Lloyds Bank Launches Current Account Switching Deal Worth £200

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Ella Mower

Senior Content Writer

Published: 12/09/2025

Lloyds Bank on the high street

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Switchers will also unlock access to a range of additional perks and lifestyle benefits.

Consumers could become £200 better off by moving current accounts to Lloyds Bank after the high street provider unveiled its brand-new switching deal today.

From 16 September, eligible new and existing customers who successfully switch from another bank to either its Club Lloyds or Lloyds Premier current accounts will receive the lump sum within 10 working days.

“We know switching bank can feel like a big step, so we’re making it rewarding and easy,” explained Vivek Khattri, Director of Personal Current Accounts and Overdrafts at Lloyds Bank.

Indeed, Adam French, Head of News at Moneyfactscompare.co.uk, said this latest switching offer is “unlikely to go unnoticed by anyone looking for a free cash boost this autumn”.

Last updated: 12/09/2025

Lloyds Bank

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.}

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Lloyds Bank

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.}

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Lloyds Bank

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.}

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Lloyds Bank

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.}

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How to switch current accounts:

The Current Account Switch Service (CASS) is used by many banks and building societies to facilitate moving seamlessly between accounts.

Gain access to over £100 worth of benefits each month

However, there’s more than just free cash up for grabs; those who switch to a Club Lloyds account (including the Silver with Club Lloyds and Platinum with Club Lloyds) will gain access to a wide range of additional perks.

For instance, balances between £1 - £3,999.99 held in a Club Lloyds account will receive 1.50% AER when at least two Direct Debits are paid out per month, while a higher 3.50% AER will apply to balances between £4,000 and £5,000. In total, this could see Club Lloyds customers earn up to £90 in credit interest each year.

What’s more, Club Lloyds accountholders get exclusive access to the Club Lloyds Monthly Saver, (paying 6.25% AER on deposits between £25 and £400 each month) as well as up to 15% cashback at selected retailers with Lloyds Bank’s Everyday Offers – helping to stretch their money even further.

There’s also a wide range of lifestyle benefits to choose from, including a 12-month Disney+ subscription, discounts on coffee and dining, free cinema tickets and magazine subscriptions.

That being said, it should be noted all Club Lloyds accounts come with a £5 monthly fee (although this is waived in any month £2,000 is deposited into the account). The Silver with Club Lloyds and Platinum with Club Lloyds accounts cost an extra £11.50 and £22.50 per month, respectively, but come with breakdown cover, mobile and travel insurance policies.

Alternatively, the Lloyds Premier current account might be worth considering if you’re looking to deposit £5,000 or more each month, or hold £100,000 in qualifying savings and investments with Lloyds Bank. In addition to the perks included with the Club Lloyds accounts, it offers 1% cashback (up to £10 per month) on all eligible spending and comes with a Bupa Family GP and Wellbeing subscription, as well as expert financial coaching.

Don’t be swayed by the free cash!

Before committing to a switch, it’s important to consider all features of a current account carefully. “It is vital customers pick the right current account that suits their everyday needs and are not swayed by free cash alone,” warned French.

For instance, he added that those wanting to earn a competitive interest rate on their in-credit balances could consider the FlexDirect account from Nationwide BS which offers a market-leading 5.00% AER on up to £1,500, fixed for the first 12 months (providing you pay in at least £1,000 per month). Meanwhile, the Current Account from Kroo Bank Ltd offers 2.90% AER on balances up to £500,000 – making it a “fuss-free” option.

Alternatively, those wanting to balance strike a balance between earning interest and cashback could explore an account from Santander. “Customers who put £1,500 per month into its Edge Up current account can earn 2.50% AER interest on balances up to £25,000. The account also provides some enticing perks, such as cashback on selected spending and bills capped at £15 per month, but it is worth noting they will need to pay a £5 per month fee,” French explained.

As for anyone worried about dipping into their overdraft, he said “Starling Bank charges a competitive 15% EAR on its overdraft”, while “first direct has a £250 interest-free buffer before charging 39.9%”.

Discover more about these current accounts, as well as other switching deals on the market, using our dedicated charts.

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Disclaimer

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Lloyds Bank on the high street

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