Lloyds turns into the newest financial institution to supply a £175 switching deal
- Customers will receive the bonus within just three days of making the switch
- The deal is only available on Club Lloyds’ basic, silver and platinum accounts
- The bonus comes after First direct and Santander also launched £175 deals
Lloyds Bank has launched a £175 current account switching bonus for both new and existing customers switching to a Club Lloyds account.
Between 28 May and 30 July, those using the Current Account Switch Service to move their account to either a Club Lloyds account, a Club Lloyds Platinum account or a Club Lloyds Silver account, can snag the bonus – as long as certain conditions are met.
The bank said the £175 bonus payment will be made within three days of the switch being completed.
Bonus payment: Switchers can earn £175 by choosing one of three Lloyds Club current accounts
In order to qualify for the switching deal, customers must transfer at least three direct debits from their old account, with direct debits set up after the account was opened not counting towards the bonus, nor will other automated payments.
Those who have received a switching offer from Lloyds or Halifax since April 2020 will also not be eligible for the bonus.
A Club Lloyds account does come with fees, however, which will eat into the switching bonus – although with the basic account, it can be circumnavigated.
The basic account charges £3 per month, unless they deposit £2,000 each calendar month.
The Club Lloyds platinum account, meanwhile, comes with a £21 monthly fee, albeit with £3 deducted with £2,000 going in. Likewise, the Silver account also comes with the £3 fee, as well as a £10 per month payment.
The three accounts also offer benefits such as a one-year Disney+ subscription, Vue or Odeon cinema tickets, as well as magazine subscriptions and other benefits.
Club Lloyd’s customers can also earn up to £90 credit interest per year, if they meet qualifying criteria, as well as access to exclusive products.
Switching deals are back
The move comes after rival Nationwide launched its own switching deal yesterday, giving customers the chance to nab £200 if they switch to its Flexplus, FlexDirect or FlexAccount.
In order to qualify, customers must switch a non-Nationwide account to one of its three account options, but must also already hold a current account, personal savings account or residential mortgage.
Nationwide’s FlexPlus account has a £13 monthly fee.
A number of other high-street banks have also recently introduced switching bonuses, with First Direct and Santander both offering £175 to switch to their services, while TSB is offering £100 and £10 of cashback per month for six months.
Virgin Money has also launched a switching deal that offers 10 per cent interest for the first year.
