From Tuesday 28 May, savers moving their everyday banking to Lloyds could be eligible for £175 in hard cash just days after the switch completes.
Both new and some existing customers can take advantage of the deal when completing the move via the Current Account Switch Service (CASS). This ensures all your direct debits and standing orders are moved across while your existing account is automatically closed.
As part of this offer, your switch must include at least three active direct debits from your old account being moved to Lloyds Bank.
You need to open a Club Lloyds account online, by phone or in branch by Tuesday 30 July before the switch sweetener is pulled, but Lloyds added it can be withdrawn without notice at any time.
Meanwhile, the £175 will be paid into your new account within three days of the switch being completed.
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Club Lloyds current account options
There are three Club Lloyds current accounts to choose from:
- Club Lloyds Account: £3 per month fee waived if you pay in £2,000 per month. It offers in-credit interest of up to 3% AER, plus access to the Club Lloyds Monthly Saver paying 6.25% AER.
- Club Lloyds Silver Account: Currently £10 per month, rising to £11.50 from 1 July 2024, plus the £3 monthly account fee, which is waived if you pay in £2,000 per month. It offers European and UK travel family insurance, AA Breakdown family cover and mobile phone insurance.
- Club Lloyds Platinum Account: Currently £21 per month, rising to £22.50 from 1 July 2024, plus the £3 monthly account fee, which is waived if you pay in £2,000 per month. It offers worldwide travel family insurance, AA Breakdown family cover and mobile phone insurance.
All three current accounts also come with ‘lifestyle benefits’, where customers can choose from 12 months of Disney+, six cinema tickets, an annual digital Coffee Club and Gourmet Society membership or an annual magazine subscription.
Existing customers qualify for the switching offer as long as you open a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account and meet all of the conditions.
If you change your existing Lloyds Bank Current Account to a Club Lloyds Account, Club Lloyds Silver or Club Lloyds Platinum Account, you won’t be eligible.
Plus, if you’ve received a switching offer since April 2020 for a current account transfer to any Lloyds Bank or Halifax Current Account, you also won’t be able to get your hands on the £175 cash offer.
Other switching deals on the table
Lloyds Bank joins a flurry of other providers who have recently launched current account switching deals.
Just yesterday, Nationwide Building Society launched a £200 switch sweetener as it posted a strong set of financial results, while TSB now offers newbies up to £160 for the move.
Elsewhere, Santander gives eligible new savers £175 cash, which is also matched by First Direct luring in customers with its own £175 deal.
Alternatively, you could pick a current account based on the in-credit interest offered. Virgin Money is currently offering new everyday banking customers up to 12.68% AER.
