Lloyds Bank has launched a £200 switching offer for customers who switch to a Club Lloyds account and a £500 switching offer for customers who switch to a Lloyds Premier account. The offer is time-limited, meaning it only applies to customers who start their switch via the Current Account Switch Service (CASS) before the 30th April 2026.
Customers who are eligible will receive the bonus within 45 days of opening the account (or up to 90 days for the Lloyds Premier bonus) if they switch 3 active direct debits and spend £100 (or £200 for the Lloyds Premier bonus) within the first 35 days. New Club Lloyds customers may also benefit from an interest-free arranged overdraft for the first 3 months, subject to approval.
Both Lloyds Premier and Club Lloyds accounts come with perks like free access to Disney+ or free cinema tickets, a range of other lifestyle benefits, and attractive Regular Saver rates.
Keep in mind the Lloyds Premier account requires holders to pay in £5,000 each month or have £100,000 of qualifying savings or investments with Lloyds.
How to qualify for the Lloyds switching offer
To qualify for the Club Lloyds £200 switching offer, you'll need to switch to one of three Lloyds current accounts. You can choose between:
- Club Lloyds Account
- Club Lloyds Silver Account
- Club Lloyds Platinum Account
These accounts come with fees, some of which can 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 qualify for the Lloyds Premier £500 switching offer, you'll need to switch to a Lloyds Premier account.
Completing the switch
You can apply for an account online, in-app or over the phone. You can initiate the switch itself online or via the Lloyds app.
To ensure you qualify, you must:
- Open a new qualifying Club Lloyds or Lloyds Premier account between 24th February 2026 and 30th April 2026
- Start your switch using the Current Account Switch Service by 30th April 2026
- Transfer at least three active Direct Debits from your old account as part of the switch
- Close your old bank account (this happens automatically with CASS)
- Spend £100 (£200 for the Lloyds Premier bonus) on your debit card within 35 days of opening your account
keep in mind that the following transactions will not be counted towards the debit card spend:
- Cash withdrawals (including cash withdrawals made at ATMs, in branch, at any Post Office or third-party counter)
- Bank transfers (including any made with the debit card)
- Debt repayments
- Direct debits
- Gambling transactions
- Cryptocurrency
- Financial Services Transactions (money transmission orders, purchases of foreign currency or travellers' cheques, purchases of financial services such as insurance or investments)
What are the Lloyds switching offer exclusions?
There are a few exclusions you need to keep in mind before you make the switch. You will not be eligible for the £200 or £500 bonus if:
- You are switching to a joint account and one of the account holders has already received a switching offer from Lloyds Bank, Halifax, or Bank of Scotland since 1st January 2023
- You have received a switching offer from Lloyds Bank, Halifax, or Bank of Scotland yourself since 1st January 2023
- You are switching to any account other than the specific Club Lloyds accounts listed above
- You are switching from an existing Lloyds Bank, Halifax, or Bank of Scotland account
What are the qualifying Club Lloyds accounts?
To claim the £200 switching offer reward, you'll need to open one of three accounts: Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum. All Club Lloyds accounts currently charge a £5 monthly fee, but this fee is waived each month you pay £2,000 or more. The Silver and Platinum accounts charge an additional monthly fee for packaged benefits, which cannot be waived.
| Club Lloyds | Club Lloyds Silver | Club Lloyds Platinum | |
| Club Lloyds fee^ | £5 (waived if you pay in £2,000 every month) | £5 (waived if you pay in £2,000 every month) | £5 (waived if you pay in £2,000 every month) |
| Additional monthly fee | Free | £11.50 | £22.50 |
| Lifestyle benefit | YES | YES | YES |
| Club Lloyds Monthly Saver | YES | YES | YES |
| European and UK multi-trip travel insurance | NO | YES | YES |
| Worldwide multi-trip travel insurance | NO | NO | YES |
| AA breakdown cover^ | NO | YES | YES |
| Mobile phone insurance | NO | YES | YES |
^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
The standard Club Lloyds account is effectively free if you meet the £2,000 monthly pay-in requirement (otherwise it is £5 a month). It comes with a choice of "lifestyle benefits" each year, including:
- 12 months of Disney+ (Standard with ads)
- 6 cinema tickets per year (Vue or Odeon)
- A magazine subscription
- Coffee Club and Gourmet Society membership
You can also earn credit interest on your balance: 1.50% AER on balances up to £4,000 (reducing to 0.75% on 31st March 2026) and 3.00% AER on the portion of your balance between £4,000 and £5,000 (requires two Direct Debits to be paid out each month). As a Club Lloyds customer, you also gain access to exclusive savings products with potentially higher interest rates. The Club Lloyds Monthly Saver account offers a fixed interest rate of 6.25% AER for 12 months, and you can save between £25 and £400 per month.
Club Lloyds Silver
The Club Lloyds Silver account costs £11.50 a month, plus the £5 Club Lloyds fee (waived if you pay in at least £2,000 per month). For the extra cost, you get European and UK family travel insurance (up to age 65), AA breakdown cover with Roadside Assistance, and mobile phone insurance.
Club Lloyds Platinum
The Club Lloyds Platinum account costs £22.50 a month, plus the £5 Club Lloyds fee (waived if you pay in at least £2,000 per month). This upgrades the travel insurance to Worldwide cover (up to age 80) and enhances the AA breakdown cover to include Home Start and National Recovery
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.
What is the Lloyds Premier account?
The Lloyds Premier account offers a far higher switching bonus than the Club Lloyds accounts, but it is a premium current account for high-income customers. It charges a monthly fee of £15, though this is refunded if you pay in £5,000 per month, or hold £100,000 in savings or investments with Lloyds. Unlike other premium current accounts, there is not a specified minimum salary requirement to open a Lloyds Premier account.
Benefits of the Lloyds Premier account include:
- Bupa Digital Family GP and Wellbeing Subscription
- Enhanced savings rates
- 1% cashback on eligible debit card spending (capped at £10 per month)
- Choose between 12 months of Disney+ (Standard with ads) free, 6 free cinema tickets per year (Vue or Odeon), a free magazine subscription, or free Coffee Club and free Gourmet Society memberships
- No fees on overseas spending
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. Remember, you must initiate this process by 30th April 2026 in order to qualify for the £200 or £500 switching offer.
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.
Is the Lloyds Bank switching offer worth it?
At £500, the Lloyds Premier bonus is one of the highest switching incentives we have seen, while even the Club Lloyds offer matches the £200 switching offer from competitor Santander and beats the regular £175 switching offers from Nationwide and First Direct. If you are unhappy with your current bank or simply want a cash boost, it is an excellent time to switch.
Keep in mind the £5 monthly fee for the Club Lloyds account. To make the account truly free, you'll need to pay in at least £2,000 a month. If you cannot meet this requirement, the fee will eat into your £200 bonus over time.
The Lloyds Premier account will not be an option for many switchers as you will need to pay in £5,000 each month or have £100,000 of qualifying savings or investments with Lloyds.
Additionally, the requirement to transfer three active Direct Debits is slightly higher than the usual two requested by other banks, so check your existing account to ensure you have enough active payments to move over.
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