Lloyds also advises downloading old statements in advance, as transaction histories are not moved across during the switch.
