Lloyds Bank is paying £200 to people who switch to Club Lloyds or a Lloyds Premier account. It's one of the quickest payers around: Lloyds says the money arrives within 14 working days.
There's one catch that trips people up: you need three active direct debits to move across, not the usual two. The offer runs until 9 December 2026.
The offer at a glance
| Bonus | £200 |
|---|---|
| Accounts | Club Lloyds, Club Lloyds Silver / Platinum, Lloyds Premier |
| Direct debits | At least 3, transferred by the switch |
| Pay-in | No pay-in listed in the offer terms (Club Lloyds fee waived in months you pay in £2,000+) |
| Paid | Within 14 working days of the switch starting |
| Closing date | Open and start the switch by 9 December 2026 |
The requirements: how to qualify
- Open an eligible account between 17 September and 9 December 2026: Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier. You can apply online, in the app, in a branch or by phone.
- Start your switch by 9 December 2026: Use the Current Account Switch Service to move everything across from your old bank and close the old account.
- Transfer at least three active direct debits: These have to come across as part of the switch.
Club Lloyds has a £5 monthly fee, which Lloyds waives in any month you pay in £2,000 or more. The Silver and Platinum versions have higher fees, and Premier has income or savings requirements. For most people the standard Club Lloyds account is the right choice.
How to meet the three direct debit rule
This is where most people get stuck. A spare switching account often has no bills on it at all, and even your main account might only have two. If you're short, you have two options:
- Move real bills: This works, but you'll have to move them again next time you switch.
- Add cheap direct debits: Set up low-cost direct debits on the account you're leaving. CASS then carries them across to Lloyds with everything else.
Need direct debits fast?
Need a third direct debit for Lloyds? Set up as many as you need in under 60 seconds, from £1 a month. There's no limit on how many you can have, and you can cancel them from your banking app.
Set Up Direct Debits NowStep-by-step: switching to Lloyds
- Count your direct debits: Check that the account you're leaving has at least three active direct debits. If not, top up with Easy Debit and wait for them to show in your banking app.
- Check you're eligible: You can't be switching from Halifax or Bank of Scotland, and you can't have had a switching bonus from any of the three brands since 1 January 2023.
- Open Club Lloyds: Apply between 17 September and 9 December 2026 and ask for a full switch during the application.
- Let CASS do the rest: The switch takes 7 working days and moves your direct debits, standing orders and incoming payments.
When do you get paid?
Lloyds says the £200 is credited within 14 working days of the switch starting. Joint accounts get a single £200 payment. Once it arrives, you can cancel any Easy Debit mandates you no longer need.
Who can't get it?
- Anyone switching from a Halifax or Bank of Scotland account. They're part of the same group.
- Anyone who has had a switching incentive from Lloyds, Halifax or Bank of Scotland since 1 January 2023. For joint accounts, this applies if either person has.
- You can only get the offer once.
Frequently asked questions
How many direct debits do I need for the Lloyds switch offer?
Three. At least three active direct debits must be transferred as part of your switch to Lloyds, which is one more than most other banks ask for.
When does the Lloyds £200 switch offer end?
You need to open your account and start your switch by 9 December 2026.
Which Lloyds accounts qualify for the £200?
Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum and Lloyds Premier.
Can I switch from Halifax to Lloyds and get the bonus?
No. Switches from Halifax or Bank of Scotland don't qualify, and you're excluded if you've had a switching bonus from any of the three since 1 January 2023.
How quickly does Lloyds pay the switching bonus?
Lloyds says it pays within 14 working days of the switch starting.
More bank switching guides
Last checked 26 September 2026. Switching offers change or close without notice. Always read the bank's own terms before you apply. Easy Debit is not affiliated with any bank and this guide is not financial advice.