Offer Overview
Lloyds is offering £500 when you open a new Lloyds Premier account and complete an eligible full current-account switch.
You'll need
- Open a new Lloyds Premier account
- Complete a full CASS switch from another bank or building society with 3 active Direct Debits
- Spend £200 with the Premier debit card within 35 days of opening
- Meet the first-full-calendar-month £5,000 pay-in or £100,000 savings/investment requirement
Eligibility
- Aged 18 or over and UK resident
- New Premier account, not an upgrade or existing-account switch
- Eligible sole current account held with another provider
- No Lloyds, Halifax or Bank of Scotland switching reward since 1 January 2023
- One £500 switching reward per customer
The reward also requires £200 of Premier debit-card spending within 35 days and either £5,000 paid in during your first full calendar month or £100,000 in qualifying Lloyds savings or investments held throughout that month.
Previous switch-bonus exclusion
You will not qualify if you have received a switching reward for Lloyds, Halifax or Bank of Scotland since 1 January 2023. The offer is limited to one switching reward per customer.
It must be a new Premier account
You cannot switch into an existing Lloyds Premier account, upgrade an existing Lloyds current account or switch from another Lloyds account. The qualifying switch must come from an eligible sole account held with another bank or building society.
Check the separate referral offer first
If you are completely new to Lloyds, check the Lloyds Refer a Friend guide before applying. The referral must be attached before opening the Premier account and has separate eligibility rules.
- Confirm I meet the £500 Premier switching-offer eligibility requirements
- Confirm I can meet the Premier £5,000 or £100,000 requirement
Prepare your old account
Before opening Premier, prepare the current account you plan to switch. It needs at least 3 active Direct Debits before you start the switch.
The Direct Debits must move from the old bank to Lloyds through CASS. Standing orders and recurring debit-card payments do not count for this requirement.
Let new Direct Debits collect first
If you have only just created a Direct Debit, wait until it has successfully collected at least one payment before relying on it for the switch. A full CASS switch closes the old account, so a spare account may be easier than your main everyday account.
- Old account sort code
- Account number
- Debit-card details
- Enough money for payments due before switch day
- Have at least 3 active Direct Debits
- Have my old account details ready
- Confirm I'm switching an eligible sole account
Open your Lloyds Premier account
Open a new Lloyds Premier account. You must be aged 18 or over and live in the UK.
Premier is designed for customers who either pay at least £5,000 into the account each month or hold at least £100,000 in qualifying Lloyds savings or investments. The £15 monthly fee is refunded in months where you meet either criterion.
Do not confuse account criteria with the switch offer
For the £500 switching reward, the critical test is your first full calendar month after opening. Step 6 explains the timing.
Premier benefits can include 1% cashback on eligible debit-card purchases, Bupa Family GP and Wellbeing benefits, an annual lifestyle benefit, preferential rates, financial coaching, Premier support and no Lloyds debit-card fees abroad. None is required for the switching reward.
Referral before account opening
If eligible, complete the separate Lloyds Refer a Friend step before opening Premier. Lloyds allows the two rewards to be combined when both sets of terms are independently satisfied.
- Check the Bank Boost Lloyds referral guide first if eligible
- Open a new Lloyds Premier account
Start your full switch
During the Lloyds application, select the option to switch an existing current account and enter the details of the external account you prepared.
Use a full CASS switch
The £500 offer requires the Current Account Switch Service. A full switch moves your balance, Direct Debits, standing orders and incoming payments, then closes the old account.
Make sure all 3 qualifying Direct Debits are on the old account before starting. The qualifying account must be held with another eligible bank or building society participating in CASS.
A normal Lloyds CASS switch completes in 7 working days. You can continue using the old account while the switch is taking place.
- Start my full CASS switch
- Confirm all 3 active Direct Debits are included
Spend £200 with your Premier debit card
Spend at least £200 with your Lloyds Premier debit card within 35 days of opening the account. Build the total through normal everyday spending rather than one large purchase.
- £60 groceries
- £40 fuel
- £25 eating out
- £35 household shopping
- £40 other normal purchases
The 35-day clock starts at account opening
The deadline is not based on the switch date. Start spending comfortably before the deadline and leave room for transactions that remain pending.
Avoid relying on cash withdrawals, bank transfers, debt repayments, Direct Debits, gambling, cryptocurrency, financial-services transactions, foreign-currency or traveller’s-cheque purchases. Straightforward retail spending is safest.
Premier cashback
Eligible Premier debit-card purchases may also earn Lloyds’ separate 1% Premier cashback, subject to its own terms.
- Spend at least £200 with my Premier debit card within 35 days
Meet the Premier requirement
This is the main timing trap. To receive £500, meet one of the Premier financial criteria during your first full calendar month after opening the account.
For example, if you open the account on 10 September, September is only partial. Your first full calendar month is 1 October to 31 October.
Option 1 — pay in £5,000
Pay a total of at least £5,000 into Premier during that first full calendar month. Multiple deposits can count, such as five £1,000 deposits. Salary, Faster Payments, Bacs payments, cash, cheques, pensions, rental income, dividends and other qualifying transfers may count; refunds do not.
Option 2 — hold £100,000
Instead, hold at least £100,000 in qualifying Lloyds savings or investments throughout the entire first full calendar month. Selected savings accounts, Ready-Made Investments, Share Dealing and retail investments may qualify; do not assume every Lloyds product counts. Pension or SIPP holdings do not count under the stated Premier criteria.
Money paid in does not need to remain untouched once a qualifying deposit has registered. After the offer month, the ongoing £15 fee is refunded only while you continue to meet Lloyds’ normal monthly Premier criteria.
- Identify my first full calendar month
- Pay in £5,000 during that month OR
- Hold £100,000 of qualifying savings or investments throughout that month
Get your £500 reward
Sign in to track your progress and manage this step.
Sign inOnce all requirements are met, Lloyds pays £500 directly into your new Premier account. Allow 45 to 90 days from the date you opened the account for the switching payment.
Before expecting the reward, check that you opened a new Premier account, completed a full eligible CASS switch, transferred 3 active Direct Debits, spent £200 within 35 days, met the first-full-calendar-month £5,000 or £100,000 test, avoided the previous-bonus exclusion and kept the account open.
If the reward is late
If 90 days have passed since account opening and you are confident every condition was satisfied, contact Lloyds and ask it to check your switching-offer eligibility.
Any Lloyds Refer a Friend reward is tracked separately. After payment, decide whether the Premier benefits justify continuing the £15 monthly fee, remembering that the fee is refunded only while the ongoing Premier criteria are met.
- Receive my £500 Lloyds switching reward
- Check my separate referral reward if applicable
- Decide whether to keep Lloyds Premier