Lloyds Bank has clarified an ambiguity of the qualifying rules for a bonus payment of either £200 or £500. The update came after a customer asked the bank to explain the rules for the scheme.

The bank will pay you a £200 bonus for switching your current account over to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account. Alternatively, you can get a £500 payment for switching to a Lloyds Premier account.

Among the qualifying rules is a list of people who are told “you can’t take part in the offer”. For either switch payment, this includes those who have previously received a switch offer since January 1, 2023, for moving over to either a Lloyds Bank, Bank of Scotland or Halifax bank account.

All three of these providers are part of the Lloyds Banking Group. A person interested in the offer posed a question relating to this rule.

They asked Lloyds over social media: “Can I switch from a Halifax Reward current account to a new Club Lloyds current account for the new switch offer?” The provider responded to spell out the rules.

They told the enquirer: “Yes, you can switch from Halifax Reward account to a new Club Lloyds account, as long as you haven’t had a switching reward from Lloyds, Halifax or Bank of Scotland since 1 January 2023, and you use the Current Account Switch Service.”

What do I need to do to qualify for the Lloyds switch offer?

To bag either the £200 or the £500 payment, you need to apply for a full switch through the Current Account Switch Service. Your switch has to include transferring over at least three active direct debits from your old account.

You’ll need to start the switch by April 30, 2026. For the £200 payment, you need to spend £100 on your debit card within 35 days of opening your account. Complete all the necessary steps and the £200 will land in your account within 45 days of opening it, and will show as a cash credit.

For the £500 offer, you need to spend at least £200 on your Lloyds Premier debit card within 35 days of opening the account. As part of the qualifying rules for a Lloyds Premier account, you also need to pay in at least £5,000 in your first full calendar month or have £100,000 in qualifying savings or investments throughout your first full calendar month.

Once you’ve done all the necessaries, the offer will be paid directly into your new account between 45 to 90 days after opening your account.The funds will appear as a cash credit.