Time is running out for customers to secure a free £200 boost before the end of the month.
The cash bonus could arrive just in time for Christmas, with payments promised within 10 working days of starting the switch.
Lloyds Bank's latest switching offer is open to both new and existing customers.
Those who switch on the final day could receive their £200 by December 24, offering a welcome boost to their festive finances.
To qualify for the £200 bonus, customers must switch to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account.
The switch must be completed using the Current Account Switch Service, with a minimum of three active direct debits transferred from the old account.
Nationwide Building Society and First Direct are both offering £175 to new customers who switch
PAIt's important to note that direct debits set up after starting the switch will not count towards the offer.
Other automated payments, including standing orders and recurring card payments, are also not eligible for the requirement.
The switch can be initiated online through the Lloyds Bank website, with applicants needing to begin the process before the December 10 deadline.
A Lloyds Bank spokesperson explained: "We make contact with your old bank to arrange the switch. We'll let you know that your old bank has received your request, and then we can start transferring your payment arrangements across."
The entire switching process typically takes around seven days, during which your balance is transferred and old account closed.
Customers who have received a switching offer since April 2020 from Lloyds, Bank of Scotland or Halifax are not eligible for the £200 payment.
The bank advises ensuring sufficient funds are available in the new Lloyds account to cover any debit balances being transferred from the old account.
Several other banks are currently offering competitive switching incentives for customers looking to move their accounts.
Nationwide Building Society and First Direct are both offering £175 to new customers who switch.
The Co-operative Bank has launched a "switch and stay" offer worth up to £150.
Santander is providing £150 for new customers, while NatWest has raised the stakes with a £180 switching bonus.
These alternatives could appeal to those who don't meet Lloyds' eligibility criteria or have previously received a switching bonus from the Lloyds Banking Group.
Some customers have reported confusion over eligibility, particularly regarding previous switching offers.
One customer took to social media platform X to query whether a past Halifax account would affect their eligibility for the £200 bonus. Lloyds Bank advised checking with Halifax directly, noting that closed account records could be accessed at branches.
Halifax responded that customers might be able to verify previous switching incentives over the phone, potentially avoiding a branch visit.
Importantly, while previous switching offers from Lloyds, Halifax, or Bank of Scotland affect eligibility, having received a payment from Royal Bank of Scotland would not disqualify customers.
