New Lloyds Bank Switching Offer | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 09/09/2021

Lloyds Bank has launched a switching offer that will see new customers earn £100 in cashback when they switch to a Club Lloyds or Club Lloyds Platinum account.

To be eligible for the £100 cashback, customers must switch to one of the Lloyds Bank accounts using the Current Account Switching Service*. Once the switch has been successful, customers will receive the £100 directly into their new bank account within 10 days.

The Club Lloyds requires at least £1,500 to be deposited into the account each month, if the deposit is not made then a £3 monthly fee is charged. The Club Lloyds Platinum charges £3 per month, which is waived if a minimum of £1,500 is deposited into the account each month, plus £21 per month.

Both accounts come with a number of benefits including:

  • Credit interest of 0.6% AER variable on balances up to £3,999 and 1.5% AER on the part of any balance from £4,000 to £5,000.
  • An annual lifestyle benefit with a choice between 12 digital movie rentals from Rakuten TV, six cinema tickets with Odeon, annual subscriptions to popular magazines or a Gourmet Society membership.
  • Access to exclusive rates and cashback offers on savings and mortgages.
  • Up to 15% cashback with Everyday Offers on a range of selected high street names.

Commenting on the launch of the switching offer, Martin Turner, head of personal current accounts at Lloyds Bank, said: “New customers joining Club Lloyds will get a choice of fantastic lifestyle benefits, cashback at selected retailers, and access to exclusive offers on savings and mortgages, alongside £100 when switching through the Current Account Switch Service."

What other switching offers are available?

For those looking for an alternative offer, currently first direct and Virgin Money also have switching offers available.

Bank and account name

Switching offer and requirements*

 

Nationwide Building Society - FlexDirect

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Go to provider’s site

Nationwide Building Society - FlexAccount

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Go to provider’s site

Nationwide Building Society - FlexPlus

£125 for existing members and £100 for new customers. Must switch two active direct debits using the Current Account Switch Service

Go to provider’s site

Virgin Money - M Plus Account

12 bottles of luxury wine from Virgin Wines and £50 to donate to any Virgin Money Giving charity OR 15,000 Virgin Red points for accounts using the Current Account Switch Service. Customers also need to register for the mobile app, set up two direct debits and pay at least £1,000 into a linked savings account with 31 days of opening the Current Account.

Find out more

 

* terms and conditions apply.

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