By Fiona Callingham
Brits looking to boost their savings this summer have a tempting opportunity, as Lloyds Bank is dangling a carrot of £185 for new customers who switch to their services. To snag the extra cash, hopeful switchers must tick off three specific boxes, and with the clock ticking, they’ve got less than a month to act on this offer.
The Lloyds Bank website entices with: “Snap up £185 when you switch.”
To be in the running, here’s what’s required:
Open either a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account Use the Current Account Switching Service to switch three or more active direct debits and close your bank account held with another bank
But there’s a catch: if you’ve already taken advantage of a switching incentive since April 2020 from any Lloyds, Bank of Scotland or Halifax account, you’re out of luck for another round. This particular deal wraps up on July 28 this year.
How to get the Lloyds Bank £185 offer
Start by opening a current account with Lloyds via their online portal, reports the Mirror.
The bank explains: “We’ll ask if you want to switch when you apply. This will be before you choose your new account. You’ll need the details of the account you want to switch to us, including your debit card number.”
The entire switching process is expected to take about seven working days. “We’ll let you know when it’s done – in the meantime, you can still use your old account,” assures Lloyds.
They also reassure customers, saying: “Your switch is covered by the switch guarantee”. On the designated switch date, Lloyds will handle the transfer of your balance and the closure of your old account.
They will transfer all incoming payments (such as your salary) and outgoing payments (like direct debits and standing orders), and redirect payments made to your old account while providing the payor with your new details.
The current account options you can choose between include:
Club Lloyds – £5 monthly fee that is refunded each month you pay in £2,000 or more Lloyds Premier – £15 monthly fee that is refunded if you pay in £5,000 a month or have £100,000 saved with Lloyds Club Lloyds Silver – £11.50 per month plus £5 Club Lloyds monthly fee which is refunded each month you pay in £2,000 or more Club Lloyds Platinum – £22.50 per month plus £5 Club Lloyds monthly fee which is refunded each month you pay in £2,000 or more
Other perks of switching to Lloyds include no debit card fees abroad. This means the bank won’t levy any charges on your debit card when you use it to:
Make payments in a foreign currency Take out money in any currency from an ATM at home or abroad Take out money over the counter abroad
You also qualify for a lifestyle benefit each year including either 12 months of Disney+, six cinema tickets, an annual digital Coffee Club and Gourmet Society membership or an annual magazine subscription.