Lloyds customers have until just a day left to get a free £200 cash payment.

The bank is giving the freebie to new and existing customers who switch to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ by December 10.

You’ll get the £200 as long as you start your switch by December 10, 2024, meaning customers have until midnight to start the process.

Martin Lewis issued a reminder to people to make the switch on his BBC Radio 5 Live podcast before the deadline. He warned: “The highest up front cash, straight £200 up front, is Club Lloyds account. That is closing on the 10th of December.”

You need to transfer a minimum of three active direct debits from your old account to your new one to qualify for the £200. AnyDirect debits set up after your switch has been started and other automated payments, such as standing orders and recurring card payments, won’t count towards the offer.

Lloyds will transfer your cash reward within 10 working days of switching your account and it will appear as cash credit.

If you’ve already had a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account then you won’t be eligible for the £200.

Lloyds Bank said: “We make contact with your old bank to arrange the switch.We’ll let you know that your old bank has received your request, and then we can start transferring your payment arrangements across to your new Lloyds Bank account.

“It’ll take a couple of days to switch over your payment arrangements, and make sure your Lloyds Bank account is ready to go for the switch date. If you’re clearing a debit balance at your old account, you’ll need to make sure there are enough funds in your Lloyds Bank account to cover this transfer.”

Several other banks are also offering similar incentives to entice customers to switch accounts, with cash freebies up for grabs before Christmas.

Nationwide Building Society and First Direct are currently running offers of £175 to switch, while the Co-operative Bank has a “switch and stay” offer, allowing eligible customers to get up to £150.