Here’s how new and existing Lloyds customers can get it.
It’s only been a couple of months since the last Lloyds Bank switching incentive, but this latest offer – worth £200 – is a welcome return.
It’s also possible that you can get this cash even if you’ve previously had a switching bonus from the bank.
However, this one won’t work on the standard Club Lloyds account. Instead it’s aimed at those who open a premium account. I’ve got a trick though that means at most you’ll pay £10, but hopefully nothing.
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How much can you get for switching to Lloyds?
This new offer is set at £200 and runs from 10 January to 7 March 2023 20 March 2023. This date is the last day you can both open a new account and start the switch.
The payment will be made within three working days of the switch completion. The fastest this can happen is seven working days, so you’re looking at 10 to 13 days at the earliest, though you’ll be able to set your own later date if you wish.
Which accounts are eligible?
This time you can get the cash for switching to one of the four premium accounts:
- Lloyds Silver – £10 a month
- Club Lloyds Silver – £10 a month + £3 Club Lloyds fee (which can be avoided)
- Lloyds Platinum – £21 a month
- Club Lloyds Platinum – £21 a month + £3 Club Lloyds fee (which can be avoided)
As you can see they all require a hefty monthly fee, though in return you’ll get travel and mobile insurance and breakdown cover.
The two Club Lloyds accounts have an additional £3 monthly fee, though a minimum monthly deposit of £1,500 wipes that out, increasing to £2,000 from 1 April 2023.
Sadly the standard Club Lloyds account isn’t included. However, as I’ll explain, once you’ve got your switching cash you can downgrade to this account and take advantage of a free Lifestyle Benefit (eg free cinema tickets or magazine subscription) without a high monthly fee (here’s my full Club Lloyds review).
What are the requirements for the Lloyds switching offer?
Unlike many other switching offers you don’t need any Direct Debits or a minimum balance to get the cash. So you can just switch over any old account you have at a different bank.
You can either open up a brand new account, upgrade an existing Lloyds account that isn’t one of the eligble accounts, or use an existing one.
Plus the switch must be via the Current Account Switch Service and you can’t switch in a different Lloyds account – it must be from a different bank. This means your old account will be completely closed, though all your money and payments in and out will be transferred over for you. Here’s more on how to switch bank.
You can only get one payment per person, regardless of how many accounts you open. And you’ll miss out completely if you’ve received a switching bonus from Lloyds since April 2020.
You can switch into a new joint account but you’ll only get one payment in total – and you won’t be eligible if the other person on the joint account received a switching offer from Lloyds since April 2020.
Club Lloyds switch offer summary
| Switching bonus | £200 |
| Bonus paid | Within 3 working days of completing the switch |
| Open to existing customers | Yes |
| Requirements | Switch into a Silver, Platinum, Club Lloyds Silver or Club Lloyds Platinum account |
| Not have received a switching bonus from Lloyds since April 2020 | |
| Switch using the Current Account Switch Service and close your old account | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Offer ends | 7 March 2023 (last date to start the switch) – changed from 20 March |
How New Lloyds customers can get the bonus
You’ll need to open up one of the four eligible accounts as listed above and switch.
How existing Lloyds customers can get the bonus
If you’ve already got an eligible account
You can simply switch into an existing account – as long as it’s one of the four included in the promotion.
If you’ve got a different Lloyds account
You’re now able to upgrade your account to one of the eligible accounts. And then switch to it from a different bank. If you don’t want to do this, you can open up a new eligible account and switch to that instead.
How to get the bonus if you’ve previously switched to Lloyds
Most bank switching deals have a cut off date for those who’ve previously had switching cash from the bank. Previously this was April 2019, but it moved to April 2020 when the offer ran in the summer of 2022.
This means anyone who took advantage of the first switching deal for Lloyds back in 2019 (like me) will be able to get money again – as long as you didn’t get the cash this summer.
You simply need to follow the same switching instructions as everyone else – there’s no need to open a new account unless you don’t currently have a Club Lloyds or Club Lloyds Platinum account.
If you’re not sure when you last got switching cash from Lloyds you can either go back in your app and look for when it was paid (in my account it was labelled “Incentive” in 2019), or check your credit report to see when you opened the account. This latter method only works if you opened the account just for a switching deal.
