Lloyds is offering £200 when you open a new eligible Club Lloyds account and complete a full current-account switch.

The old account must be held with a different bank or building society and will close as part of the switch. The reward is paid within 45 working days of opening the account.

For most people completing the offer primarily for the £200, the standard Club Lloyds account is the simplest option. It currently costs £5 per month, but Lloyds refunds that fee in months where at least £2,000 is paid in. Club Lloyds Silver and Platinum also qualify but have additional packaged-account fees.

Before applying, make sure the current account you are switching has at least 3 active Direct Debits. These need to move to Lloyds as part of the full CASS switch.

Examples include mobile or broadband bills, utilities, insurance, council tax, charity donations and memberships collected by Direct Debit. Standing orders and recurring debit-card payments are different and should not be relied on for this requirement.

• Old account sort code
• Account number
• Debit-card details
• Enough money for payments due before the switch completes

Open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account. For most bonus hunters, the standard Club Lloyds account is the simplest option.

If you are completely new to Lloyds, complete any eligible Lloyds Refer a Friend step before opening the account. Lloyds says the referral and switching incentives are independent, so you may receive both if you meet both sets of terms.

Club Lloyds may also include a lifestyle benefit such as Disney+ Standard With Ads, cinema tickets, Coffee Club and Gourmet Society membership or a magazine subscription. Choose benefits only if you plan to use them.

During your Lloyds application, select that you want to switch an existing account and enter the details of the account you are switching from. If the Lloyds account is already open, you can start a switch in the app or Online Banking through Apply → Current accounts → Switch to an existing account.

Make sure the switch includes at least 3 active Direct Debits from the old account. A standard Lloyds CASS switch takes 7 working days, and you can continue using the old account while it completes.

Lloyds will move your Direct Debits, standing orders, remaining balance and incoming payments, then close your old current account.

Until the switch completes, keep enough money in the old account for payments still due. After switch day, open Lloyds and check that all 3 Direct Debits have transferred successfully.

Spend a total of at least £100 with your new Lloyds debit card within 35 days of opening the account. The £100 can be built through normal everyday spending rather than one purchase.

• £35 groceries
• £20 fuel
• £15 lunch
• £30 household shopping

Use ordinary retail spending rather than financial transactions or cash-like activity. Do not confuse the £100 debit-card spend with the optional £2,000 monthly pay-in used to refund the Club Lloyds fee.

Once you have met all qualifying conditions, Lloyds pays £200 directly into your new account within 45 working days of opening the account.

Before expecting payment, check that you opened an eligible account, completed a full CASS switch from another provider, transferred 3 active Direct Debits, spent £100 within 35 days and have not received an excluded Lloyds, Halifax or Bank of Scotland switching reward since 1 January 2023.

If you used an eligible Lloyds Refer a Friend link, track that referral reward separately. Once the switch reward arrives, review whether Club Lloyds is still worthwhile and whether paying in £2,000 monthly or using its lifestyle benefit makes sense for you.