Lloyds is paying customers free £200 into bank account for Christmas

Lloyds Bank is paying customers a free £200 payment into their bank account for Christmas. The high street bank says, to qualify, you’ll need to open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account and switch 3 or more active Direct Debits using the Current Account Switching Service.

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. Lloyds will ask if you want to switch when you apply and you’ll need the details for the account you want to switch to them (including your card number).

Choose your switch date. It takes 7 working days and Lloyds will let you know when it’s done – in the meantime, you can still use your old account. Your switch is covered by the Switch Guarantee. Lloyds will transfer your balance and close your old account, move over all incoming payments (like your salary) and outgoing payments (like Direct Debits and standing orders) and redirect payments made to your old account and give the payor your new details.

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On day one, the switch begins. Day two sees Lloyds let you know that your old bank has received your request, and then we can start transferring your payment arrangements across to your new Lloyds Bank account.

It’ll take a couple of days to switch over your payment arrangements, and make sure your Lloyds Bank account is ready to go for the switch date. If you’re clearing a debit balance at your old account, you’ll need to make sure there are enough funds in your Lloyds Bank account to cover this transfer.

Lloyds will arrange for payments accidentally made to your old account to be automatically redirected to your new account. It will also contact the sender and give them your new account details. The offer will be paid directly into your account within 10 working days of you starting your switch and will appear as a cash credit

You must open a new qualifying account and start the switch. You can do this by signing in to Internet Banking or using the Mobile Banking app. Your switch must include the transfer of a minimum of 3 active direct debits from your old account. Direct debits set up after you’ve started your switch as well as automated payments, such as standing orders and recurring card payments won’t count towards the offer.