Lloyds has kicked off the new year with a bumper £250 current account switching bonus that runs until early February.
New and existing customers who move from another bank to a new Club Lloyds account will receive the payment within 30 days of switching.
In order to qualify, you’ll need to use the official Current Account Switching service through the app or online.
Club Lloyds has a £5 monthly fee, but this is refunded each month you pay in £2,000 or more.
This account has no fees on debit card spend abroad and a choice of either a 12 months Disney+ subscription, cinema tickets, Coffee Club and Gourmet Society membership or an annual magazine subscription.
Bumper offer: Lloyds is trumped its big bank rivals with a £250 switching deal
The £250 switch also includes Club Lloyds Silver and Platinum accounts.
Silver is £11.50 per month and Platinum £22.50, discounted by £5 per month if £2,000 is paid in each month.
Silver offers European family travel insurance, AA breakdown cover and mobile phone insurance. Platinum offers the same, but with worldwide travel insurance.
Club Lloyds customers can also access exclusive offers on products, including a regular saver.
This pays 6.25 per cent interest and requires a minimum of £25 per month, but up to £400 – far more generous than most other regular saver accounts.
Lloyds also says customers can qualify for a discount on their initial mortgage rate.
Club Lloyds currently offers 1.5 per cent monthly interest on balances between £1 and £3,999.99.
Balances between £4,000 to £5,000 receive 3 per cent, as long as two direct debits are set up.
However, from 31 March 2026, this 1.5 per cent drops to 0.75 per cent.
Other banks currently offering current account switching deals include Santander with a £200 carrot, while Nationwide Building Society and First Direct both offer £175.
SAVE MONEY, MAKE MONEY
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.