Switch and get £200 in 10 working days
Switch and close your bank account held elsewhere to one of qualifying accounts below using the Current Account Switch Service.
Offer ends on 7 March 2023. You wont be eligible if you’ve received an incentive for switching to a Lloyds current account since April 2020. You may need to pay a monthly fee to maintain the account. Full terms and conditions can be found below.
Choose the best current account for you
Included in the £200 switching offer
Benefits are supplied by a third party provider
To qualify for the £200 switching offer (“the offer”) you must switch using the ‘Current Account Switch Service’ to switch from a bank account held with another bank to a “Qualifying Account”. A Qualifying Account is one of the following:
- Club Lloyds Silver Account (£10 and £3 monthly maintaining the account fees apply)
- Lloyds Silver Account (£10 monthly maintaining the account fee applies)
- Club Lloyds Platinum Account (£21 and £3 monthly maintaining the account fees apply)
- Lloyds Platinum Account (£21 monthly maintaining the account fee applies)
In order to benefit, you must:
- Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to your Qualifying Account. The ‘Current Account Switch Service’ will close your old account with the other bank; and
- start your switch from your old bank to your Qualifying Account from the 10/01/2023 and the 07/03/2023
You are not eligible for the offer if:
- You switch to any account other than a Qualifying Account.
- You change your existing account to a Qualifying Account, but you do not move your account from another bank using the ‘Current Account Switch Service’ before the switching deadline.
- You’ve received a switching offer since April 2020 for switching to Lloyds Bank.
- You are switching to a joint account and one of the parties to the joint account has already received a switching offer since April 2020.
- The bank you are switching from does not participate in the ‘Current Account Switch Service’. To find out more visit www.currentaccountswitch.co.uk
- You are an employee of Lloyds Banking Group, or an employee is named on any bank account held in joint names.
- The offer applies to applications received in branch, online or by phone from the 10/01/2023 and the 07/03/2023. The offer is subject to change and can be withdrawn without notice at any time.
- The offer does not automatically guarantee an arranged overdraft and any application for an arranged overdraft facility will be subject to status. If your Qualifying Account has an arranged overdraft, you will not pay any daily arranged overdraft interest for 3 months provided you stay within your arranged overdraft limit and do not increase or otherwise alter the arranged overdraft limit agreed.
- After 3 months, or if you change your account, you will be charged daily arranged overdraft interest applicable to the account you hold if you use your arranged overdraft. Please see the ‘Bank accounts and switching to us’ leaflet for full details on arranged overdraft interest. You will have been given this when you opened your account, but if you would like another one, please ask in branch or look at www.lloyds.co.uk/bankaccounts/current-accounts.html
- Only one offer is available per customer. Joint accounts will only be eligible for one payment.
- The offer will be paid directly into your account within 3 working days of your switch completing and will appear as a cash credit.
3 months 0% interest overdraft when you switch
To help you during your switch, we may be able to arrange an interest-free arranged overdraft for 3 months, subject to application and approval. An arranged overdraft can act as a useful safety net. You can use it to borrow money up to an agreed limit through your bank account.
What happens after the 0% interest free period ends?
Once your three month interest-free period ends we will charge interest daily. The daily arranged overdraft interest rate will be based on how you manage any accounts with us and on the credit information we hold about you. We will let you know this rate in the pre contract credit information we give you if you apply for an arranged overdraft.
Representative example (based on using a Club Lloyds Account)
An arranged overdraft on a Club Lloyds account has a variable interest rate of 27.5% EAR, and a variable representative rate of 29.9% APR, based on borrowing £1,200. The APR includes monthly maintaining the account fees of £3* and an interest free amount of £50.
*The £3 fee is waived for each month you pay in at least £1,500 into your account. From 1 April 2023 you’ll need to pay in £2,000 or more.
How does our overdraft compare?
You can use the representative APR to compare with other products or credit providers, this can help you make sure that you choose the right type of borrowing for you.
How much does my overdraft cost in pounds and pence?
As an example, the interest cost of borrowing £500 is: £2.04 for 7 days, £8.94 for 30 days and £17.98 for 60 days.
Arranged overdrafts are subject to application and approval and repayable on demand. You must be 18 or over to apply. Arranged overdraft limits and interest rates vary based on your individual circumstances.
To help you during your switch, we may be able to arrange an interest-free arranged overdraft for 3 months, subject to application and approval.
Are you eligible for the arranged overdraft offer?
To qualify for the interest-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 an arranged overdraft on your new Lloyds Bank account
Any questions on the switcher overdraft offer? Just call us on 08456 049 956
How do you apply for an arranged overdraft?
At the end of your current account application process, we may offer you an arranged overdraft. If we do, we'll tell you the maximum amount you can have and you can add it right away. You can also apply for one later.
What happens if I am overdrawn and want to switch?
We will show you the maximum amount of arranged overdraft we can offer you before you complete your switch request form, if we are unable to offer you the full amount you will need to make arrangements with your bank to pay back the remaining amount. If you've already got a current account with us you can log onto Internet or Mobile Banking and see if there is an option to extend your arranged overdraft.
Frequently asked questions
Opening a current account with Lloyds is quick and easy online. We’ll just need a few details from you as part of your application.
- Proof of identity - your driving license or passport
- Personal details - this includes your date of birth, nationality, and marriage status
- Your address - current home address and how long you have lived there
- Contact details - your phone number and your email address
- Income - how much money you earn each month
- Employment - we’ll need to know what your job is
- Outgoings - we might need to know how much money you spend on bills, like mortgages and rent
You can have as many current accounts as you like. There is no official limit on how many you can open and use at once.
Yes. You can do this at a Lloyds Bank branch or at Post Office ® branches nationwide.
When you open a new current account it could mean a slight change in credit score. This change is temporary.
To open a current account you need to be 18 or over and living in the UK.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
We don’t charge you for Mobile Banking but your mobile operator may charge for some services, please check with them. Services may be affected by phone signal and functionality. You must be registered for Internet Banking. Terms and conditions apply.
Mobile Banking app
Available to Internet Banking customers with a UK personal account and valid registered phone number. Our app is available to iPhone and Android users only and minimum operating systems apply, so check the App Store or Google Play for details. Our app does not work on jailbroken or rooted devices. Device registration required.
Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google LLC. Terms and conditions apply.