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SWITCHING TO US WITHOUT THE FUSS

Switching to Lloyds Bank

Transfer everything safely and securely in 7 working days
with the Current Account Switch Service

Why switch to Lloyds Bank?

  • Earn up to 15% cashback with Everyday Offers
    Get up to 15% cashback at the type of places you regularly shop when you bank online and use your debit or credit card (merchant offers and cashback amounts vary, registration for Everyday Offers required).

    Find out more about Everyday Offers >

  • It’s On Us
    Each month we pay back thousands of customers for something they’ve bought on their Lloyds Bank debit or credit card, up to the value of £500 (Internet Banking and It’s On Us registration required).

    Find out more about It’s On Us >

  • Bank on the go, the way you want
    Use our award winning Mobile Banking app, Internet Banking or PhoneBank. Plus some of our branches are open on a Saturday.

Keep in mind

  • Current accounts only
    You can switch into Lloyds Bank current accounts only, we do not accept requests to switch savings accounts.

  • Planned Overdrafts
    All Planned Overdraft applications are subject to approval after our assessment of your circumstances, and are repayable in full on demand.

  • Existing Customers
    You’ll need your debit card or details of the account you wish to switch from to hand.

Plus with Club Lloyds


  • Up to 4% AER variable credit interest
    Earn variable monthly credit interest on your whole balance up to £5,000, if you pay two separate Direct Debits each month. If your balance is:

    • £4,000 to £5,000, you'll earn 4% AERCloseAnnual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily./3.93% grossCloseGross rateGross rate means that credit interest is paid without income tax being deducted. You can receive your interest paid gross if you're a non-tax payer and have completed an Inland Revenue R85 form. on it all.
    • £2,000 to £3,999.99, you'll earn 2% AER / 1.98% gross on it all.
    • £1 to £1,999.99, you'll earn 1% AER /1% gross on it all.
  • Choose your lifestyle benefit
    Choose a different lifestyle benefit every year per account from:

    • 6 cinema tickets
    • an annual magazine subscription, or
    • annual Gourmet Society membership.

    Find out more about Club Lloyds >


  • Club Lloyds monthly fee
    A Club Lloyds current account is free if you pay in £1,500 a month, otherwise it costs £5 per month.

Day 1
The switch begins. We make contact with your old bank to arrange the switch.

Day 2
We’ll let you know that your old bank has received your request, and then we can start transferring your payment arrangements across to your new Lloyds Bank account.

Day 3-5
It’ll take a couple of days to switch over your payment arrangements, and make sure your Lloyds Bank account is ready to go for the switch date.

Day 6
If you’re clearing a debit balance at your old account, you’ll need to make sure there are enough funds in your Lloyds Bank account to cover this transfer.

Day 7
Congratulations your switch is complete! Your balance is transferred and your old bank account is closed.

After your switch
For 36 months after your switch, payments sent to or requested from your old account will be redirected to your new account.

Introduction:
The Current Account Switch Service makes switching from one bank or building society to another simple and hassle-free whether you’re a consumer, small charity or small business. You’ll find the main benefits of the service below

Switch on your terms
With the Current Account Switch Service you can choose a switch date to suit you. Just make sure you allow a minimum of seven working days.

Simple and hassle-free
The new account provider transfers any existing balance and all existing payment arrangements for you – including those going out (for example Direct Debits and standing orders), those coming in (for example, your salary) and payees you already have set up.

Wide ranging spread of UK banks and building societies are on board
This means over 99% of UK current accounts are covered by the Current Account Switch Guarantee.

The switching process is the same
Everywhere

Every bank and building society offering the service follows exactly the same switch Process.

Payments are automatically redirected
Any payments made to or requested from your old account will be redirected to your new account for three years. We will also contact the sender and give them your new account details. That means there’s no need to worry about missing payments.

Backed by a Guarantee
In the unlikely event that something goes wrong with your switch, the new provider will refund any interest or charges incurred on your old or new account as a result.

A single point of contact
The whole process will be handled by the bank or building society you are switching to. If you have any questions or concerns, just ask your new provider.

Current Account Switch Guarantee

 

We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and hassle-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.

  • The service is free to use and you can choose and agree your switch date with us.
  • We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
  • If you have money in your old account, we will transfer it to your new account on your switch date.
  • For 36 months, we will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
  • If there are any issues in making the switch, we will contact you before your switch date.
  • If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

 

 

