You are here: Home - Saving & Banking - News -

Lloyds launches current account £100 switch bonus

Written by: Emma Lunn
Current account holders can pocket £100 cash if they switch their everyday banking to a Club Lloyds account.

Club Lloyds offers a choice of lifestyle benefits such as movie streaming and magazine downloads, as well as offers on mortgages and savings.

To qualify for the £100, switchers must use the Current Account Switching Service to transfer their existing current account balance, direct debits, standing orders and salary commitments. They must also close their old account.

What does Club Lloyds offer?

The Club Lloyds account costs £3 a month, although this is waived if you pay in at least £1,500 each month.

Account holders can choose one reward each year. The choice is:

  • 12 x digital movie rentals
  • 1 x annual digital Gourmet Society membership
  • 6 x cinema tickets at ODEON or Vue cinemas
  • An annual magazine subscription

The Club Lloyds Platinum Account costs £21 a month, plus £3 if you fail to pay in at least £1,500 a month.

Account holders can choose one reward each year (from the list above). In addition, they also benefit from:

  • Worldwide travel insurance underwritten by AXA
  • AA breakdown cover
  • Mobile phone insurance

Club Lloyds and Club Lloyds Platinum current account customers also receive credit interest of 0.6% AER variable on balances up to £3,999.99, and 1.5% AER on balances between £4,000 and £5,000.

They can also earn up to 15% cashback with Everyday Offers on a range of selected High Street shops include clothing stores, DIY outlets and restaurants.

Those opening a new Club Lloyds account will also benefit from a three-month fee-free arranged overdraft.

How to get the £100

Martin Turner, Lloyds Bank head of personal current accounts, said: “From the 9th September, anyone joining Club Lloyds through the Current Account Switch Service, will also get £100. Once on board, new customers will be able to choose from a range of fantastic lifestyle benefits, take advantage of cashback at selected retailers, and access exclusive offers on savings and mortgages.”

The £100 cash will be paid directly in your account within 10 working days of your switch starting and will appear as a cash credit. The switching incentive is due to end on November 2020. Anyone who has received a Lloyds switching offer since April 2018 is barred from the deal.

Other banks currently offering cash incentives to switch include RBS, Halifax, and Metro Bank.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center





Read previous post:
Tandem to close £6 month membership scheme just months after launch

Tandem Bank will pull the plug on its Cashback credit and Journey credit cards in November, meaning its £6 a...