Barclays, NatWest and Nationwide customers will be paid £185 to switch to Lloyds Bank as part of a new offer. The bank is launching a new switching incentive from July 1 which is £10 higher than its previous switching offer launched in February. Customers who switch from another bank to a Club Lloyds or Lloyds Premier current account between July 1 and July 28 will be rewarded with a £185 cash payment within 10 working days of completing the switch. The limited time offer is available to anyone who switches their current account with a different bank to a qualifying Lloyds Bank account instead using the Current Account Switch Service (CASS). Customers must use the CASS to complete the switch and their old bank account will then be closed automatically.

To qualify for the £185 in cash, you must switch to either a Club Lloyds account – including Club Lloyds Silver and Club Lloyds Platinum accounts – or a Lloyds Premier Account either through the app or online. If you switch to any other account than these you won’t be eligible for the freebie.

Your switch must include the transfer of at least three active direct debits from your old account and you must not have received a switch bonus offer since April 2020 from Lloyds Bank, Halifax or the Bank of Scotland.

If all of the switching requirements are met, the £185 will be paid within 10 working days of the switch completing and will appear as cash credit.

The whole switching process takes just seven working days and customers simply need to choose the date they want to switch while the bank does the rest.

Club Lloyds customers can earn up to £90 in credit interest each year, when qualifying criteria is met and access exclusive offers on other products, including The Club Lloyds Monthly Saver, which pays 6.25% gross/AER interest, where customers can save between £25 and £400 each month. Customers can also qualify for a discount off their initial mortgage rate.

Lloyds Premier is designed for people with income or assets over £100,000 and comes with a host of exclusive benefits worth over £100 every month. Customers must pay in £5,000 each month or have £100,000 of savings or qualifying investments with Lloyds Banking Group to be eligible for this account.

Lloyds adds: “Alongside the cash offer for eligible customers, all Club Lloyds and Lloyds Premier customers can now spend fee-free using their debit card worldwide. Customers can also access the new Lloyds Travel booking feature – available in the Lloyds app – to book flights and hotels.

“Once booked, customers can keep track of their trips directly in the app and bookings come with a ‘Best Price’ guarantee. This means if a customer finds a better price within 24 hours of booking, Lloyds Travel will match the price.

“Plus, Club Lloyds and Lloyds Premier customers can choose from a range of lifestyle benefits, including 12 months of Disney+ Standard With Ads, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a digital Coffee Club and Gourmet Society membership.

“Customers can also take advantage of Everyday Offers, providing cashback when shopping at select retailers and it’s easy to sign up to Save the Change® when using a debit card. The service works by rounding the spend to the nearest pound and transferring the change to a nominated savings account.”