Lloyds launches mega £250 current account bank switch deal | Personal Finance | Finance
Lloyds Bank has launched a £250 switching offer, available between January 6 and February 3, 2026. The bank announced that eligible new and existing customers who switch from another bank to a new Club Lloyds account (including Club Lloyds Platinum and Club Lloyds Silver), will receive £250.
The switch can be made through the Lloyds Bank app or via their website and the £250 will be paid within 30 days of the customer’s switch.
Club Lloyds benefits include 12 months of Disney+ Standard (with advertisements), a choice of Vue or Odeon cinema tickets, a magazine subscription and a Digital Coffee Club and Gourmet Society membership. Lloyds Bank estimates these benefits are worth an average £65.
Club Lloyds members are able to use their debit card worldwide, with no fees from Lloyds. Customers also have access to Lloyds Travel Booking, where Lloyds offer a ‘Best Price’ guarantee, promising that if a customer finds a better price within 24 hours of booking, Lloyds Travel will match it.
Other benefits include a free credit score and health checker and access to their Everyday Offers cashback scheme.
The Lloyds Bank app includes benefits like depositing cheques via photograph, a Benefit finder tool and access to Save the Change – a nominated savings account.
What customers need to know
· Those switching to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ must switch from a bank account held with another bank.
· Customers must use the ‘Current Account Switch Service’ to transfer all active credits and debits from a current bank account to a new Club Lloyds Account.
· Customers should be aware that a £5 monthly fee may apply to Club Lloyds users.
· Club Lloyds Silver Account holders will have to pay an £11.50 monthly fee and a possible additional £5 monthly Club Lloyds fee.
· Club Lloyds Platinum Account holders will pay a £22.50 monthly and may have to pay an additional £5 monthly Club Lloyds fee.
· The switch must include the transfer of a minimum of three active Direct Debits from their old account being switched to Lloyds. Direct Debits set up after the switch has been started and other types of automated payments, such as standing orders and recurring card payments, will not count towards the offer.
· The account must be opened between January 6, 2026 and February 3, 2026.
· The offer does not automatically guarantee an arranged overdraft and any application for an arranged overdraft facility will be subject to status.
· After three months, or if a customer changes their account, they will be charged daily arranged overdraft interest applicable to the account they hold if they use their arranged overdraft.
Customers who can and cannot qualify
Existing customers qualify for the switching offer as long as they open a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account and meet the conditions above.
Customers who are not eligible include:
· Those switching to any existing Lloyds account or those changing their existing Lloyds Bank current account to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account.
· Those switching from a Halifax or Bank of Scotland current account.
· Those who have received a switching offer since 1 January 2023 for switching to any Lloyds, Halifax or Bank of Scotland Current Account.
· Those who are switching to a joint account with someone who has received a switching offer since 1 January 2023.
· The bank a customer is switching from does not participate in the ‘Current Account Switch Service’. More information is available here.
Other current account switching offers available now
· Santander Edge account – offers a £200 for switching with 1% bills cashback, 6% easy-access savings & an overseas debit card. The account can be opened online or in branch and the account should be switched within 60 days. More terms and information is available here.
· First Direct 1st Account – offers a free £175, 7% regular saver, fee-free overseas spending and a £250 0% overdraft to certain customers. Those have not ever had any product with First Direct and have not opened an HSBC current account since January 2018 are eligible. More information is available here.
Nationwide FlexDirect – offers a free £175 plus 5% interest on up to £1,500, 1% cashback for 12 months, 6.5% regular saver, and 0% overdraft on up to £50. Those who have switched into a Nationwide account or have received switch cash from Nationwide are not eligible. The account can be opened online. More information is available here.
