Lloyds Bank explains how customers can receive a £250 switch payment.

Lloyds Bank is offering a £250 cash incentive to customers who complete a full Current Account Switch into a Club Lloyds account and transfer at least three active direct debits, with applications required by February 3.

Lloyds Bank has set out how its switching incentive works and who is eligible. The bank is offering a £250 cash credit to people who move their main account to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account. The promotion requires a full switch using the Current Account Switch Service and transferring at least three active direct debits. Lloyds has also clarified the process for customers who want to open a joint account. Key details: - Offer and timing: £250 paid as a cash credit into the new account; Lloyds says the payment will appear within 40 working days of a completed switch. - Eligible accounts: Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum. - Switch requirements: a full switch via the Current Account Switch Service is required and the previous account must be closed; at least three active direct debits must be moved as part of the switch. - Joint accounts: if neither person is already a Lloyds customer, each must first open a personal (sole) account before applying for a joint account online, or one person can open a Club Lloyds account and add the other at a branch. - Exclusions and applications: the offer excludes any person who has received a switching offer from Lloyds, Halifax or Bank of Scotland since 1 January 2023; applications can be made in branch, online or by telephone and must be submitted by February 3. Summary: The information sets out the account types, switching steps, timing and an eligibility cut-off linked to prior switching offers. Applications must be submitted by February 3, and Lloyds says the £250 will be paid within 40 working days after a successful switch.