The Club Lloyds accounts grant access to a range of additional lifestyle perks – just in time for the summer holidays.
Lloyds Bank is the latest high street provider to offer consumers free cash in exchange for switching current accounts. Those who make the move from another bank to any of its Club Lloyds or Lloyds Premier current accounts between 1 and 28 July 2025 will receive a highly competitive £185 paid within 10 working days of successfully completing the switch.
Both new and existing customers are eligible for the cash reward (so long as you haven’t benefited from any Lloyds Bank, Bank of Scotland or Halifax switching deals since April 2020). However, to qualify, you must also transfer three or more active direct debits to your new account via the Current Account Switch Service (CASS) and close your account held with another provider.
It’s likely this “generous” switching offer from Lloyds Bank will appeal to consumers “looking for a cash injection to use over the summer”, according to Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.
“The suite of current accounts from Lloyds Bank are tailored for varying needs, but the Club Lloyds is seen as its most affordable option for those who want some additional benefits,” she explained.
Last updated: 01/07/2025
Account: Club Lloyds
Arranged Overdraft Rate (EAR): 29.90%
Interest Rate (AER): 1.50%
Account Fee: £5.00 pm
Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 33.2% APR variable.
Account: Silver - with Club Lloyds
Arranged Overdraft Rate (EAR): 29.90%
Interest Rate (AER): 1.50%
Account Fee: £5.00 pm, £11.50 pm
Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 48.4% APR variable.
Account: Platinum - with Club Lloyds
Arranged Overdraft Rate (EAR): 29.90%
Interest Rate (AER): 1.50%
Account Fee: £5.00 pm, £22.50 pm
Representative Example: Based on an overdraft limit of £1200. Up to £100.00 charged at 0.00% EAR Variable. Over £100.00 charged at 29.90% EAR Variable. Representative 64.1% APR variable.
Account: Lloyds Premier
Arranged Overdraft Rate (EAR): 29.90%
Interest Rate (AER): 1.50%
Account Fee: £15.00 pm
Representative Example: Based on an overdraft limit of £1200 charged at 29.90% EAR Variable. Representative 46.3% APR variable.
As well as the free cash incentive, those who switch to a Club Lloyds account (including Club Lloyds Silver and Platinum accounts) will gain access to a range of additional perks.
For instance, you’ll earn 1.50% AER (variable) on balances between £1 and £3,999.99 held in your Club Lloyds account when you pay out at least two direct debits per month, and 3.00% AER (variable) on balances between £4,000 and £5,000 – helping your money to work harder. What’s more, you’ll have exclusive access to the Club Lloyds Monthly Saver which pays 6.25% AER on deposits between £25 and £400 per month and will receive up to 15% cashback from selected retailers with Lloyds Bank’s Everyday Offers.
Those with a summer holiday around the corner will also face no fees when using their Club Lloyds debit card abroad. Meanwhile, the choice of lifestyle benefits (ranging from a Disney+ subscription, coffee and dining offers, cinema tickets and magazine subscriptions) could help to keep children entertained over the school break.
While all Club Lloyds accounts come with a £5 monthly fee, this is waived when you deposit at least £2,000 into the account each month. The Club Lloyds Silver and Platinum accounts cost an additional £11.50 and £22.50 per month, respectively, but unlock access to breakdown cover, mobile and travel insurance policies.
Those depositing a larger sum of at least £5,000 into their account each month (or who hold £100,000 in savings and investments with Lloyds Bank) could also consider the Lloyds Premier account. This comes with the same perks as the Club Lloyds accounts but additionally offers 1% cashback (up to £10 per month) on all eligible spending, a subscription to Bupa Family GP and Wellbeing as well as access to an expert financial coaching service.
Switching deals have had a resurgence over recent weeks as providers attempt to entice customers by offering a cash boost in time for summer. That being said, the incentive from Lloyds Bank is among the most competitive currently on the market – bettered only by Nationwide BS which offers existing members £200 for moving to either its FlexPlus, FlexDirect or FlexAccount.
But, while it may be tempting to opt for the account offering the biggest reward, Springall urged consumers to consider all factors before committing to a move. “An upfront free cash injection may be a great sweetener, but consumers should only ever switch accounts if the new deal offers them better value,” she warned.
Furthermore, although additional perks can make an account seem all the more attractive, she offered the reminder that the fees charged by packaged accounts are likely “a waste of money” if consumers don’t make the most of the added extras.
Discover and compare current account switching deals using our dedicated chart – including a £200 offer for existing members of Nationwide BS.
Alternatively, find out more information about all accounts on the market with other of our current account charts.
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