The offer is for the packaged bank accounts available under the Club Lloyds umbrella, which also includes ‘Silver’ and ‘Platinum’ options.
New customers have until 1 April 2025 to switch, and the payment will enter your account within three days of the new account opening, using the Current Account Switch Service (CASS).
As packaged accounts, there are fees to open each of the Club, Silver and Platinum options, as well as a variety of benefits. The Club Lloyds fee for each type of account starts at £3 per month but is rising to £5 from 2 June 2025. However, this is waived if you pay £2,000 into the account each month.
The number of benefits is variable depending on the account you have.
They are as follows:
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Club Lloyds
- £3 monthly Club Lloyds fee (rising to £5 from 2 June 2025)
- Club Lloyds fee waived if you pay in £2,000 each month
- No account fee
Benefits:
Account holders can choose one of the ‘lifestyle benefits’, which include a Disney+ subscription, Coffee Club and Gourmet Society membership, Vue and ODEON cinema tickets and a magazine subscription.
It also offers credit interest when you pay two direct debits each month and access to exclusive rates for savings and mortgage products.
Silver
- £3 monthly Club Lloyds fee
- £11.50 monthly account fee
- £2 account fee discounted if £4,300 or more (£5,500 for joint account)
- Account fee waived if £75,000 or more held in savings
Benefits:
Silver account holders also get the same benefit choices as Club Lloyds accounts, plus European family travel insurance (winter sports trips included) with no debit card fees when used abroad. It also has AA Breakdown Family cover and mobile phone insurance included.
This also has the same savings, credit and mortgage deals as Club Lloyds members.
Platinum
- £3 monthly Club Lloyds fee
- £22.50 monthly account fee
- £2 account fee discounted if £4,300 or more (£5,500 for joint account)
- Account fee waived if £75,000 or more held in savings
Benefits:
Platinum customers also receive the lifestyle benefits that come with Club Lloyds and Silver accounts, as well as the same monthly offer for credit interest, savings accounts and mortgage products.
However, the family travel insurance extends to trips across the world for multiple trips in a year for relatives up to the age of 80 years old.
The lender has become the latest bank to offer a cash incentive for switching, following deals from Santander and TSB.
‘Looks impressive on the face of it’
Andrew Hagger, finance expert of MoneyComms, said: “On the face of it, the list of benefits looks impressive, but remember that the monthly fee for Club Lloyds is going up from £3 to £5 per month in June (although this is waived if you pay in at least £2,000 per month).
“The Club Lloyds Platinum and Club Lloyds Silver are packaged bank accounts and come with monthly fees of £22.50 and £11.50 respectively. Just make sure you’ll make good use of the benefits on offer with these accounts, otherwise it may not work out [as] good value – it will differ from person to person depending on how many or few of the perks you actually use.”
He added: “As long as you meet the £2k monthly income criteria to avoid the £5 monthly fee, then it looks [like] a decent deal.
“If you’re someone who goes overdrawn from time to time, you may be better off looking at First Direct (also offering £175 switch incentive and 7% regular saver), where the first £250 is interest-free, whereas Lloyds charges up to 49.9% depending on your credit record.”