  1. What is the Current Account Switch Service? It’s a free service that lets you switch your current account from one participating bank or building society to another. It has been designed to be simple, reliable and hassle-free and is backed by the Current Account Switch Guarantee.
  2. Can I switch my account on a date that suits me? Yes, you can choose and agree a date with your new bank or building society and the process will start 6 working days before that date. (Working days are Mon - Fri excluding bank and public holidays.)
  3. What happens to payments that people send to my old account, i.e. salary, pension or benefit payments? The Current Account Switch Service will redirect payments to your new account for up to thirty six months from your switch date. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organizations may contact you directly to confirm your details have changed.
  4. What happens if there is a mistake or unnecessary delay in the current account switching process? The Current Account Switch Service is backed by the Current Account Switch Guarantee. This guarantees that any charges or interest incurred on your old or new account, as a result of a failure in the switching process will be refunded when you bring this to our attention.
  5. Will switching my current account affect my credit rating? No, providing you repay any outstanding overdraft(s) on your previous account(s) as required by your old bank or building society. If there are any problems with payments (as part of the switching process) we will correct them and ensure your credit rating is not affected.
  6. Can I switch my current account if I am overdrawn? Yes, and we may be able to provide facilities to help you pay off any overdraft, subject to their normal lending criteria. If this isn’t the case you must make separate arrangements to repay your old bank or building society what you owe.
  7. What if I change my mind? You can cancel your switch up to seven working days before your switch date. After that only certain elements can be cancelled. We will guide you through this process if you choose to do this.
  8. When will the money in my old account be transferred to my new account? You will be able to access the funds in your old account up to and until your switch date when they will be transferred to your new account.
  9. Do all Banks and Building Societies offer the same Current Account Switch Service? High Street banks and building societies and Internet and Telephone banks that display the ‘Current Account Switch Guarantee’ Trustmark will offer the Current Account Switch Service. You can find a list of participating organisations at www.simplerworld.co.uk.
  10. What type of accounts can I switch using the Current Account Switch Service? The Current Account Switch Service is for current accounts only. This includes personal, small business and charity current accounts. Small business accounts are those with an annual turnover that does not exceed £6.5 million and employs fewer than 50 people. Small charities have an annual income of less than £6.5 million and small trusts with a net asset value of less than £6.5 million. If you are still unsure if you qualify then please ask us to confirm. If you would like to switch other account types, such as a savings account, you will need to ask us if we are able to help you do this.
  11. What happens to any debit card transactions that I have asked my old bank to stop? The Current Account Switch Service should not interfere with this process and any debit card transactions that you have asked your bank to stop should remain so after your switch.
  12. Can I prevent my new account details being given to someone who sends one-off payments to my old account? You may be able to transfer your payments to us without redirecting payments from your old account, and you should discuss this requirement with your new bank.
  13. What should I take with me to my new bank or building society? The requirements for opening an account will vary between individual banks and building societies, so please ask them to confirm what they will need from you. However, in order to ensure your switch is successful, it is advisable that as a minimum you should take a recent bank statement and your debit card so we can identify you and link you to your old account.
  14. Does the Current Account Switch Service cover joint accounts? Yes, the Current Account Switch Service does cover joint accounts, but both named parties on the account will need to complete the relevant forms. Please note it is not possible to use the Service to switch a joint account to a sole account.
  15. My new bank says I need to update my details with my old bank. Do I? Why? If the details you provide to us do not match the details held by your old bank then you may be asked to contact your old bank to update the details they hold about you. Examples include if you have got married and not changed your maiden name to your married name or if you have moved house and not told your old bank your new address. When you are updating your details at your old bank you do not have to tell them that you will be switching to a new bank.
  16. Do you have to close your old account as part of the Current Account Switch Service? Yes. Closure of the old account is part of the Current Account Switch Service process. This allows any payments made to your old account to be automatically redirected to your new account. You can switch and keep the old account open if you want to, but you won’t be able to use the Current Account Switch Service – so you won’t get any of the benefits detailed in the Current Account Switch Guarantee.
  17. What should I do if my bank doesn’t meet the seven working day guarantee? Will I get any compensation? If anything goes wrong with your switch then we will refund you any interest (paid or lost) and charges made on either the old account or the new account. Whether you receive compensation above and beyond this is a customer-service issue for your particular bank to decide on.
  18. Are account opening and account switching all part of the same process? Account opening and account switching are separate processes. We have to carry out ‘know your customer’ security checks as part of our account opening process. Once these are complete to our satisfaction, you can choose and agree your switch date.
  19. If the switch is delayed for any reason, can I use my new account straight away? Yes, if the new account is open and you have money in it (or an overdraft agreed) then you can use it.
  20. What will happen to my Paym registration when I switch? On your switch date your old bank or building society will de-register your mobile phone number from Paym. You can then re-register your mobile number with us. You can do this on or after your switch date, or earlier if you de-register your mobile number at your old bank or building society yourself.

To help you during your switch, we may be able to arrange an interest and fee free Planned Overdraft for 3 months, subject to application and approval.*

Are you eligible for the overdraft offer?

To qualify for the interest and fee-free offer you must :

  • Use the Current Account Switch Service. This service means your old account will be closed and all your payments transferred to your new Lloyds Bank account
  • Have not used the offer within the last 12 months
  • Have applied, and been approved for, a Planned Overdraft on your new Lloyds Bank account

Overdraft Representative Example
For a Planned Overdraft of £1,200 on our Classic Account, the interest rate on the first £25 is 0% EARCloseEquivalent Annual RateThis is the actual annual rate of an overdraft. It doesn't take into account other fees and charges. variable. On the next £1,175 the interest rate is 19.94% EAR variable, with a monthly overdraft usage fee of £6. Overdrafts are repayable on demand.

Any questions on the switcher overdraft offer? Just call us on 08456 049 956.

Use the Lloyds Bank Eligibility Checker to find out how likely you are to be accepted for a Lloyds Bank current account and overdraft without affecting your credit profile.

This should take no more than 1-2 minutes to complete.

Everyday offers

It’s always nice to feel appreciated. Everyday Offers is an online service where you can earn up to 15% cashback using offers at the type of places you regularly shop.

It’s On Us

It’s On Us is our way of saying thank you. Every week we give 1,000 customers an unexpected surprise by paying them back up to £500 for something they’ve bought on their debit or credit card. So far, we’ve paid back our customers for games consoles, yoga classes, flights and much more.

Important information

To be eligible for Everyday Offers you will need to be over 18, have a Lloyds Bank personal current account, a Lloyds Bank debit and/or credit card and be registered for Internet Banking. To enter the It’s On Us free draw, you will need to be a UK resident (excluding NI) registered for Everyday Offers for up to one week and to have activated the It’s On Us offer.

Terms and conditions

I have a Lloyds Bank current account

Complete the Switching form 

 

1. Complete our simple online switching form 
2. Let us do the rest and your switch will be completed in seven working days

I don’t have a Lloyds Bank current account

Compare and apply now

 

1. Compare and apply for your new Lloyds Bank current account
2. Choose to switch at the end of your application
3. Let us do the rest and your switch will be completed in seven working days