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Which Lloyds account should I choose?
If you need travel and mobile insurance, as well as breakdown cover, then these accounts might be worth keeping. The Silver accounts are cheaper at £10 a month as they offer European cover only, which might work out a decent deal if you’re not going further away.
However for worldwide cover, as offered by the Platinum accounts, I’d look at cheaper alternatives, such as from Nationwide. And of course, you might not need all the insurance policies, in which case it can be better to buy them on their own.
Personally I’d look to open one of the Silver accounts and then once you have the money downgrade it to the standard Club Lloyds account.
Club Lloyds Current Account
| Benefits | Choice of 6 cinema tickets (Odeon or Vue) / monthly HD rental from Rakuten / Gourmet Society membership / Magazine subscription |
| Limited cashback with retailers via debit card | |
| Save the Change auto-savings feature | |
| Interest | 0.6% AER (variable) interest on balances between £1 and £3,999 |
| 1.5% AER (variable) interest on balances between £4,000 and £5,000 | |
| Access to 1% AER (fixed) regular saver | |
| Fee | £3 a month (£0 if you pay in £1,500 every month) |
| Requirements | Two active Direct Debits (to receive interest on balance) |
| Multiple accounts? | One personal and one joint |
| Exclusions | Your chosen Lifestyle Benefit is fixed for 12 months |
How to avoid the monthly fee
All the eligible accounts come with a £10 or £21 monthly fee. It’s easy to avoid this though as once you’ve got the bonus you can downgrade within your online banking or app to either the free Classic account or a standard Club Lloyds account.
I’d go for the latter as you’ll get the aforementioned freebies. The £3 fee on this can be easily avoided if you deposit £1,500 every month into the account (£2,000 from 1 April 2023). This money doesn’t need to stay there, and it doesn’t need to be in one go. A standing order from and back to another account will do the job.
You could of course close the account instead, but that takes away an account you can use for future switches.
There’s a chance you’ll still get charged the first month’s fee or a pro-rata amount based on the days in the month you’ve had the account, though that still gives you a healthy profit. But hopefully, you can avoid it completely or pay just a portion of it.
You’ll obviously lose the additional insurances that come with the Silver or Platinum accounts if you do this.
Is it worth switching to Lloyds?
Andy’s analysis
This is the highest ever paying switch offer from Lloyds so if you’ve not had it, or if you’re eligible for a second bonus, it’s well worth getting it.
However, if you don’t want to keep this premium account you’ll need to remember to downgrade your account, and be prepared to take a hit for one month’s fee – hopefully you will avoid the latter.
Plus you will get the money fast – in just 10 days. If you don’t want to keep the new account you can then use it to switch for one of the others.
Is it the best switching offer?
Deals come and go throughout the year, so it’s always worth checking to see if a better paying option is out there. You can read more about the latest switching offers here.
Previous Lloyds Bank switching offers
- September 2021 – £100 for Club Lloyds and Club Lloyds Platinum
- February 2022 – £150 for Club Lloyds Platinum and Lloyds Platinum accounts
- 17 May to 27 June 2022 – £125 for Club Lloyds and Club Lloyds Platinum
- 20 September to 14 November 2022 – £150 for Club Lloyds and Club Lloyds Platinum
how soon after applying/switching can you downgrade to free account?
is it too risky to do it before the £200 is paid?
want to downgrade ASAP to avoid the account fee
Hi Andy, The cutoff date for thsi is the 7th March 2023 for starting switch. I am cutting it fine with another account but will I be able to open the account and start the switch on the 6th March and therefore be eligable? Thanks. Peter
Hi Andy, Can I switch from a Halifax Current Account to a qualifying Llosa account and receive the award? I.e does it matter that Halifax is a Lloyds bank?
Hi Andy, maybe this question has already been asked but I’ve got a lloyds account (standard) but I’ve also got a natwest account that I don’t use, so how would I go about getting the 200? Obviously my lloyds account is my bank account I use
Hi.
