From 24 February 2026, Lloyds Bank is offering £200 to switch to its Club Lloyds account and £500 to switch to its Lloyds Premier account.
There’s a £5 monthly fee to access Club Lloyds benefits, but it’s waived if you deposit £2,000 each month. Club Lloyds accounts also come with some tasty perks, including a 12-month Disney Plus subscription. To get a Lloyds Premier account you need to meet the eligibility criteria and there is a £15 monthly fee, which is refunded if you pay in £5,000 each month or have £100,000 of qualifying savings or investments with the bank.
For a full list of switching deals on the market, you can visit our switching deals guide.
Open one of the Club Lloyds accounts or a Lloyds Premier account.
You’ll need to open an account through the Lloyds app - if you don’t already have this downloaded, you can scan the QR code on the Lloyds website.
Switch using the Current Account Switching Service.
This takes place during account opening - when prompted, state you wish to switch your existing account to your new Lloyds one. To be eligible for the switching bonuses, you’ll need to transfer a minimum of 3 active direct debits.
Select your switch date.
You’ll need to choose a date for when you want your account switched over - think about what makes sense for you in terms of when your regular payments come out.
Receive switch confirmation.
On the day of your current account switch, you’ll receive an SMS from Lloyds to confirm it has been completed.
Pay in required amount
Within the first 35 days you'll need to spend £100 from your Club Lloyds account or £200 from your Lloyds Premier account
Receive your £200 or £500 switch bonus.
Within 45 to 90 days of your completed switch, you’ll receive your switching bonus into your new Lloyds account.
Lloyds is currently running 2 switching deals. For the first, you’ll get £200 within 45 days after completing your switch to a new Club Lloyds account.
With this account, you could earn up to £90 in interest if you keep a balance of £5,000 in your current account and have 2 active direct debits each month. Interest is paid at 1.50% AER (variable) for balances from £1 to £3,999 and 3% AER (variable) on the amount between £4,000 and £5,000. No interest is paid on the amount over £5,000.
These accounts also come with access to the Club Lloyds Monthly Saver, which pays 6.25% AER, fixed for 12 months. You can save between £25 and £400 each month. If you saved the maximum of £400 at the start of each month, you’d earn £150 in interest in a year.
In terms of perks, you’ll get to choose a lifestyle benefit, which could be a Disney Plus subscription, cinema tickets, Coffee Club and Gourmet Society membership or a magazine subscription.
The Silver and Platinum accounts come with AA breakdown cover, travel insurance and mobile phone insurance.
The switching offer and the interest you could earn in the first year would take you to £440, with the other extras a bonus.
If you opt for the Lloyds Premier switch offer, you’ll get £500 cash bonus within 90 days of completing your switch. You’ll also get 1% cashback on purchases, up to £10 a month. If you maxed this out you’d get £120 in cashback at the end of 12 months.
Lloyds Premier also includes lifestyle benefits, a Bupa Digital Family GP and Wellbeing subscription and tailored fianncial coaching.
This deal is available for UK residents aged 18 and older. New and existing customers can apply.
To qualify, you need to open a Club Lloyds Account (£5 monthly fee), Club Lloyds Silver Account (£11.50 monthly fee plus £5 Club Lloyds monthly fee) or Club Lloyds Platinum Account (£22.50 monthly fee plus £5 Club Lloyds monthly fee). The £5 monthly fee is waived on all accounts if you deposit at least £2,000 each month.
You need to use the Current Account Switch Service to transfer a minimum of 3 active direct debits and close your existing account held with another bank to be eligible for the £200 bonus. Then, within the first 35 days of the account, you’ll need to spend £100 on your debit card. You’ll receive your £200 cash incentive within 45 days of account opening.
To qualify, you need to open a Lloyds Premier account (£15 monthly fee). To be eligible for the account, you must either pay in £5,000 or more each month or have £100,000 or more in qualifying savings or investments with Lloyds. The £15 monthly fee will be refunded if you meet this criteria.
You need to use the Current Account Switch Service to transfer a minimum of 3 active direct debits and close your existing account held with another bank to be eligible for the £500 bonus. Then, within the first 35 days of the account, you’ll need to spend £200 on your debit card. You’ll receive your £500 cash incentive 45 to 90 days of account opening.
You won’t receive the bonus if:
This offer end on 30 April 2026.
If this offer is not for you, we also have a guide displaying current banking switching deals on the market and also other banking offers such as refer-a-friend offers and more.
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