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Lloyds is offering £200 to certain people who bank with it, but only for a few more days. The offer of a cash boost for eligible customers will end on April 30, giving people just days to take advantage.

The Club Lloyds switch deal was recently highlighted by a member of Martin Lewis' MSE team in a round-up of banks offering incentives to tempt customers away from their current banking provider. Aside from the cash bonus, Lloyds offered what was deemed a deal with "top perks," including the option of discounted Disney+, cinema tickets, or food and magazine subscriptions.

People can open one of these accounts online, over the phone or with help from an advisor in a local branch. It is important to first check whether people are eligible to hold one of these accounts - by being 18 or over and living in the UK - and then if they also meet the criteria for the bonus cash.

Potential Lloyds customers could miss out on the free £200 cash boost to their accounts if they have previously received a bank switching bonus from Lloyds, Halifax or Bank of Scotland since January 1, 2023. For more details, click here.

For those who pass the initial checks and criteria, the cash isn't handed over instantly. New customers will need to make sure they meet the next set of rules, according to Lloyds.

For the Club Lloyds account, the account holder must pay in £2,000 or more each month. There's a £5 monthly fee attached to this account, but this will be refunded each month you meet the deposit criteria.

Use the 'Current Account Switch Service' to transfer all the active credits and debits from the bank account that you hold with another bank to a new Lloyds account. The 'Current Account Switch Service' will close your old account with the other bank.

To qualify for the bonus, people must meet three targets after setting up their account before the deal expires on April 30, 2026. Some of these will happen soon after opening the new account, but others will take over a month to complete

Customers will need to transfer three active direct debits from before the new account started and spend £100 on their debit card within the first 35 days (excluding cash withdrawals).

It is possible to make a fair amount of money by switching bank accounts, but there are limits in place. According to a post made by one of Martin Lewis' MSE team: "There's no limit to how many switches you can make, although many banks will generally only pay out on a switch offer once.

"Some make it seem like you can get a switch bonus again in the future by saying things like: "You can't have received a bonus from us since April 2022". But we've noticed that, typically, those dates aren't moving forward - so in reality, you can only benefit from a switch offer from that bank once."

The report states that anyone considering this switch process should hang fire if they have an important credit application coming up, such as a mortgage. Switching bank regularly can affect your ability to get credit in future, as the applications will show on your file, and could indicate a lack of stability.

The MSE specialist said: "Done sensibly, it's not usually a big deal, yet multiple applications in a short time can look odd. So if you have an important need for credit, such as a new mortgage, hold off for six months beforehand."