Last week I registered a current account with TSB for the sole purpose of taking advantage of this switch offer. I upgraded one of my Lloyds current accounts to a Lloyds Silver account, no issue (I don’t even need the account benefits and will downgrade once I get the switch bonus), but when I got the to the page to initiate the current account switch, Lloyds Bank wouldn’t accept my TSB current account debit card’s expiry date as January 2028 (which is correct), stating that it was invalid.
Anyone else having this issue?
A few people have mentioned this on the Facebook group and have changed the year or month back and it’s worked. Haven’t done this myself though.
Hi Andy,
Thanks for all the advice and tips, very useful. Just a question about bank switching offers. I tried last year with the HSBC offer but didn’t want to close down my existing current account. Need to watch your videos on switching banks and dummy accounts. My question is how does applying for bank accounts affect my credit score? Thanks
Naz
what if you already have a club lloyds, open a new upgraded package account to get the £200 but then downgrade immediately to a std club lloyds? then you would 2 std club lloyds account and t&cs say you can only have 1. therefore would it even allow you to downgrade the newly opened account?
If you have a Club Lloyds already you’ll need to downgrade to a standard account
Hi, I’ve started the switch but wondered if you knew what would happen to the rewards, cinema tickets etc, if I switched out soon after the bonus is paid? Would I lose the perk?
What if you already have Club Lloyds, how do you switch it into that? as I can’t seem to find this option…
Slightly different query but I’m now going to move away from Lloyds to try and get the most recent Nationwide offer – will the cinema tickets I got free from Lloyds still be valid? thanks
Hi, no they will not be valid once you close the account.
Hi Andy,
I already have a club account, opened it in 2019. So am i right to assume i can’t get the cashback because i can only hold one club account, unless i switch to a platinum account.?!
As long as you’ve not had switching cash since April 2019 you can switch to your existing account from another account (at a different bank) and get the cash
I think you meant April 2020.
I am following the instructions but it seems i am trapped in a loop, i followed the link to existing costumers, which takes me to log in into my account in order to change or upgrade it. Because i already have a club account , once i clink on it takes back to asking if i am a new or existing costumer. I will need to call them tomorrow.
Thank you anyway for latest offers and news 😉
is there any requirement for the account being switched from? does it have to have been opened for a certain period of time or it can be a brand new account?
Hi Andy
I’m a bit confused about switching to Lloyds again. I last did a switch on 28 sept 2020 (date I got my incentive payment), can I switch again to get the new switching offer, please advise.
thanks
Nope, it’s only for people who haven’t had cash since April 2020. But keep any eye out as perhaps later this year or next year they’ll change that to April 2021.
Quick question, how long do I have to hold the account once I got the bonus?
Wait until the switch has completed, then you’re good to move on – though it’s likely you’ll lose the lifestyle benefits
Hi Andy, I have the classic account with Lloyds which I want to keep it. If I switch from Halifax to Club Lloyds and keep the classic account, will I get the £126 bonus? Thank you
Hi, yes, if you open a new Club Lloyds account and switch into that you’ll get the cash and have two Lloyds accounts in total
Hi Andy, thank you for highlighting the existing customer offer. I’m the same as you, I received a bonus in Oct 2021 for switching to a Club account, which I still have. Would you mind taking me through the steps of how to get this new £125 bonus a little further? Am I requesting to switch a non LLOYDS bank a/c into my existing Lloyds Club? Our ‘Clever Andy’ WhatsApp group have just got giddy with this new Lloyds offer!
Is the down grade of accounts simple and do you keep the same account number. (Platinum/Classic- though I already have a classic) I’ve done the Platinum account switch last week and already have the £150 bonus, even though the switch doesn’t complete till the 11th. I’m an existing customer and plan to switch out as soon as its complete. (Down grade and start Switch out/Day after) Is that to quick?
Hi Andi, not sure about if you keep the same account details. Best to ask. And there’s nothing to say you can’t downgrade/close the account once you have the money and switch is complete
the offer of £150 is not showing on Lloyds website
They must have ended it early.
I Just changed account in the app as soon as I got the £150 and it took no time at also you keep the same bank details (account and sort code).
Will a cash back switch work using a starling bank account as it’s not a conventional bank?
