Lloyds Bank launched a £200 bank switching offer in October but qualifying customers will need to switch by Tuesday 10 December if they want the bonus.
There are currently six high-street lenders offering bank switching deals with customers able to get up to £200 by changing their current account.
Lloyds Bank’s switching bonus, which is currently the highest-paying on the market, came hot on the heels of Nationwide’s £175 switch deal. Other offers include NatWest offering £180, First Direct’s £175 incentive, Santander’s £175 switching bonus and Co-operative Bank’s £150 deal.
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Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk said: “Consumers may be disheartened that Lloyds will soon be removing its £200 switch incentive, so they should act with haste to grab one of the most generous offers on the market before it comes to an end.
"However, there remains to be an array of choice for consumers looking for an extra boost to their current account.
“Free cash offers come and go depending on when banks and building societies want to draw in new customers so consumers would be wise to act fast as deals may not last long."
Providers may also launch deals when they expect customers to be actively looking to switch their current account, which could include the run-up to Christmas.
"In any case, it is important that they consider all aspects of the deal and ensure that the new account meets their everyday banking needs," Eastell added.
What is the £200 Lloyds switching bonus?
Lloyds Bank is currently offering £200 when you switch to a qualifying current account, as long as you do so before 11:59pm on 10 December.
To qualify, you’ll need to open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum Account, and switch three or more active direct debits using the Current Account Switching Service (CASS).
The deal is available to new and existing Lloyds customers, except those who already hold a current account with Lloyds Bank.
If you’ve received a switching offer by moving to a Lloyds, Bank of Scotland or Halifax Bank account since April 2020, you won’t be able to get the bonus.
Similarly, you won’t be eligible if you’re switching to a joint account and either you or your partner received a switching offer since April 2020.
The Club Lloyds account has a £3 a month fee, Club Lloyds Silver is £11.50 a month and Club Lloyds Platinum account charges £22.50 a month.
It’s possible to waive the £3 monthly fee on the Club Lloyds account by depositing a minimum of £2,000 per month into the account.
The Silver and Platinum options impose an extra £3 “monthly Club Lloyds fee” which can also be waived by putting £2,000 into the account within the month.
The bonus will be paid into your Lloyds account within three working days of the switch completing.
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