Lloyds Bank will launch a £200 cash bonus from tomorrow for customers who move their banking to the institution.
The market-leading incentive is available to both new and existing customers who transfer to Club Lloyds or Lloyds Premier accounts through the Current Account Switch Service.
Vivek Khattri, Personal Current Accounts and Overdrafts Director at Lloyds, said: "We know switching bank can feel like a big step, so we're making it rewarding and easy."
He added: "Whether you're after cashback, lifestyle perks like Disney+, cinema tickets or smart travel booking – it's all simple to manage in our app. Plus switching to Club Lloyds or Lloyds Premier now means you get £200 in your pocket."
The one-off payment will be credited within ten working days of completing the switch.
To qualify, customers must transfer at least three active direct debits from their previous account.
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Switches need to be initiated from September 16 using the Current Account Switch Service, which automatically closes the old account.
The £200 bonus applies to transfers into new Club Lloyds accounts, which carry a potential £5 monthly charge, or Club Lloyds Platinum accounts with a £22.50 fee plus the optional £5 charge.
Club Lloyds Silver accounts cost £11.50 monthly, while Lloyds Premier accounts have a £15 charge, though this can be waived under certain conditions.
The £200 payment will be credited within ten working days of completing the switch.
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Customers who have previously received switching incentives from Lloyds, Halifax or Bank of Scotland since April 2020 are not eligible.
The promotion also excludes transfers to existing Lloyds accounts or conversions of current Lloyds accounts.
Club Lloyds account holders benefit from a Monthly Saver offering 6.25 per cent gross/AER interest on deposits between £25 and £400 a month.
They can also earn up to £90 annual credit interest when conditions are met, alongside reduced initial mortgage rates.
All Club Lloyds and Premier customers enjoy fee-free debit card use worldwide and access to Lifestyle Benefits.
Lloyds Premier is aimed at customers with earnings or assets above £100,000.
| GETTYOptions include a year of Disney+ Standard With Ads, Vue or Odeon cinema tickets, magazine subscriptions, or digital memberships for Coffee Club and Gourmet Society.
The Everyday Offers scheme provides cashback at participating retailers, while Save the Change automatically rounds card payments to the nearest pound and saves the difference.
Lloyds Premier is aimed at customers with earnings or assets above £100,000.
It requires either £5,000 in monthly deposits or £100,000 in savings and investments with the group, with the £15 fee waived when these conditions are met.
Premier customers receive benefits worth over £100 a month, including a Bupa Family GP and Wellbeing subscription covering remote medical consultations, physiotherapy, mental health and wellness services.
They also get 1 per cent cashback on eligible debit card spending, capped at £10 monthly, plus 0.2 per cent off new residential mortgage and remortgage rates.
Other perks include enhanced one-year saver rates, up to 3 per cent yearly credit interest, and a free year of portfolio management on ready-made investments.
Premier clients can also access Financial Coaches and use the Premier Planning Hub in the app, which includes a Net Worth Calculator and Wealth Forecasting tools.
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Lloyds’ mobile banking app also allows customers to track payments.
| PAA new Travel Booking feature enables all Club Lloyds and Premier customers to book flights and accommodation directly in the app.
The service includes a Best Price guarantee, with refunds available if cheaper alternatives are found within 24 hours.
Lloyds’ mobile banking app also allows customers to track payments, manage subscriptions, check credit scores and deposit cash at over 30,000 PayPoint locations.
They can also photograph cheques for next-day processing, request payments using secure links or QR codes, and set contactless payment limits in £5 increments.