Lloyds Bank has issued an update on a £200 payment going out to customers.
The bank currently offers a free £200 switching incentive to those opening an Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account.
A customer contacted the provider over X to ask: “I’ve just opened a Lloyds account, when do I receive the £200 incentive?”
In response, the bank said: “If you have met all the qualifying criteria then the offer will be paid directly into your account within 10 working days of you starting your switch.”
Lloyds also clarified that the payment “will appear as a cash credit” in the customer’s account.
A number of banks currently offer cash incentives to try and entice new customers to open an account with them.
Santander is one of the latest to launch such an offer, giving away £150 if you join them. NatWest also offers £180 while Nationwide will give you £175 if you sign up with them.
Research from the Current Account Switching Service has found a generational divide when it comes to financial awareness.
Just 63 percent of Gen Z people could correctly identify a current account compared to 68 percent of millenials and 95 percent of Baby Boomers.
The survey also showed the lack of finanical education people receive in their formative years, with just 16 percent of respondents had learnt about savings and investments at school.
John Dentry, product owner at Pay.UK, which runs the Current Account Switch Service, said: “Many banking providers now offer resources like workshops, online tools, and financial literacy programs to support their customers in building financial skills, an essential step toward managing money more confidently and avoiding financial pitfalls.
“Whether it’s choosing the right current account or learning how to manage your finances effectively, the right support can make a real difference in financial resilience.
“The Current Account Switch Service makes it quick, easy, and free to switch to a provider that best serves your needs, giving you the confidence to take control of your finances.”
