Lloyds Bank has issued an urgent alert for customers to take action before the end of today’s deadline, as its generous free switching incentive is set to expire. The banking giant is offering a hefty £185 cash reward for new switchers, but time is running out with the promotion ending on July 28, 2025.
Today (Monday) marks the final day customers can both open a fresh account and initiate the switching process. The cash bonus will land in your account within ten working days once the transfer is complete.
To qualify for the money, you’ll need to switch to one of four eligible accounts: Club Lloyds at £5 monthly (avoidable fee), Club Lloyds Silver at £11.50 plus the £5 Club Lloyds charge (latter avoidable), Club Lloyds Platinum at £22.50 plus the £5 Club Lloyds fee (latter avoidable), or the Lloyds Premier Account at £15 per month (waived if you deposit £5,000 monthly or maintain £100,000 in qualifying savings or investments).
The bank – competing against rivals like NatWest, Santander, HSBC UK, Barclays, and Nationwide – confirmed: “As long as we receive your application before the 28th of July ends, you’ll be able to qualify for the switch offer.”
According to the fine print, the transfer must go through the Current Account Switch Service.
Your funds remain protected under the Financial Services Compensation Scheme (FSCS), which safeguards up to £85,000 per individual, per banking institution. If your bank goes belly up, you’re covered for your cash up to £85,000, as per the wisdom of Money Saving Expert – the brainchild of TV financial guru Martin Lewis.
You’re entitled to a single payout per person, no matter how many accounts you’ve got, but if you’ve pocketed a switch bonus from Lloyds or Halifax since April 2020, you’re out of luck.
Money Saving Expert broke it down: “As well as the upfront switch cash, with Club Lloyds you can choose one of the rewards above each year.”
However, the site also warns, “Do note there’s a £5/month fee unless you pay in £2,000+ a month,” highlighting the need to stay savvy with your finances.
“You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month (maxed out, it’s £161/year interest) and the debit card has no fees on overseas spending with near-perfect exchange rates.”
And for those considering an upgrade, “The switch offer is also available on the Club Lloyds Silver account, one of our top picks for packaged accounts, which provides a range of insurance for £11.50/month.