Lloyds Bank has clarified the rules for its £175 switch offer (Image: Getty)
A new customer was disappointed to be told they would likely not qualify for a £175 switch offer.
The bank is currently offering £175 if you move over from another provider to open a qualifying current account with the group.
A person hoping to secure the bonus cash got in touch over social media to ask: “I just signed up for a switch service (for the £175 promo) but when I joined it only let me have the basic account, it didn’t give me the option to have a club account, in the terms it says you can’t switch an existing account so basic to club?”
The rules state that to get the cash incentive, you have to open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account.
These are different from the Lloyds Basic Account, which is another type of current account that the high street bank chain offers.
Responding to the customer, Lloyds clarified: “If you were only eligible to apply for a Basic Account, it does not meet the condition of the offer and the £175 would not [be] eligible on your switch.”
The customer responded to voice their frustation that they were never informed that the account would not be eligible. They said “it never flagged at any point” that they would not qualify, adding that the precise reason they had chosen Lloyds was because of the £175 offer.
about the switch offer on the Lloyds website explains that “you can’t take part in the offer” if you “switch to any account other than a Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account”.
Other rules to note are you need to switch at least three active direct debits from your old account. Direct debits set up after the switch will not count towards this, neither will standing orders or recurring card payments.
You will also not qualify if you have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account.
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You also need to complete the switch using the Current Account Switch Service, so your existing provider will need to be signed up to the service.
The deadline for the switch offer is April 1, so you will need to start your switch by this date to qualify for the payment.
Providers often have switch offers similar to this to try and entice new customers. Nationwide Building Society is also offering £175 if you switch to them.
You can get the cash when switching to a FlexPlus, FlexDirect or FlexAccount. If you have one of these accounts already, you can still get the funds if you switch over from another provider to the account.
The rules state you need to bring over at least three active direct debits, pay in at least £1,000 into the new account, and pay for something using your new debit card.