Lloyds Bank has launched its “best ever switching deal” for new customers to kickstart the New Year, which could see account holders receive a £250 bonus if they make the swap.
However, savers are being warned that this latest deal from the financial institution is only available for a limited amount of time with consumers having only weeks to take advantage of the free cash.
Many high street banks and building societies, including first direct, Santander, and now Lloyds, have offered account switch deals in recent years to entice and reward new customers.
Between January 6 to February 3, 2026, eligible new and existing customers who switch from another bank to a new Club Lloyds account, including Club Lloyds Platinum and Club Lloyds Silver, will receive £250.
Lloyds Bank is offering a free £250 cash bonus for account switchers
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GETTY / LLOYDS
Britons are being reminded to use to the Current Account Switch Service, which makes switching banks easy, and the switch can be started through the app or online. New customers will be paid the £250 within 30 days of the switch completing.
On why people should take advantage of this deal, Lloyds’ money expert Ola Majekodunmi, said: “January is the perfect time to take advantage of that ‘new year, new me’ mindset and take control of your money.
“Alongside setting your personal goals for saving and budgeting, it’s always worth looking at what deals are available as they can get you off to a strong start – and the latest switcher offer from Lloyds is a great example.
“There are lots of simple steps everyone can take to make 2026 your most financially confident year yet and managing your money doesn’t have to be difficult or scary.
Bank customers are looking for the best deals
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GETTY“You could start with something simple, like reviewing subscriptions and cancelling ones that don’t get used, or setting up automated payments to your savings account, so money is put aside without you needing to remember to do it. Even a small amount makes a difference over time.
“Planning ahead for bigger expenses – like holidays, birthdays, or home improvements – can also help avoid surprises. Little changes like these add up, and the Lloyds app makes it easier to stay in control and feel confident about your finances all year long.”
Customers who take advantage of Club Lloyds can pick from a range of lifestyle benefits worth an average of £65 in savings.
These include:
- 12 months of Disney+ Standard With Ads
- A choice of Vue or Odeon cinema tickets
- A magazine subscription
- Digital Coffee Club and Gourmet Society membership
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Club Lloyds savers can also gain access exclusive offers on other products, including the Club Lloyds Monthly Saver, paying 6.25 per cent gross/AER interest, where customers can save between £25 and £400 each month.
Furthermore, Lloyds Bank customers can also qualify for a discount on their initial mortgage rate. New and existing customers can earn £50 when they Refer a Friend to a Lloyds current account, including Club Lloyds.