First Direct vs Lloyds Premier: Switch Bonus Comparison
Lloyds Premier offers the better net value at £410 vs £175 after fees.
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- Full CASS switch with 2+ direct debits/standing orders
- Deposit £1,000 within 45 days
- 5 debit card transactions within 45 days
- Register for digital banking
- New customers only (never previously held First Direct account)
- 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
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
- 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: First Direct 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.
First Direct 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.
First Direct has no income requirement, while Lloyds Premier requires £60,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, First Direct or Lloyds Premier?
Lloyds Premier currently offers the higher bonus at £500, compared to £175 from the other bank.
Can I switch to both First Direct 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 First Direct and Lloyds Premier?
The cooling-off periods are: First Direct: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, First Direct 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.