There’s a £5 monthly fee on all these accounts to access Club Lloyds benefits, but it’s waived if you deposit £2,000 each month. Club Lloyds Silver and Club Lloyds Platinum have fees of £11.50 and £22.50 respectively, plus the £5 monthly Club Lloyds fee which is refunded if you deposit £2,000 per month. The Lloyds Premier account has a £15 monthly fee that’s refunded each month you meet the eligibility criteria.
Club Lloyds accounts also come with some tasty perks, including a 12-month Disney Plus subscription.
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 £200 switching bonus, 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.
Receive your £200 switch bonus.
Within 10 working days of your completed switch, you’ll receive £200 into your new Lloyds account.
You’ll get £200 within 10 working days after completing your switch to a new Club Lloyds or Lloyds Premier 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.
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. The offer also applies to the Lloyds Premier account which has a £15 monthly fee that’s refunded each month you meet the eligibility 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 £200 bonus, which is paid within 10 working days after the switch is complete.
You won’t receive the bonus if:
This offer is subject to change and can be withdrawn without notice at any time.
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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