Halifax vs Lloyds: Switch Bonus Comparison
Lloyds offers the better net value at £500 vs £175 after fees.
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- Full CASS switch required
- Full CASS switch required
Verdict: Halifax vs Lloyds
Lloyds offers the higher switch bonus at £500 vs £175.
Lloyds has the better regular saver rate at 6.25% vs 5.5%.
Frequently Asked Questions
Which has the higher switch bonus, Halifax or Lloyds?
Lloyds currently offers the higher bonus at £500, compared to £175 from the other bank.
Can I switch to both Halifax and Lloyds?
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 Halifax and Lloyds?
The cooling-off periods are: Halifax: 12 months, Lloyds: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Halifax or Lloyds?
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.