Lloyds Bank explains how to get £185 bonus payment if you have one of 3 accounts

Lloyds Bank has shed light on the rules about how to get an £185 payment that certain customers can claim. The bank outlined the eligibility requirements after a query from a person on social media, who wanted to find out if they would be eligible.

Lloyds is hoping to entice customers with a £185 bonus for switching from a non-Lloyds provider to open a new current account with them. In response to the enquiry, Lloyds set out the rules: "You need to open a brand new eligible account: Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account.

"Use the switch service to switch your bank account from another bank to us." The bank also pointed out some additional criteria that must be met: "There will need to be a minimum of three direct debits moved across as part of the switch." The group warned that some people may be ineligible if they have previously received a similar switching bonus.

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This includes those who have received a switch offer when moving to a Lloyds Bank, Bank of Scotland, or Halifax current account since April 2020. This is because all these banks are all part of the Lloyds Banking Group.

In cases where you are opening a joint account, these limitations apply to both people, so if either person has received a similar cash payment before, you won't qualify.

The offer is also not available to those transferring from a Halifax or Bank of Scotland current account. Lloyds also informed the person that you must start the switch by July 28 to take advantage of the promotion.

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Guidance on the Lloyds Bank website explains: "The offer is subject to change and can be withdrawn without notice at any time." People interested in the offer may want to note some other conditions attached to the deal.

The three direct debits required for the switch must be set up before starting the switch. These have to be direct debits - neither standing orders nor recurring card payments will count towards this requirement.

Qualifying customers can expect to see the £185 bonus deposited into their accounts within 10 working days of starting the switch, showing up as a cash credit. Other providers are also tempting customers with switch incentives, including Nationwide, which is offering a £200 payment for existing members who transfer to one of their current accounts.

This offer applies to switches into either an existing or new FlexPlus, FlexDirect, or FlexAccount, but time is ticking – the deal ends on Thursday, July 10. Nationwide customers who are curious about their eligibility for the offer can use a tool on the building society's website to help you find out.