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.