Lloyds vs Santander: Switch Bonus Comparison
Lloyds offers the better net value at £500 vs £200 after fees.
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- Full CASS switch required
- Full CASS switch
- Pay in £1,500 within 60 days
- 2 active household direct debits within 60 days
- Cannot have held a Santander current account on 1 Jan 2025
Verdict: Lloyds vs Santander
Lloyds offers the higher switch bonus at £500 vs £200.
Lloyds has fewer requirements (1 vs 4), making it simpler to qualify.
Lloyds has the better regular saver rate at 6.25% vs 5%.
Frequently Asked Questions
Which has the higher switch bonus, Lloyds or Santander?
Lloyds currently offers the higher bonus at £500, compared to £200 from the other bank.
Can I switch to both Lloyds and Santander?
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 Lloyds and Santander?
The cooling-off periods are: Lloyds: 12 months, Santander: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Lloyds or Santander?
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.