Lloyds Bank customers urged to act now or miss out on £185
This date is the last day you can both open a new account and start the switch. The payment will be made within ten working days of the switch completion.
Lloyds said: "As long as we receive your application before the 28th of July ends, you'll be able to qualify for the switch offer."
Looking to get your money moving and start investing? Here's how Lloyds Bank can help you to do just that. Search Lloyds Bank Ready-Made investments to find out more. Bank pic.twitter.com/zjh2igcNx0 — Pennies To Pounds (@penniestopound) July 22, 2025
The switch must be via the Current Account Switch Service, according to the terms and conditions from the high street bank.
Your money is secure – the Financial Services Compensation Scheme (FSCS) guarantees up to £85,000 per person, per financial institution.
This means that if your bank ever went bust, you would be guaranteed your money back (up to £85,000), according to Money Saving Expert, the site founded by BBC and ITV star Martin Lewis.
You can only get one payment per person, regardless of how many accounts you open. And you'll miss out completely if you've received a switching bonus from Lloyds or Halifax since April 2020.
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MSE detailed: "As well as the upfront switch cash, with Club Lloyds you can choose one of the rewards above each year."
"Do note there's a £5/month fee unless you pay in £2,000+ a month," the consumer champion's advice website has also added.
It went on to say: "You also get access to a linked regular saver paying 6.25% fixed interest for a year on up to £400/month (maxed out, it's £161/year interest) and the debit card has no fees on overseas spending with near-perfect exchange rates.
"The switch offer is also available on the Club Lloyds Silver account, one of our top picks for packaged accounts which provides a range of insurance for £11.50/month."
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