Lloyds Bank: £500 (Lloyds Premier) for high earners.
Lloyds has officially taken the crown of 'biggest switch incentive ever' with a massive £500 cash bonus. But it's only for people that meet a strict income threshold or have significant assets.
If you don't qualify for this offer, don't worry, Lloyds are still offering a generous £200 offer with much lower requirements. You can read our post about it here.
This offer expires on 30th April 2026.
How To Qualify For The Lloyds Premier Bank Switch (£500)
- Switch via CASS from an account at a different bank
- Close your old account as part of the switch process
- Transfer three active Direct Debits across*
- Spend at least £100 on your Lloyds debit card within the first 35 days
- Pay in £5,000 in the first full calendar month, or hold at least £100,000 in qualifying Lloyds savings or investments throughout that month
- Bonus paid within 45 days of the switch completing
*Need cheap and easy direct debits? You can use our 30 Pence Direct Debit service to qualify for bank switch offers.
What accounts are eligible for this offer?
- £500 offer: Lloyds Premier account only
Who Cannot Apply For This Offer:
- Anyone who received a switching bonus from Lloyds, Halifax, or Bank of Scotland since 1 January 2023
- One offer per person (existing customers can apply if the above restriction is not triggered)
How much does the Lloyds Premier account cost?
- Monthly Fee: £15 (waived/refunded if criteria below is met).
- Eligibility Criteria: Pay in £5,000+/ month OR hold £100k+ in savings/investments with Lloyds Bank.
- Foreign Usage: No fees for using the debit card abroad.
- Key Benefits: Bupa Family GP and Wellbeing service, 1% cashback on spending.
How much do you need to make for the Lloyds £500 switch bonus?
- Income Requirement: Pay in at least £5,000 per month (can be a combination of salary/other income).
- Assets Requirement: Maintain £100,000 or more in savings or qualifying investments (e.g., Ready-Made Investments, Share Dealing, or Retail Investments) with Lloyds.
