- Customers will receive the bonus within just three days of making the change.
- Offer is only available on Club Lloyds Basic, Silver and Platinum accounts.
- The bonus comes after First direct and Santander also launched £175 offers
Lloyds Bank has launched a £175 current account switch bonus for new and existing customers switching to a Club Lloyds account.
Between May 28 and July 30, those who use the Current Account Switching Service to transfer their account to a Club Lloyds account, a Club Lloyds Platinum account or a Club Lloyds Silver account, can get the bonus, as long as when certain conditions are met.
The bank said the £175 bonus payment will be made within three days of the switch being completed.
Bonus payout: Switchers can win £175 by choosing one of three Lloyds Club current accounts
To qualify for the switch deal, customers must transfer at least three direct debits from their old account, and direct debits set up after the account was opened do not count towards the bonus, nor do other automatic payments.
Those who have received a switch offer from Lloyds or Halifax since April 2020 will also not be eligible for the bonus.
However, a Club Lloyds account comes with fees that will reduce the exchange bonus, although with the basic account this can be avoided.
The basic account charges £3 per month, unless they deposit £2,000 each calendar month.
Meanwhile, the Club Lloyds platinum account comes with a monthly fee of £21, although £3 is deducted with £2,000 deposited. Similarly, the Silver account also comes with the £3 fee as well as a payment of £10 per month.
All three accounts also offer benefits such as a one-year subscription to Disney+, Vue or Odeon movie 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 the qualifying criteria, as well as access to exclusive products.
Exchange offers are back
The move comes after rival Nationwide launched its own switching deal yesterday, giving customers the chance to get £200 if they switch to Flexplus, FlexDirect or FlexAccount.
To qualify, customers must switch from a non-Nationwide account to one of its three account options, but they must also have a checking account, a personal savings account or a residential mortgage.
Nationwide’s FlexPlus account has a monthly fee of £13.
Several other major banks have also recently introduced switching bonuses: First Direct and Santander offer £175 to switch to their services, while TSB offers £100 and £10 cashback per month for six months.
Virgin Money has also launched a switching deal offering 10 per cent interest for the first year.