Lloyds bank giving £200 to customers before Christmas – but you need to be quick
Lloyds Bank is giving new customers a free £200 payment and the cash could land in accounts before Christmas.
The high street bank launched a switching incentive for those who move to the bank's Club Lloyds account. However, customers don't have long to take the deal, which is only running until next week on December 10, after being launched on October 2. The £200 will be paid within 10 working days of switching, which means you could see the money before Christmas.
Eligible existing customers who already bank with Lloyds can also switch to a new Club Lloyds current account, as long as they meet all of the conditions. However, those who received a switch bonus from Lloyds, Halifax or Bank of Scotland – these are all part of Lloyds Banking Group – since April 2020 won't be eligible.
Club Lloyds customers can also choose from a range of lifestyle benefits, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. But keep in mind, the Club Lloyds account comes with a £3 monthly fee unless you pay in at least £2,000 each month.
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The same bonus is also available when switching to the Club Lloyds Platinum Account and Club Lloyds Silver Account but these come with a £22.50 and £11.50 a month fee, respectively, on top of the £3.
To get the free cash, you need to close and switch your current account using the Current Account Switch Service (CASS). This is a free service which will move your balance, direct debits, and salary over to the new bank within seven days. You must also move over – or set up – three active direct debits.
When you switch using CASS, your direct debits and standing orders will automatically be moved across, but for any recurring payments that use your long card number, most commonly with subscription services, you’ll need to update these manually. New customers can switch by scanning the QR code on the High Street bank's website or through the mobile app. You can also apply for a new account online, and Lloyds Bank says it will be able to give you a decision on whether you are eligible within 10 minutes.
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