Lloyds Bank clarifies £200 payment eligibility after one-word confusion

Nicholas Dawson
·2-min read
A Lloyds Bank branch
-Credit: (Image: Google)


Lloyds Bank has shed light on who is eligible for a £200 payment that's currently going out to some customers. The bank is presently offering £200 to new customers who switch to them and open a Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account.

However, one individual queried how this applies depending on which bank you're switching from, given that several banks are part of the Lloyds Banking Group, including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. The person asked over X: "Does your switch offer exclude switching from NatWest?

"I know Bank of Scotland accounts don't qualify and given NatWest is part of RBS [Royal Bank of Scotland] I wasn't sure if moving from NatWest would fail to qualify for the offer to?" In response, Lloyds clarified: "Bank of Scotland is part of Lloyds Banking Group. RBS is a different bank, you would be able to switch from NatWest."

It's worth noting that the Royal Bank of Scotland is a subsidiary of the NatWest Group, which is separate from Lloyds Banking Group. Another rule to bear in mind as regards the Lloyds offer is that you can't receive the £200 payment if you've received a switching offer since April 2020 when switching to any Lloyds, Bank of Scotland or Halifax account.

To secure the cash incentive, you also need to transfer over three or more active direct debits, using the Current Account Switching Service. The offer finishes on December 10.

Several banks are currently trying to entice customers with cash incentives for switching accounts, including Nationwide with a £175 offer, Santander's £150 bonus, and NatWest's £180 reward. A recent switcher inquired about when they would be getting their payment after opening a new Lloyds account.

The bank assured: "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." John Dentry, product owner of the Current Account Switch Service at Pay. UK, urged savers to consider if switching could be beneficial.

He advised: "Reviewing your bank account is one thing we recommend doing to ensure you’re with a provider whose services suit your individual needs and goals. If you feel you need something different from your current account, it pays to consider switching."

Looking at some of the attractive features that banks offer, he said: "The right bank account is a key component of managing your finances. Some providers offer tools, trackers and savings settings to help with individual financial goals, while others offer varying perks such as cashback from select retailers and energy providers which can help keep budgets on track."

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