From 2 October 2024, Lloyds Bank is offering £200 to switch to a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account using the Current Account Switch Service before 10 December 2024.
There’s a £3 monthly fee on all these accounts to access Club Lloyds benefits, but it’s waived if you deposit £2,000 each month. The Silver and Platinum accounts have an additional monthly fee of £11.50 and £22.50, respectively.
Club Lloyds accounts also come with some tasty perks, including a 12-month Disney Plus subscription.
For a full list of switching deals on the market, you can visit our switching deals guide.
How much will you get?
You’ll get £200 within 3 working days after completing your switch to a new Club Lloyds account.
You could earn up to £90 in interest if you keep a balance of £5,000 in your current account and have 2 active direct debits each month. Interest is paid at 1.50% AER (variable) for balances from £1 to £3,999 and 3% AER (variable) on the amount between £4,000 and £5,000. No interest is paid on the amount over £5,000.
These accounts also come with access to the Club Lloyds Monthly Saver, which pays 6.25% AER, fixed for 12 months. You can save between £25 and £400 each month. If you saved the maximum of £400 at the start of each month, you’d earn £161 in interest in a year.
In terms of perks, you’ll get to choose a lifestyle benefit, which could be a Disney Plus subscription, cinema tickets, Coffee Club and Gourmet Society membership or a magazine subscription.
The Silver and Platinum accounts come with AA breakdown cover, travel insurance and mobile phone insurance.
The switching offer and the interest you could earn in the first year would take you to £451, with the other extras a bonus.
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This deal is available for UK residents aged 18 and older. New and existing customers can apply.
How you can get the £200 switching bonus
To qualify, you need to open a Club Lloyds Account (£3 monthly fee), Club Lloyds Silver Account (£11.50 monthly fee plus £3 Club Lloyds monthly fee) or Club Lloyds Platinum Account (£22.50 monthly fee plus £3 Club Lloyds monthly fee). The £3 monthly fee is waived on all accounts if you deposit at least £2,000 each month.
You need to use the Current Account Switch Service to transfer a minimum of 3 active direct debits and close your existing account held with another bank to be eligible for the £200 bonus, which is paid within 3 working days after the switch is complete.
The exclusions
You won’t receive the bonus if:
You’re switching to a Lloyds Bank current account other than the 3 named above.
You switch into an existing account.
You’ve received a bonus for switching to Lloyds Bank or Halifax Bank since April 2020.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
Find out how you can open a new current account with NatWest and take advantage of the latest switching bonus.
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