Lloyds Bank update over bonus payments of £50 and £100

Lloyds Bank has shared an update after a query about bonus payments for customers. The statement came after a person contacted Lloyds over social media with a pointed question.

They asked: "Why do Lloyds never give their customers money like Nationwide did?" Customers over at the building society have been cashing in on several bonus payments in recent years.

The mutual paid out a £100 bonus to more than four million members earlier this year. This was the third instalment of its Fairer Share Payment, when Nationwide shares out its profits with loyal customers. The previous two instalments were also for £100, going out in 2023 and 2024.

More than 12 million Nationwide customers also received a £50 one-off payment in the Big Nationwide Thank You last year. This was a gesture of thanks from the group after it successfully bought out Virgin Money.

Lloyds Bank replied to the disappointed customer, saying: "We understand customers value rewards and incentives. While different banks offer various promotions, Lloyds Bank focuses on long-term value through Everyday Offers, competitive rates, and tailored financial support to suit individual needs."

However, you can bag a bonus from Lloyds if you make a switch to one of its current accounts. You can get £200 when you switch to either a Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account.

You need to do the switch using the Current Account Switch Service and move over at least three active direct debits. You can only get one switch payment per customer and if you go for a joint account, you'll only get one payment.

The £200 will be paid into your account within 10 working days of your switch completing. You will receive the funds as a cash credit.

Several other banks have switch offers on at the moment. Barclays will pay you £200 or £400 if you switch to a Barclays Bank Account or a Premier Current Account respectively. You can also get up to £500 for moving your ISA funds over to Barclays.

Nationwide will pay you £175 if you switch to a new or existing FlexDirect, FlexAccount or FlexPlus account. Both NatWest and First Direct will likewise pay you £175 to join their ranks, while TSB will pay you £180 for joining them.