The offer is only available to people switching from another bank to the Club Lloyds or Club Lloyds Platinum account. Existing Lloyds current account customers may also be eligible if they have not received a switching bonus previously from Lloyds.
The offer is only available from today, from May 17 to June 27.
Brits must move their account using CASS to be eligible.
Martin Turner, head of personal current accounts at Lloyds Bank, said: “As well as £125 to spend with us from May 17, new Lloyds Club customers will also be able to choose from a range of lifestyle benefits from life, earn cashback while they shop, and access exclusive offers on savings and mortgages.
With every current account switching agreement, there are a series of terms and conditions that Britons must meet in order to receive the bonus.
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For the Lloyds deal, customers must use the Current Account Switch service to switch from an account with another bank.
CASS allows Britons to transfer active credits and debits when transferring current accounts between banks.
The service will also close his old account with the other bank after the change.
The offer is only available to those upgrading to Club Lloyds or Club Lloyds Platinum accounts, so individuals upgrading to other accounts with Lloyds Bank will not be eligible.
DO NOT MISS :
Existing Lloyds customers who have had an offer to switch since April 2020 are not eligible for the £125.
Additionally, if switching to a joint account and either party has already received a switch offer since April 2020, neither party will be eligible.
Only one offer is available per customer, joint accounts that have not received a change offer since April 2020 will only be eligible for one offer.
Brits can apply for the accounts online, in branch or by phone.
The £125 must be paid within three days of completing the switch.
It should show up in their account as a cash credit.
Rachel Springall, finance expert at Moneyfacts, said: “There are now several brands offering initial switch incentives to entice bank customers to move their existing checking account.
“As these offers can come and go throughout the year, consumers shouldn’t expect them to be there forever and last week Halifax withdrew its £125 free cash offer.
“However, it’s important that customers don’t rush to take advantage of choosing the right offer with appropriate benefits based on someone’s spending habits.
“Switching checking accounts is easy to do using the Switching Checking Account Service (CASS) and someone might be better off switching their checking account if it’s not working hard enough for them.”
Moneyfacts shared the main incentives for change currently in the market, including the first direct offer of £150.
HSBC offers £170 and Nationwide provides £100 or £125 depending on whether one is an existing customer.
Each of these accounts and offers has its own eligibility criteria and terms and conditions.