Lloyds and NatWest customers issued warning which could cost them £200

Lloyds has issued a warning to customers over NatWest and RBS bank switch offers. Twitter/X users have reached out to the major financial instution via social media to clarify the rules and regulations around its current free £200 offer.

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?"

Lloyds clarified said in response: "Bank of Scotland is part of Lloyds Banking Group. RBS is a different bank, you would be able to switch from NatWest. I hope this helps." To qualify, you’ll need to follow these simple steps: open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account, switch 3 or more active Direct Debits using the Current Account Switching Service.

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If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won't be eligible again. Offer ends 10 December. It states: "With the Current Account Switch Service you can choose a switch date to suit you. Just make sure you allow a minimum of seven working days.

"The new account provider transfers any existing balance and all existing payment arrangements for you – including those going out (for example Direct Debits and standing orders), those coming in (for example, your salary) and payees you already have set up.

"This means over 99% of UK current accounts are covered by the Current Account Switch Guarantee. Every bank and building society offering the service follows exactly the same switch Process. We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.

"In the unlikely event that something goes wrong with your switch, the new provider will refund any interest or charges incurred on your old or new account as a result. The whole process will be handled by the bank or building society you are switching to. If you have any questions or concerns, just ask your new provider."