Households across the UK have just days left to secure a free £200 payment from Lloyds Bank. The banking giant has confirmed a firm deadline for its popular switching incentive, urging potential customers to act quickly.
The December Deadline for Free Cash
Lloyds Bank has now officially set the cut-off point for its £200 switch offer. New customers must complete their application and switch by December 17, 2025. This marks three months since the promotion launched in September, leaving a narrow window for those hoping to bank the extra money.
To qualify for the payment, individuals need to switch to one of Lloyds' premium accounts using the Current Account Switch Service. The eligible accounts are: Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum, or Lloyds Premier.
How to Claim Your £200 Payment
The process, while involving a few steps, is described by finance experts as straightforward. After signing up for an eligible account, new customers typically need to deposit a specific amount of money and set up a minimum number of direct debits.
"It’s one of the easiest ways to make money legally," explains Aaron Peake, a personal finance expert at CredAbility. "You’re not borrowing or buying anything you don’t need. Some people even earn thousands by switching repeatedly."
He notes that while rules like a one-off deposit or minimum monthly pay-in apply, the Current Account Switch Service handles most of the administrative hassle, moving direct debits and ensuring salaries are redirected automatically.
A Wider Trend of Banking Incentives
Lloyds is not alone in offering cash to attract new business. Other major high street names, including Nationwide and NatWest, are also running competitive switch offers, making it a lucrative time for consumers to shop around.
For anyone considering a move, the advice is clear: review the terms, ensure you can meet the criteria, and act before the December 17 deadline. With the promise of a straightforward process and a guaranteed £200, it represents a significant opportunity for households to boost their finances with minimal effort.
