Lloyds has thrown down the gauntlet to the other high street banks by tempting current account customers with £125 in cash if they switch their day-to-day banking to the bank before 5 November.

Customers will need to use the Current Account Switching Service to change to a Club Lloyds Current Account or Club Lloyds Platinum Account to get the cash. The money will be paid directly into their new bank account before the seven-day switching process completes.

The Current Account Switching Service makes switching easy by transferring a customer’s existing current account, with all direct debits, standing orders and salary commitments transferred within seven days.

The Club Lloyds account also offers:

• Credit interest of 1 per cent AER variable on balances up to £3,999.99, then 2 per cent on amounts between £4,000 and £5,000.
• An annual “lifestyle benefit”. Customers can choose between six cinema tickets with Vue or Cineworld, an annual subscription to a popular magazine, or a Gourmet Society membership
• Access to exclusive rates on other banking products.
• Up to 15 per cent cashback with Everyday Offers on a range of selected high street retail and restaurant brands.

The Club Lloyds Current Account is free if £1,500 is paid in each month. Otherwise, the account comes with a £3 monthly fee

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The Club Lloyds Platinum Account comes with a £19 monthly fee and offers worldwide travel insurance, breakdown cover, mobile phone insurance, and a lifestyle benefit.

Gabby Collins, head of personal current accounts at Lloyds Bank, said: “Our Club Lloyds accounts offer a wide range of benefits, including access to exclusive mortgage and savings rates on top of a wide range of lifestyle benefits including cinema tickets and cashback at leading retailers. New customers switching to a Club Lloyds account through the simple switch service will be up and running within seven days with a £125 bonus to welcome them.”