Lloyds has just launched a new range of cashback offers (Image: Getty)
Lloyds Bank is giving a £500 bonus payment to customers who switch bank accounts from today, with another £1,200 in cashback for savers.
The bank has just launched a new range of cashback offers to give customers more value when the switch accounts, and with the end of the tax year approaching, it’s a chance for people to make the most of their allowances and get a head start on their savings for the year ahead. As part of the new offers, Lloyds is offering a free £500 payment to customers who switch to a Lloyds Premier account using the Current Account Switch Service by April 30, 2026.
To open a new Lloyds Premier account, customers must have an income or assets of more than £1,000, and must switch from a bank account held with another bank.
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Customers need to transfer a minimum of three active direct debits from their old account, spend £200 on their new Lloyds Premier debit card within 35 days of opening the account, and pay in £5,000, or have £100,000 of qualifying savings or investments with Lloyds, in the first full calendar month.
If all of these conditions are met, the £500 will be paid directly into your new account within 15 days of the end of the first full calendar month and will appear as a cash credit.
You won’t qualify for the £500 payment if you switch to any account other than a Lloyds Premier account, or you change your existing Lloyds current account to a Premier account.
You also mustn’t have received a payment from a switching offer since January 1, 2023, for switching to any Lloyds Bank, Bank of Scotland or Halifax Bank account.
Lloyds Premier comes with access to exclusive offers on other products, including 12 months of Disney Plus Standard with Ads, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Digital Coffee Club and Gourmet Society membership.
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On top of the £500 payment, customers can also earn up to £1,200 cashback when switching and opening a fixed rate savings account, depending on the total amount deposited.
To qualify, customers need to open and switch to a qualifying Lloyds current account, deposit £5,000 or more into a new fixed rate savings account between now and May 31, 2026, and keep the account open until the cashback is paid by September 30, 2026.
Simon Caddick, Savings Director at Lloyds said: “Our newest range of cash offers are about giving people more choice, greater perks and building confidence to take control with saving, investing and day-to-day banking.
“Whether you’re starting to build savings, investing in an ISA or looking to make your money work harder, our new offers will help to make taking those steps simpler and more rewarding.”
