Lloyds Bank has issued an update on a £200 payment made to customers.

The bank is currently offering a free £200 switching incentive to those who open a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account.

A customer contacted the provider via X to ask: “I have just opened a Lloyds account, when will I receive the £200 incentive?” »

In response, the bank said: “If you meet all the qualifying criteria, the offer will be paid directly into your account within 10 business days after your switch begins. »

Lloyds also clarified that the payment “will appear as a cash credit” to the customer’s account.

A number of banks are currently offering cash incentives to try to entice new customers to open an account with them.

Santander are one of the latest to launch such an offer, offering £150 if you join them. NatWest also offers £180 while Nationwide will give you £175 if you sign up with them.

Research from the Current Account Switching Service has revealed a generational gap when it comes to financial awareness.

Only 63% of Gen Zers could correctly identify a checking account, compared to 68% of millennials and 95% of baby boomers.

The survey also showed the lack of financial education people receive during their formative years, with only 16 percent of respondents having learned about saving and investing at school.

John Dentry, product owner at Pay.UK, which runs the current account switching service, said: “Many banking providers now offer resources such as workshops, online tools and financial education programs for helping their clients develop their financial skills, an essential step towards managing their money with more confidence and avoiding financial pitfalls.

“Whether it’s choosing the right current account or learning to manage your finances effectively, appropriate support can make a real difference in terms of financial resilience.

“The current account switching service makes it quick, easy and free to switch to a provider that best suits your needs, giving you the confidence to take control of your finances.”