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Lloyds paying £150 current account switching bonus but there’s a catch…

Written by: Rebecca Goodman
Lloyds bank has launched a new switching offer, paying £150 in cash to new customers who switch to a Club Lloyds current account.

However, switchers need to be aware that the current account charges £3 a month unless you deposit at least £2,000 a month. But it also comes with a range of benefits.

These include a 12-month subscription to the Disney+ streaming service, six cinema tickets, or an annual magazine subscription.

Customers also get to access a regular saver account which pays 6.25% on up to £400 each month.

The offer is available to new customers switching before 17 July and the £150 will be paid within three days of the switch having taken place.

It’s only available for banking customers who use the free Current Account Switching Service (CASS). It applies to those who open an account online, in a branch or on the telephone.

The cash offer also applies to the Club Lloyds Silver Account, which has a £10 monthly fee plus a £3 monthly fee which is refunded when you pay in £2,000, and the Club Lloyds Platinum account, which has a £21 monthly fee plus a £3 fee which is refunded every month you pay in £2,000 or more.

How does it stack up with other accounts?

The new offer from Lloyds is attractive, especially in a climate of rising prices and the cost-of-living crisis.

While it may not pay the highest amount available, there are other benefits included with the account which are worth looking at.

If you chose the Disney+ subscription, for example, this is equivalent to £7.99 a month or £95.88 a year. If you add this amount in, the offer is the highest paying, however these savings will only apply if you were going to pay out for the additional benefit in the first place.

Several other banks are also offering cash deals, and other benefits, so it’s worth looking at all the options before making the switch.

HSBC reintroduced its £200 switching deal last month, which also has access to a 5% regular saver on up to £250 per month.

Natwest and RBS are also paying £200 to those who switch online or via the bank’s mobile app. They also get access to a regular savings account which pays 6%.

First Direct is paying £175 in its switching offer and those switching get access to its regular saver account which pays 7% on up to £300 per month.

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