Lloyds Bank, NatWest and Bank of Scotland warn customers about paying over £200 | Personal Finance | Finance

Lloyds Bank has announced the rules for who may be eligible for the £200 payment to certain customers.

The bank is currently offering £200 to new customers who open a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account with the provider.

But one person asked the bank how this would be enforced depending on who you switch from; because there are many banks that are part of the Lloyds Banking Group, such as Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

Person To qualify?”

In response, Lloyds clarified: “Bank of Scotland is part of Lloyds Banking Group. RBS is a different bank, you can switch from NatWest. Hope this helps.”

Royal Bank of Scotland is a subsidiary of NatWest Group, which is separate from Lloyds Banking Group.

Another rule to note is that if you received a switch offer when switching to any Lloyds, Bank of Scotland or Halifax account since April 2020, you will not receive the £200 payment.

To benefit from the cash incentive, you must also transfer three or more active automatic payments using the Current Account Switching Service. Offer ends December 10.

Many other providers currently have cash replacement offers; Nationwide offers £175, Santander offers £150 and NatWest offers £180.

An exchanger who had just opened a Lloyds account asked when the payment would arrive.

In response, the bank said: “If you meet all the required criteria, the offer will be paid directly to your account within 10 business days of initiating your switch.”

John Dentry, product owner of the Pay.UK Current Account Switching Service, encouraged savers to see if they would benefit from switching.

He said: “Examining your bank account is something we recommend you do to ensure you are with a provider whose services suit your individual needs and goals.

“If you feel like you need something different from your current account, you should consider switching.”

He explained some of the attractive features that banks provide: “The right bank account is an important component of managing your finances.

“Some providers offer tools, trackers, and savings settings to help with individual financial goals, while others offer a range of benefits, such as cash back from select retailers and energy providers, that can help budgets stay on track.”

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