The offer is only available to people switching from another bank to Club Lloyds or Club Lloyds Platinum Account. Existing Lloyds current account customers can also be eligible if they haven’t received a switching bonus before from Lloyds.
The offer is only available from today, May 17 to June 27.
Britons must move their account using CASS to be eligible.
Martin Turner, head of personal current accounts at Lloyds Bank commented: “On top of £125 for switching to us from May 17, new Club Lloyds customers will also be able to pick from a range of lifestyle benefits, earn cashback while they shop and gain access to exclusive offers on savings and mortgages.”
With every current account switching deal there are a range of terms and conditions Britons must abide by in order to receive the bonus.
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For the Lloyds deal, customers must use the Current Account Switch Service to switch from an account with a different bank.
CASS allows Britons to transfer active credits and debits when moving current accounts between banks.
The service will also close one’s old account with the other bank after the switch.
The offer is only for those switching to Club Lloyds or Club Lloyds Platinum accounts, so people moving to other accounts with Lloyds Bank will not be eligible.
Existing Lloyds customers who have received a switching offer since April 2020 are not eligible for the £125.
Additionally, if one is switching to a joint account and one of the parties has already received a switching offer since April 2020, neither party will be eligible.
Only one offer is available per customer, with joint accounts that have not received a switching offer since April 2020 will only be eligible for one offer.
Britons can apply for the accounts online, in branch or over the phone.
The £125 should be paid within three days of the switch being completed.
It should appear in one’s account as a cash credit.
Rachel Springall, finance expert at Moneyfacts, said: “There are now several brands out there offering upfront switching incentives to entice banking customers to move their existing current account.
“As these offers can come and go throughout the year, consumers should not expect them to be around forever and just last week, Halifax withdrew their free cash offer of £125.
“However, it’s important customers don’t rush in to take advantage as choosing the right deal with appropriate benefits to suit someone’s spending habits.
“Switching current accounts is easy to do using the Current Account Switch Service (CASS) and someone could be better off by switching their current account if it is not working hard enough for them.”
Moneyfacts shared the top switching incentives currently on the market which includes first direct offering £150.
HSBC is offering £170 and Nationwide is providing £100 or £125 depending on whether one is an existing customer.
Each of these accounts and deals have their own eligibility criteria and terms and conditions.