Lloyds Bank £200 switch from 16 September 2025

Theleak250

I have set up a new direct debit to make 3 on my old account to be switched. According to these terms it may not be considered “active”. It worked however for the Santander switch. I have not started the switch yet. 

Bridlington1

EarthBoy said:

I've updated the first post with the Terms and Conditions, and FAQs.

And for future reference Ts&Cs have been archived to the wayback machine:
https://web.archive.org/web/20250916110622/https://www.lloydsbank.com/current-accounts/switch.html


For those short of DDs for this offer, see:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Aidanmc

What is an active direct debit

An active direct debit is one that has been paid to the originator in the last 13 months. This can be any frequency of payment: weekly, monthly, quarterly or annual. If the direct debit has been recently set up and the first payment has not been taken this is not an active direct debit.

Will Lloyds know if the DD has paid out or not?

Bob2000

I'm tempted  by this, so....
I already have a classic account  with  lloyds.
If l apply for the club llloyds account and the switch is successful with £200 in account, can l immediately  close  the account  down and still keep the classic original account safe? without annoying  Lloyd's?? I use the classic  regularly  to move cash around. Also, have the attached regular saver. 

Also, the £2000 does it need to be in and out again before £200 is received?

PRAISETHESUN

Lloyds don't have any issues with you holding multiple current accounts with them, so your Classic account will remain unaffected by opening and then closing a new CL account. If you're worried, then downgrade the CL account to a second Classic account after you're paid the incentive, and close it down in month or two so it doesn't look like you're just after the switching money.

Also the £2k deposit isn't a requirement for the switch offer. It's only needed if you want the monthly fee waived. It can be done at any point, before or after the switch.

Bob2000

PRAISETHESUN said:

Lloyds don't have any issues with you holding multiple current accounts with them, so your Classic account will remain unaffected by opening and then closing a new CL account. If you're worried, then downgrade the CL account to a second Classic account after you're paid the incentive, and close it down in month or two so it doesn't look like you're just after the switching money.

Also the £2k deposit isn't a requirement for the switch offer. It's only needed if you want the monthly fee waived. It can be done at any point, before or after the switch.

Thanks for that information 👍 
So with adding 3 cheapo DD and the £5 fee l could still get around  £185- £190.
Interesting.

Zekko

Aidanmc said:

What is an active direct debit

An active direct debit is one that has been paid to the originator in the last 13 months. This can be any frequency of payment: weekly, monthly, quarterly or annual. If the direct debit has been recently set up and the first payment has not been taken this is not an active direct debit.

Will Lloyds know if the DD has paid out or not?

Unless the direct debit states ‘first payment’ on the Lloyds account when payment is taken, I don’t know how else Lloyds would tell.

Maybe someone else knows better?

I plan to swap a couple of active DDs to a ‘switching account’ before I apply to Lloyds, and these particular DDs have already been paying out for several years so all I would be doing is changing the account number they are withdrawn from, and these won’t be identified as first payments. Once these DDs are switched and shown on the account banking, I will start the Lloyds switch.

4thewww

If you are looking for Direct Debits (rather than moving around your existing Direct Debits) you can set up 3 x 50p ones using www. 50pdirectdebit .co.uk - Just wait around 1 week for the first payment to go out and then you are ready to switch. Cancel them once your switch is complete.

nivagreal

With the paying in £2000 to avoid paying the £5 monthly charge. Can you add an amount and then withdraw it?

PRAISETHESUN

nivagreal said:

With the paying in £2000 to avoid paying the £5 monthly charge. Can you add an amount and then withdraw it?

Yes - there's no need for the money to stay in the account any longer than it takes to transfer it in and them immediately transfer it out.

Also doesn't have to be £2000 in one go. You could do 2x £1000, 4x £500, 2000 x £1 if you really wanted...