Lloyds to end £175 bank switch bonus for customers earning over £28,500

Lloyds Bank is ending its £175 switching bonus on April 1, 2025. Customers must earn at least £28,500 annually to benefit from the offer, which requires a minimum monthly deposit of £2,000. The bonus applies to new Club Lloyds or Club Lloyds Silver accounts, but not for those switching from other Lloyds accounts or its sister banks. A £3 monthly fee will increase to £5 on June 2, 2025, unless the deposit requirement is met. The switching process includes transferring direct debits and closing the old account. Money expert Martin Lewis noted that the account is only advantageous for those who can meet the salary requirement.