Lloyds Bank has provided an update on how to qualify for a £200 bonus payment. The bank is offering the one-off payment if you switch your current account over to them.

There are several steps you need to complete to get the cash, and a deadline is looming this week to bear in mind. A person contacted Lloyds with a question about the switch offer.

They asked the bank over social media: “For the switch offer you have currently – does a partial switch qualify? Happy to switch over all payments etc but don’t want the account with other bank fully closed.”

In response, Lloyds set out a four-step process that customers have to follow to get the payment. The bank said: “To get the £200 switching bonus: Open a new Club Lloyds or Premier account. Switch using the Current Account Switch Service. Move 3+ active Direct Debits. Close your old account.”

What do you have to do to get the £200 switch offer from Lloyds Bank?

To qualify for the £200 payment, you need to switch to a new Club Lloyds account, Club Lloyds Platinum account, Lloyds Premier account or Club Lloyds Silver account. You need to carry out a full switch using the Current Account Switch Service, switching from a bank account held with another bank.

Your switch must include transferring over at least three active direct debits from your old account. Any direct debits set up after your switch has started will not count, neither will any other automated payments, such as standing orders or recurring card payments.

You cannot switch to an existing account, and you won’t qualify if you switch from a Halifax or Bank of Scotland current account, as these are part of the Lloyds Banking Group. The offer only applies if you applied for your account from September 16, 2025, either in branch, online or over the phone.

Deadline date

Customers need to act soon to get the cash. You need to request your switch by Wednesday, December 17, to qualify for the bonus payment.

Once you have met all the qualifying rules, the £200 will be paid into your account within 10 working days of your switch. The amount will appear as a cash credit.