Lloyds Bank update as £200 payments to go 'directly' into accounts

Nicholas Dawson
·2-min read
Two women stand at a cash point outside a branch of high street bank Lloyds
-Credit: (Image: Daniel Harvey Gonzalez/Getty)


Lloyds Bank has provided an update on a £200 payment going out to savers. The bank is currently offering a £200 switching incentive to those who open a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account.

A customer got in touch over X to enquire about when their funds will be arriving, asking: "I’ve just opened a Lloyds account, when do I receive the £200 incentive?" In response, the bank stated: "If you have met all the qualifying criteria then the offer will be paid directly into your account within 10 working days of you starting your switch."

Additionally, Lloyds confirmed that the payment "will appear as a cash credit" in the customer's account. In the competitive world of banking, several institutions are offering cash incentives to attract new customers.

Santander has recently introduced an offer of £150 for new joiners, while NatWest and Nationwide are providing £180 and £175 respectively to those who sign up with them. According to research from the Current Account Switching Service, there's a noticeable generational gap in financial literacy, with only 63 percent of Gen Z able to correctly identify a current account, compared to 68 percent of millennials and a striking 95 percent of Baby Boomers.

The survey also highlighted the lack of financial education for young people, as only 16 percent of those questioned were taught about savings and investments at school. John Dentry, product owner at Pay. UK, which runs the Current Account Switch Service, commented to say: "Many banking providers now offer resources like workshops, online tools, and financial literacy programs to support their customers in building financial skills, an essential step toward managing money more confidently and avoiding financial pitfalls.

"Whether it’s choosing the right current account or learning how to manage your finances effectively, the right support can make a real difference in financial resilience."

He added: "The Current Account Switch Service makes it quick, easy, and free to switch to a provider that best serves your needs, giving you the confidence to take control of your finances."

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