Lloyds customers warned to get £200 free cash before midnight | Personal Finance | Finance
Lloyds customers have until just one day to get a free £200 cash payment.
The bank is offering a gift to new and existing customers who upgrade to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switching Service’ between now and December 10.
You’ll get the £200 provided you start your switch before December 10, 2024, meaning customers have until midnight to start the process.
Martin Lewis reminded people to tune in to his BBC Radio 5 Live podcast before the deadline. He warned: “The biggest initial money, £200 up front, is the Lloyds Club account. It ends on December 10.
You must transfer at least three active direct debits from your old account to your new one to be eligible for the £200. AnyDirect direct debits set up after your switch has started and other automated payments, such as standing orders and recurring card payments, will not count towards the offer.
Lloyds will transfer your cash reward within 10 working days of switching accounts and it will appear as a cash credit.
If you have already benefited from a switching offer since April 2020 to move to a Lloyds, Bank of Scotland or Halifax Bank account, you will not be eligible for the £200.
Lloyds Bank said: “We are contacting your old bank to arrange the change. We will notify you that your old bank has received your request and then we can begin transferring your payment arrangements to your new Lloyds Bank account.
“It will take a few days to change your payment arrangements and ensure your Lloyds Bank account is ready to operate for the change date. If you are clearing a debit balance on your old account, you will need to ensure that there are sufficient funds in your Lloyds Bank account to cover this transfer.
Several other banks are also offering similar incentives to encourage customers to switch accounts, with cash gifts up for grabs before Christmas.
Nationwide Building Society and First Direct are currently offering £175 to change deals, while the Co-op Bank has a ‘change and stay’ offer, allowing eligible customers to get up to £150.
