Lloyds Bank has provided clarity on who qualifies for its current account switching incentives worth up to £500, following customer confusion about the rules.
The bank has outlined specific conditions that must be met to qualify for the payment.
A £200 reward is available for those opening a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account, while customers switching to a Lloyds Premier account can receive £500.
The banking giant confirmed that existing Halifax customers are eligible to move their accounts to Club Lloyds products and claim the bonus payments, despite both brands sitting within the Lloyds Banking Group.
The clarification came after a customer reached out to Lloyds through social media seeking guidance on the promotion's terms.
The individual asked whether they could transfer from a Halifax Reward current account to a new Club Lloyds current account and still benefit from the switching offer.
A bank representative responded directly: "Yes, you can switch from Halifax Reward account to a new Club Lloyds account, as long as you haven't had a switching reward from Lloyds, Halifax or Bank of Scotland since 1 January 2023, and you use the Current Account Switch Service."
Looking at the eligibility requirements, there is a list of people who are informed "you can't take part in the offer".
Those who have already claimed a switching bonus from any Lloyds Banking Group brand since the start of 2023 remain ineligible for the current promotion.
Lloyds Bank is offering customers free cash up to £500
| GETTY / LLOYDSTo secure either bonus, applicants must complete a full transfer through the Current Account Switch Service, which will close their existing account with the previous provider.
The switch needs to include a minimum of three active direct debits from the old account being transferred.
Direct debits established after initiating the switch will not count towards this requirement, nor will standing orders or recurring card payments.
For the £200 incentive, customers must spend £100 using their new debit card within 35 days of the account opening.
For the £200 incentive, customers must spend £100 using their new debit card within 35 days of the account opening
| GETTYCash withdrawals and financial services transactions are excluded from this spending threshold.
Meeting all criteria results in payment within 45 days, credited directly to the new account.
Those seeking the larger £500 reward face additional requirements beyond the standard switching criteria.
Premier account applicants must spend at least £200 on their Lloyds debit card within 35 days of opening.
The bonus payment arrives between 45 and 90 days after account opening
| PAThey must also deposit a minimum of £5,000 during their first complete calendar month, or alternatively maintain £100,000 in qualifying savings or investments throughout that period.
The bonus payment arrives between 45 and 90 days after account opening, appearing as a cash credit.
Customers interested in either offer must initiate their switch before the end of April 2026.
The bank has noted that the promotion may be withdrawn without prior notice and is limited to one payment per customer.