Lloyds Bank has launched a £175 free cash offer which is available to new customers willing to switch current accounts.
Eligible customers can get the cash within 10 working days when they switch to a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum Account.
The offer is available for a limited time only, ending on March 28, 2024.
To qualify, customers must use the Current Account Switch Service to transfer an account held with another bank to one of the aforementioned accounts. They will need to move a minimum of two active direct debits and close the current account held with the other provider.
Lloyds Bank customers must use the Current Account Switch Service to transfer an account held with another bank
Customers cannot get the free cash if they have received a switching incentive for moving to a Lloyds Bank or Halifax current account since April 2020.
Club Lloyds customers may need to pay a monthly fee for their account.
The qualifying accounts for the switch have the following charges:
Club Lloyds Account. This has a £3 monthly fee but it’s waived each month the customer puts in at least £2,000
Club Lloyds Silver Account – £10 monthly fee. There’s also a Club Lloyds £3 monthly fee which is waived each month the customers put in at least £2,000
Club Lloyds Platinum Account – £21 monthly fee. Customers must also pay a Club Lloyds £3 monthly fee but this is waived each month they deposit at least £2,000.
Customers must switch from the old bank using the Current Account Switch Service to the qualifying account between today and March 28 next month.
Club Lloyds customers can choose a lifestyle benefit each year.
The options are:
12 months of Disney+
Six cinema tickets at ODEON or Vue cinemas
An annual digital Coffee Club and Gourmet Society membership
Annual magazine subscription.
Club Lloyds account holders can also earn credit interest on balances up to £5,000.
Club Lloyds customers can earn a 1.50 per cent AER (1.49 per cent) gross pa) variable interest rate on balances between £1 and £3,999.99.
They will get a three per cent AER (2.96 per cent gross pa) variable credit interest rate on any part of the balance between £4,000 and £5,000.
Account holders can also get access to certain savings accounts with “preferential rates”.