Lloyds Bank announces £175 switching incentive

The Club Lloyds accounts offer financial and lifestyle benefits, but monthly fees apply

Lloyds Bank launched a new switching deal yesterday, offering customers a £175 cash incentive to close their existing current account and move to a Club Lloyds account, including Platinum or Silver.

The offer is available until 28 March 2024 and can be completed using the Current Account Switch Service. Switchers will receive the cash incentive 10 days following a successful switch.

It should be noted this offer is not available to those who have received a switching offer since April 2020 for switching to any Lloyds Bank or Halifax current accounts.

What’s in store for those who switch?

Apart from the cash bonus, switchers to any Club Lloyds account, including the Platinum and Silver, can enjoy the same incentives as other Lloyds Bank current accountholders. This includes a range of everyday cashback offers at selected retailers, such as Costa Coffee and Sainsbury’s. Plus, there’s the opportunity to get a 0% interest overdraft for the first three months from switching (if requested on application).

Those opting for a Club Lloyds account can access additional financial perks. Accountholders can choose from a range of selected lifestyle benefits, including a 12-month Disney+ subscription and cinema tickets.

Moreover, by paying out two direct debits each month, you can earn interest on balances up to £5,000. Plus, should you wish to take out a mortgage with Lloyds Bank, this account offers holders a 0.20% discount off the initial mortgage rate.

Meanwhile, switchers to the Silver or Platinum Club Lloyds accounts can enjoy all these benefits, as well as additional perks, such as travel insurance, mobile insurance, and AA Breakdown Family Cover.

How does it compare?

At the time of writing, Lloyds Bank is the only current account provider offering a switching bonus.

However, all three Club Lloyds accounts require a £3 monthly fee, which can be waived if £2,000 is credited each month. The Silver and Platinum Club Lloyds accounts also come with an additional fee of £10 and £21 respectively.

You can compare these offerings against other current accounts on the market by using our dedicated chart, helping you find the best product for your needs and circumstances.