The accounts come with additional benefits, too (Image: Getty)
Lloyds Bank has announced it will be give a generous £200 to both new and existing customers who switch to a Club Lloyds account. The cash bonus will be paid within three days to anyone who switches to either a Club Lloyds, Club Lloyds Platinum or Club Lloyds Silver account.
According to , new customers transferring their accounts to Lloyds are required to use the Current Account Switch Service, which will close your previous account. And to qualify for the £200 bonus, you’ll need to transfer at least three active direct debits to the new account.
New direct debits, existing standing orders or recurring card payments will not be considered. And there’s another catch, as Club Lloyds accounts come with a monthly fee.
This is £3 for Club Lloyds, an additional £11.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Silver, and £22.50 (on top of the £3 Club Lloyds fee) for Club Lloyds Platinum. However, the £3 Club Lloyds fee is waived each month you deposit at least £2,000 into the account.
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The Club Lloyds Account also comes with a “lifestyle benefit” such as Disney+ or cinema tickets, as well as “preferential” travel money rates, and credit interest on balances up to £5,000 when you pay out 2 different Direct Debits each month. The Club Lloyds Silver account comes with the above benefits, plus multi-trip family insurance, AA breakdown cover with roadside assistance, mobile phone insurance, and no debit card fees at home or abroad.
And the Club Lloyds Platinum account includes all the Club Lloyd benefits, as well a multi-trip travel insurance, AA breakdown family cover with roadside assistance and national recovery and at home, mobile phone insurance, and no debit card fees either at home or abroad. You won’t be eligible if you have had a switching bonus to any Lloyds Banking Group provider, including Halifax and Bank of Scotland, since April 2020.
Lloyds has also confirmed overdraft fees will be waived for the first three months of the new account opening if you stay within the arranged limit. You can apply for the switch either at the branch, online, or over the phone from Wednesday, October 2 until Tuesday, December 10.