Lloyds Bank has clarified the rules about who is eligible for a £200 payment going out to certain customers.

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

But an individual asked the bank how this applies depending on who you are switching from, as there are several banks that are part of the Lloyds Banking Group, including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

The person asked over X: “Does your switch offer exclude switching from NatWest? I know Bank of Scotland accounts don’t qualify and given NatWest is part of RBS [Royal Bank of Scotland] I wasn’t sure if moving from NatWest would fail to qualify for the offer to?”

Lloyds clarified said in response: “Bank of Scotland is part of Lloyds Banking Group. RBS is a different bank, you would be able to switch from NatWest. I hope this helps.”

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

Another rule to note is that you can’t get the £200 payment if you received a switching offer since April 2020 when switching to any Lloyds, Bank of Scotland or Halifax account.

To get the cash incentive, you also have to transfer over three or more active direct debits, using the Current Account Switching Service. The offer ends on December 10.

Several other providers have cash switching offers at the moment, with Nationwide offering £175, Santander giving away £150 and NatWest giving out £180.

One switcher who had just opened their Lloyds account asked when the payment would arrive.

The bank said in response: “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.”

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

He said: “Reviewing your bank account is one thing we recommend doing to ensure you’re with a provider whose services suit your individual needs and goals.

“If you feel you need something different from your current account, it pays to consider switching.”

He explained some of the attractive features that banks provide, stating: “The right bank account is a key component of managing your finances.

“Some providers offer tools, trackers and savings settings to help with individual financial goals, while others offer varying perks such as cashback from select retailers and energy providers which can help keep budgets on track.”

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