Lloyds has launched a £175 switching offer for customers who open a qualifying current account and close their bank account held with another bank. The offer is time-limited and only applies to customers who start their switch via the Current Account Switch Service (CASS) on or before March 28, 2024.
Customers who qualify for the offer will receive £175 into their account within 10 working days of initiating the switch. They could also benefit from an interest-free arranged overdraft for the first 3 months subject to approval.
How to qualify for the £175 switching offer
To qualify for Lloyd's £175 switching offer, you'll need to switch to one of three Club Lloyds current accounts. You can choose between:
- Club Lloyds Account
- Club Lloyds Silver Account
- Club Lloyds Platinum Account
These accounts come with fees which can sometimes be waived depending on how much you deposit each month. We discuss these options in more detail below to help you decide which one is right for you.
To ensure you qualify, you must:
- Use the Current Account Switch Service to switch from your current account with another bank to the Club Lloyds account of your choice.
- Close your current account with your other bank after transferring all active credits and debits.
- Transfer at least two active direct debits which were active before initiating the switch.
- Initiate the switch between February 13, 2024 and March 28, 2024.
What are the Lloyds £175 switching offer exclusions?
There are a few exclusions you need to keep in mind before you make the switch. For example, you won't be able to benefit from the Lloyds £175 switching offer if you already hold a Lloyds Bank Current Account and then switch to one of the qualifying Club Lloyds accounts. The offer also won't apply if you switch to any other Lloyds account which isn't listed as part of the switching offer.
You also won't qualify if you've received a switching offer from Lloyds or Halifax since April 2020 or if you're switching to a joint account and your partner has received a switching offer since April 2020.
As you need to complete the transfer via the Current Account Switch Service, you won't qualify if your bank doesn't participate in the service either.
What are the qualifying Club Lloyds accounts?
To qualify for this switch offer, you have to open one of three Lloyds current accounts - Club Lloyds, Club Lloyds Platinum, or Club Lloyds Silver. All of these accounts come with certain perks as well as monthly fees which, in some cases, can be waived. See the table below for a quick overview of your options.
| Club Lloyds | Club Lloyds Silver | Club Lloyds Platinum | |
| Club Lloyds fee | £3 (waived if you pay in £2,000 every month) | £3 (waived if you pay in £2,000 every month) | £3 (waived if you pay in £2,000 every month) |
| Monthly fee | Free | £10 | £21 |
| Lifestyle benefit |  |
|
|
| Club Lloyds Monthly Saver | |
|
|
| European and UK multi-trip travel insurance |  |
|
|
| Worldwide multi-trip travel insurance | |
|
|
| AA breakdown cover^ | |
|
|
| Mobile phone insurance | |
|
|
^While both Club Lloyds Silver and Club Lloyds Platinum offer breakdown cover, this is more comprehensive with the Platinum option. Here is a more detailed breakdown of what each account offers.
Club Lloyds
A Club Lloyds current account costs £3 per month but this fee is waived if you pay in at least £2,000 per month every month. All Club Lloyds accounts come with the following perks:
- A lifestyle benefit which can include 12 months of Disney+ for free, six cinema tickets, or a magazine subscription among others.
- Opportunity to earn interest on your balance if you pay out two direct debits each month
- Access to the Club Lloyds Monthly Saver where you can save up to £400 a month and earn 6.25% interest on your money
Club Lloyds Silver
A Club Lloyds Silver account costs £10 per month plus the £3 per month Club Lloyds fee. The £3 fee is waived if you pay in £2,000 or more each month, but the £10 monthly fee remains.
You get all the benefits of the Club Lloyds account as well as European and UK multi-trip family travel insurance up to the age of 65, AA breakdown cover with roadside assistance, and mobile phone insurance.
Club Lloyds Platinum
A Club Lloyds Platinum account costs £21 per month plus a £3 Club Lloyds fee. The £3 fee is waived if you pay in £2,000 or more each month, but the £21 monthly fee remains.
You get all the benefits of the Club Lloyds account as well as worldwide multi-trip family travel insurance up to the age of 80, AA breakdown cover with roadside assistance including national recovery and help at home, and mobile phone insurance.
To sum up, you can get the Club Lloyds account for free if you pay in at least £2,000 each month. The Silver and Platinum options are essentially packaged bank accounts that attract a monthly fee which won't be waived.
If you qualify, you could also benefit from an interest-free arranged overdraft for 3 months. You may be offered this when you make the switch or you could apply once you open your Club Lloyds account.
How to switch bank accounts
To benefit from this switching offer, you'll need to switch using the free Current Account Switching Service. CASS recommends that you go through payments you no longer want and cancel them before switching. You should also make sure you save any old bank statements you think you'll need in the future as these won't be transferred to your new account.
With CASS, you can choose the date when you want to make the switch; it can't be a Saturday, Sunday or bank holiday. It'll then take around 7 working days for this to take place.
To initiate the switch, you'll need to ask your new bank or building society to transfer your account via the Current Account Switch Service. The process should then be handled by your new bank and all your regular incoming and outgoing payments such as Direct Debits and bill payments should be transferred to your new account along with your remaining balance. You can find out more about the CASS process here.
If this Lloyds switching offer isn't quite right for you, we cover the best switching offers in our article here. This article is frequently updated as new offers come up, so make sure to bookmark it.
