Current account customers who make the switch will be paid the cash within three days of the switch completing.

Club Lloyds customers can choose from a range of lifestyle benefits, including a 12 month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. Customers can also take advantage of Everyday Offers, which provides cashback when shopping at select retailers.

Club Lloyds customers can also open a Club Lloyds Monthly Saver and save between £25 and £400 each month. This account pays 6.25% gross/AER interest.

Account-holders can also get a 0.20% discount off the initial mortgage rate when a Lloyds Bank mortgage is agreed and access to preferential exchange rates when ordering travel money with Lloyds Bank.

There is a £3 monthly fee to maintain a Club Lloyds account, but this is waived each month when £2,000 or more is paid into the account.

How to claim your £175 bonus

To claim the £175, banking customers need to use the Current Account Switch Service (CASS) to move their existing current account to Lloyds Bank. The service makes switching simple by transferring an existing current account balance, all Direct Debits, standing orders and salary commitments, within seven days. The CASS will close your old account with the other bank.

The switching incentive applies to switches to Club Lloyds, Club Lloyds Platinum and Club Lloyds Silver accounts.

Club Lloyds Platinum cost £21 a month to maintain the Platinum Account plus a £3 monthly Club Lloyds fee. Lloyds waives the £3 monthly fee every month in which you pay in £2,000 or more.

Club Lloyds Silver has a £10 monthly fee to maintain the account, plus a £3 monthly Club Lloyds fee. The £3 Club Lloyds fee is waived each month that you pay in £2,000 or more.

You won’t be eligible for the deal if you have received a switching offer since April 2020 for switching to any Lloyds Bank or Halifax Current Account or if you are switching to a joint account and one of the parties on the account has already received a switching offer since April 2020.