Lloyds Bank launches current account switching deal with £200 paid in THREE DAYS

Lloyds Bank has launched a £200 current account bonus for new and existing customers who switch to a Lloyds Club offer.

From October 2 to December 10, those who use the Current Account Switching Service to switch to a Club Lloyds account, Club Lloyds Platinum account or Club Lloyds Silver account can get the bonus, as long as they meet certain conditions.

The bank said the £200 bonus payment will be made within three days of the switch being completed, making it the fastest switch deal on the market.

To qualify, customers must transfer at least three direct debits from their old account.

Direct debits set up after account opening will not count towards the bonus, nor will other automatic payments such as standing orders and recurring card payments.

Existing Lloyds customers who have a Lloyds current account other than these three accounts can qualify for the bonus to receive £200.

Those who have received a switch offer from Lloyds, Halifax or Bank of Scotland since April 2020 will also not be eligible for the bonus.

However, a Club Lloyds account comes with fees that will reduce the exchange bonus, although with the basic account this can be avoided.

The basic account charges £3 per month, unless customers deposit £2,000 each calendar month.

Meanwhile, the Lloyds Club Platinum account comes with a monthly fee of £22.5, which has increased from £21, although £3 is deducted if you pay £2,000 in a month into the account.

If you don’t deposit £2,000 a month you will also have to pay a monthly fee of £3 on top of the £22.5 for a total of £25.5 a month.

Similarly, the Silver account also comes with the £3 fee, as well as a payment of £11.5 per month, which has increased from £10 per month.

The £3 monthly fee will also be waived if you deposit £2,000 a month into the account.

All three accounts also offer benefits such as a one-year subscription to Disney+, Vue or Odeon movie tickets, as well as magazine subscriptions and other benefits.

Trade deals are making a comeback

Several other major banks have also recently introduced exchange bonuses, but the Lloyds deal will hit customers’ accounts the fastest and is also the biggest cash kickback.

Nationwide launched its own switch deal last week, giving customers the chance to get £175 if they switch to Flexplus, FlexDirect or FlexAccount.

To qualify for the bonus, customers must switch from a non-Nationwide account to one of these three account options. The switch bonus will be paid within 10 days of meeting the switch criteria.

New customers who open the FlexDirect account will also be able to earn 5 per cent interest on their current account balance up to £1,500 and earn 1 per cent cashback on debit card spending capped at £5 per month.

Nationwide’s FlexPlus account has a monthly fee of £13, which will increase to £18 per month from 1 December.

First Direct is also offering £175 to switch to your current account. Customers must open an account and switch through the Checking Account Switching Service and will receive the cash by the 20th of the following month after the switch is completed.