New Lloyds Bank £125 switch offer (2022)

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 is a welcome return, especially since it’s valid again on the Club Lloyds account.

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 will earn you £125 – £25 less than the last offer.

It’s only available for two types of account, but there’s a trick you can use to nab this even if you already hold one of these “Club Lloyds” accounts.

Lloyds bank closure

How much can you get for switching to Lloyds?

This new offer is set at £125 and runs from 17 May to 27 June 2022. 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 two “Club Lloyds” accounts:

  • Club Lloyds
  • Club Lloyds Platinum

This is much better than the previous offer as the standard Club Lloyds account wasn’t included. Both these accounts come with:

  • A choice of Lifestyle Benefit (eg free cinema tickets or magazine subscription)
  • 0.6% interest on balances up to £3,000 and 1.5% on balances between £4,000 and £5,000

These do require extras such as direct debits to get the interest and a minimum monthly deposit of £1,500 if you want to avoid an additional £3 monthly fee (here’s my full Club Lloyds review).

The Club Lloyds Platinum also has some extra benefits, though you’ll pay £21 a month.

  • Worldwide family travel insurance
  • AA Breakdown cover as driver or passenger
  • Mobile phone coverage (account holder only)

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.

However you’ll only get it with a brand new or existing eligible current account. You can’t upgrade an existing Lloyds account that isn’t one of the “Club” accounts.

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£125
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes
RequirementsSwitch into a Club Lloyds 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
ExclusionsOffer limited to once per person
Offer ends27 June 2022 (last date to start the switch)

How existing Lloyds customers can get the bonus

If you’ve got a Club Lloyds or Club Lloyds Platinum account

You can’t have more than one personal Club Lloyds account – but that doesn’t rule you out of this offer. This time around you can switch into an existing account.

If you’ve got a Classic Lloyds account

It’s really important that you don’t just upgrade your account. You need to apply for an open a brand new, Club Lloyds or Club Lloyds Platinum account. And then switch into it from a different bank.

If you don’t want to keep the existing Classic account you can then close it down.

How to get the bonus if you’ve already 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’s now moved to April 2020.

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!

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.

Which Lloyds account should I choose?

This is a simple one – the standard Club Lloyds account. It’s easy to avoid the monthly fee, you’ll get a freebie and you’ll get the £125 switching bonus on top.

If you’re tempted by the packaged account with insurance, it’s probably better to look elsewhere for better value.

Club Lloyds Current Account

BenefitsChoice 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
Interest0.6% 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)
RequirementsTwo active Direct Debits (to receive interest on balance)
Multiple accounts?One personal and one joint
ExclusionsYour chosen Lifestyle Benefit is fixed for 12 months

How to avoid the monthly fee

Both accounts come with a £3 fee, but this can be easily avoided if you deposit £1,500 every month into the account. It 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.

If this feels like too much hassle, you can downgrade it to a free Classic account. I think this is a better option as you can keep hold of this for future switching.

If you’ve switched to the Platinum account, you can do the same and there’s a good chance you won’t pay any of the fee in month one. At worst you’re looking at the full £21 or part of it (the charge is based on how many days of the month you have the account).

Is it worth switching to Lloyds?

Andy’s analysis

If you have an old current account lying around that you’ve not used then this is a great switching offer as there’s very little you need to do to qualify.

The £3 fee is easily avoided and you’ll also get some decent freebies, worth between £35 and £60, which I think are worth nabbing even without the switching incentive.

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?

Right now you can also get up to £125 cash from Nationwide, £170 from HSBC, 20,000 Virgin Points from Virgin Money and £150 from First Direct. All decent payers, but I’d potentially focus on this Lloyds offer first and then switch again.

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

33 thoughts on “New Lloyds Bank £125 switch offer (2022)

  1. marika bertelli May 22, 2022 at 12:31 pm

    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

    1. 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

  2. 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!

  3. 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?

    1. 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

      1. the offer of £150 is not showing on Lloyds website

        1. They must have ended it early.

    2. 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).

  4. Will a cash back switch work using a starling bank account as it’s not a conventional bank?

  5. 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…

    1. 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.

  6. Great website Andy! I’m waiting for the switch to complete. Can I just switch away right after banking the £100?

  7. How do you actually switch online?

  8. 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.

  9. 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.

    1. Yes that should work – as long as you meet the other criteria

  10. 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?

    1. 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.

  11. HI,
    I have a joint Club Lloyds account. Does that stop me from applying for an individual one?

    1. It shouldn’t do as you’re allowed to have a personal and a joint Club Lloyds

      1. 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?

        1. 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.

  12. 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?

    1. 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.

  13. 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.

    1. 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

  14. is it possible to switch to the Lloyds club account and then downgrade to a classic account once the £100 has been rec’d?

    1. Yep totally!

  15. 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?

    1. 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!

  16. 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?

    1. 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.

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