Barclays vs Lloyds Premier: Switch Bonus Comparison
Lloyds Premier offers the better net value at £410 vs £175 after fees.
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- Open via Barclays app
- Sign up to Blue Rewards
- Full CASS switch with 2 active direct debits
- Pay in £2,000 within 30 days
- Cannot have held a Barclays current account on or before 17 Feb 2026
- Pay in £5,000/month (or hold £100k+ in Lloyds savings/investments)
- Full CASS switch with 3 active direct debits
- Spend £200 on debit card within 35 days
- Account opened on or after 24 Feb 2026
- Apple TV+
- MLS Season Pass
- 4%+ Rainy Day Saver on up to £5,000
- Cashback on household bills and partner retailers (with Blue Rewards)
- Bupa Family GP & Wellbeing subscription
- 1% debit card cashback (up to £10/month)
- Disney+ Standard with Ads (or cinema tickets/lifestyle benefit)
- 0.2% mortgage discount
- 6.25% Regular Saver
Verdict: Barclays vs Lloyds Premier
Lloyds Premier offers the higher switch bonus at £500 vs £175.
After accounting for monthly fees, Lloyds Premier gives you more in your pocket with a net value of £410.
Barclays has no monthly fee, while the other charges £15/month.
Lloyds Premier has fewer requirements (4 vs 5), making it simpler to qualify.
Lloyds Premier comes with more perks (5 vs 4), including things like bupa family gp & wellbeing subscription.
Barclays has no income requirement, while Lloyds Premier requires £60,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, Barclays or Lloyds Premier?
Lloyds Premier currently offers the higher bonus at £500, compared to £175 from the other bank.
Can I switch to both Barclays and Lloyds Premier?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for Barclays and Lloyds Premier?
The cooling-off periods are: Barclays: 24 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Barclays or Lloyds Premier?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.