Lloyds Bank launches switching deal for an account with a monthly fee

The switching incentive amounts to £150, with other current accounts able to provide up to £200.

Lloyds Bank launched an incentive of £150 yesterday for those willing to switch to its Club Lloyds current account.

The Club Lloyds current account comes with a monthly fee of £3 which is waivered if you pay in £2,000 or more each month.

But even if you don’t earn enough to warrant the waiver, you may find the monthly fee worthwhile because it comes with a lifestyle benefit of your choice.

This can be a 12 month Disney + subscription (which otherwise costs £7.99 a month), a choice of Vue or Odeon cinema tickets, a magazine subscription or a Coffee Club and Gourmet Society membership.

It also comes with its Everyday Offers selection, a perk which gives discounts at certain retailers like Just Eat or Costa Coffee. This feature is also available with its free Classic Current Account.

In addition to these spending benefits, Club Lloyds holders can also enjoy a range of offers from within the bank. This includes exclusive access to its Club Lloyds Monthly Saver, a regular savings account which pays 6.25% AER, and exclusive mortgage rates.  

There are currently more lucrative switching deals on the market.

For example, both NatWest and HSBC offer £200 to switch to some of their selected current accounts. More information on these current accounts can be found in their respective news stories.

Read about NatWest’s switching incentive.

Read about HSBC’s switching incentive.

Meanwhile, first direct’s long-standing incentive of £175 for those moving to its 1^st Account is still available. The 1^st Account comes with access to its Regular Saver at 7% AER and includes up to £250 0% overdraft.

It is also worth remembering that first direct is a banking division of HSBC. So, if you currently have other money or savings with the retail banking giant then this might affect your Financial Services Compensation Scheme (FSCS) cover.