Lloyds Bank clarifies account rule to get £250 bonus | Personal Finance | Finance

Lloyds Bank has clarified its rules around a £250 bonus payment offer to customers. The bank will pay you £250 if you’ll switch your current account over to them.

There are several steps you need to complete to get the extra amount paid into your account. You can cash in the offer by moving your account over to either a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account.

You need to do a full switch using the Current Account Switch Service, including closing your old account. As part of your switch, you must move over at least three active direct debits.

Once you have done all you need to, Lloyds will pay the amount into your new account within 40 working days of your switch. The funds will appear as a cash credit.

Clarifying the rules

One customer contacted Lloyds with a question about how to access the offer. Writing on social media, the person said they and their wife were hoping to cash in on the £250 incentive.

The couple were hoping to move over to a joint account with Lloyds. They asked: “How do we do this please?” Lloyds said in response that there was something they would need to do before proceeding to open their joint account.

The bank explained: “If neither of you is a Lloyds customer yet, you’ll each first need to set up a personal (sole) account. Once those are open, you can apply online for a joint account.”

Guidance on the Lloyds website about the switch offer explains further what to do if you want to open a joint account. Customers are advised: “To open a joint account online, both parties must log in to the mobile banking app or online banking. Otherwise, you can open a new Club Lloyds account in one person’s name and then book an appointment with your local branch to add the other person.

“Also, if either person has already received a switching offer from Lloyds, Halifax, or Bank of Scotland since 1 January 2023, you won’t be eligible for the offer.” The news come after another customer had an issue making the switch.

You need to open the account and apply for your switch by February 3 to qualify for the offer. You can apply either in branch, online or over the phone.

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