Hi,
I lloyds bank did not pay the £100 bonus, I haven’t paid lloyds bank the £ 100 bonus I switched from Metro Bank to a Club account. The transition process was completed on 20 October. I contacted Lloyds bank via facebook and they said I should get it as soon as I finished switching accounts. I think lloyds bank for my forgotten…
If the money hasn’t come through, and you met all the criteria needed, then contact Lloyds to find out what has happened. It could be an admin error.
Great website Andy! I’m waiting for the switch to complete. Can I just switch away right after banking the £100?
Yep!
How do you actually switch online?
See page 11 of welcome pack regarding the £10 fee
There is no charge for
cancelling or closing your account but
you will pay the monthly maintaining
the account fee for the time the
account has been open
Hi Andy, I am having some problems with the switch online. Lloyds said I can open a new account online and then switch into it once it is open. They say this will still be eligible for the £100 switching bonus, please may you confirm? Thank you.
Hi Andy,
“Update 9/9/21 – Reader Jonathan got in touch to share his experience. He downgraded his personal Club Lloyds to a Classic account but was unable to apply for a new Club Lloyds. Turns out this was because the online system saw he had a joint Club Lloyds and wouldn’t allow another.”
If I don’t have a joint account, can I still downgrade to a classic, then re-apply with a different bank and get the switch bonus? I currently have a club lloyds account.
Yes that should work – as long as you meet the other criteria
Hi Andy does doing all these bank switching offers cause you to have a lower internal score within the bank and does it potentially make banks not offer accounts to you in the future if a customer just switches in to get the free cash and then immediately switches out? (Not talking about credit score as I know this will slightly drop ), was told that banks are not too keen on those who switch in and then immediately switch out?
I can imagine they’ll keep track of you and your relationship with them though I don’t know how much of an impact leaving them would have on future applications.
HI,
I have a joint Club Lloyds account. Does that stop me from applying for an individual one?
It shouldn’t do as you’re allowed to have a personal and a joint Club Lloyds
Looks as though they don’t allow you to open a personal Club Lloyds if you have a joint one. I just tried and they only offered me a Classic, Platinum or (strangely) a Student account. Or would the joint one have to be downgraded?
Although this note at the bottom of the page offering me the options seems to contradict this:
Please keep in mind
You can only have one account with insurance benefits and one sole and one joint Club account.
Hi, how do you personally keep getting these offers? As I keep finding that I have had the bonus last year from most. As they obviously cover there backs by putting a time frame on to stop people getting the bonus within the last couple years normally. So am I right in saying that if you do most of the bank switches In one year, you’ll then probably have to wait a few years before you can start again going for them again?
Hi Nate, yes that’s right. A few years ago I thought I was all done, then the cut-off date kept moving and I was eligible again for some offers. Or there are at times brand new ones, such as the recent one from Nationwide.
Hi Andy. Thank you for the information regarding downgrading an already open Club Lloyds account. I was wondering whether the following might work –
1. Downgrade current Club account to Classic
2. Open new Club account (not a joint account) and switch from a different bank
3. Once the incentive has been credited, downgrade the new Club account to classic
4. Upgrade the original account back to Club and close the second Club account (now downgraded to classic)
I understand that I will not receive the ‘benefits’ of the Club account while all the changes are being made. The main reason for doing it this way is that I have quite a few direct debits going through my current Club account and I want to avoid the hassle of transferring all of them between accounts.
Hi Mo… yeah I suppose that could work! There’s no reason why not, though I’d perhaps call Lloyds just to check if there’s anything that could prevent you from upgrading. It could potentially impact your Lifestyle Benefits
is it possible to switch to the Lloyds club account and then downgrade to a classic account once the £100 has been rec’d?
Yep totally!
Hi, I missed out on the switch incentive as I opened my Club Lloyds account last week. I also opened and funded a regular saver. Can you advise what happens to this account if I downgrade in order to receive the incentive, please?
Right, the regular saver will likely close and you’d need to open up a new one. But if it’s only a week it’s not much to miss out on. It’s probably best to call up Lloyds just to confirm there isn’t anything unforseen!
Hi Andy, thanks. Question re point 3. After creating the club joint account, do the transfers need to come from joint accounts also, or can they come from single accounts?
You only need to switch one account into a joint account to get the bonus and it can be a personal account rather than joint.