Club Lloyds current account review
- Incentive
- £200 for accounts switched using the Current Account Switch Service before 10.12.2024, including at least 3 direct debits.
- Account fee
- £3 per month (Account fee waived if account credit with at least £2000 per month)
- Interest (AER)
- 1.5% AER
- Overseas card transactions
- Europe: 2.99% plus flat fee of £0.50.
Elsewhere: 2.99% plus flat fee of £0.50
Our verdict
Looking for an account with rewards, cashback and exclusive banking offers? The Club Lloyds current account could be right for you.
The Club Lloyds current account is a competitive offering for anyone looking to get a little extra from their everyday bank account. Providing you can pay in at least £1,500 a month and pay out 2 direct debits, you'll benefit from interest on your in-credit balance, plus various rewards and cashback – and you'll avoid the monthly fee.
Check out our guide to best current accounts with cashback for more information.
Pros
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Interest paid on balances up to £5,000
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Selected rewards and cashback offers
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Preferential exchange rates
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Exclusive banking offers available
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Choose 1 "lifestyle benefit" each year, such as a TV, coffee or magazine subscription
Cons
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You’ll need to pay in at least £2,000 each month or pay £3 a month
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You must pay out 2 direct debits each month to qualify for interest
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Highest interest rate only paid on balances between £4,000 and £5,000
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Overdraft rates are 27.5% EAR (£50 buffer)
Details
Product overview
| Account name | Club Lloyds |
| Incentive | £200 for accounts switched using the Current Account Switch Service before 10.12.2024, including at least 3 direct debits. |
| Provider | Lloyds Bank |
| Account fee | £3 per month (Account fee waived if account credit with at least £2000 per month) |
| Interest (AER) | 1.5% AER |
| ATM withdrawal limit | £800 |
| Debit network | Visa |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £1 |
| Minimum opening balance | £1 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Foreign cash currency fee in Europe | 2.99% |
| Foreign cash currency fee in rest of world | 2.99% |
| Foreign cash transaction fee in Europe | £1.50. |
| Foreign cash transaction fee in rest of world | £1.50 |
Overdraft information
| Arranged overdraft available | |
| Overdraft Grace Period | 14:30 same day |
Founded in 1765, Lloyds Bank is a British retail and commercial bank. It is part of Lloyds Banking Group which includes Halifax, Bank of Scotland and Scottish Widows.
Lloyds Bank offers a suite of financial products, including a range of current accounts.
What is the Club Lloyds current account?
The Club Lloyds current account works in the same way as a standard bank account, but lets you earn rewards and cashback as well as interest on balances up to £5,000. In return, you’ll need to meet certain conditions or pay a monthly fee of £3.
You can open the account individually or jointly and it comes with a contactless Visa debit card.
How does it work?
As well as being able to set up direct debits and standing orders, and apply for an arranged overdraft, the Club Lloyds current account offers the following features:
- Monthly credit interest. Earn up to 3.00% AER on the part of your balance between £4,000 and £5,000, and 1.50% AER on balances between £1 and £3,999.99, providing you pay out 2 different direct debits each month.
- Choose a reward each year. Choose from 12 months of Disney+, 6 x cinema tickets at ODEON or Vue cinemas, 1 x annual digital Gourmet Society membership, or an annual magazine subscription.
- Get up to 15% cashback. With Everyday Offers when you pay by credit card, debit card or direct debit with selected retailers.
- Exclusive banking offers. Access to offers on a range of Lloyds Bank products such as mortgages and savings accounts.
- Save the Change. Round up your card payments to the nearest pound to save as you spend.
"Club Lloyds is effectively an add-on you can make use of if you have a Lloyds current account. You’ll need to either pay a £3 monthly fee or deposit £2,000 or more into your account each month so the fee is waived.
In return, you’ll be able to choose one lifestyle benefit each year, such as free cinema tickets, a Disney+ subscription, a 12-month Gourmet Society membership or a magazine subscription. You’ll also get access to exclusive savings rates and mortgage offers from Lloyds Bank.
In the grand scheme of things, these benefits aren’t anything to get hugely excited about. But, if you think you’ll use them, a monthly fee of £3 is very reasonable – and if you can afford to pay in the £2,000 or more a month to cancel the fee, then even better.
If you already have a Lloyds current account and are happy to meet either of these requirements, you have nothing to lose by signing up to Club Lloyds. But if you’re after more in the way of perks and you are happy to pay a monthly fee, you’re probably better off looking elsewhere."
How do you apply to Club Lloyds?
If you’re a new customer, the easiest way to apply for the Club Lloyds account is by filling in a form online. You should get a decision within 10 minutes. If you’re an existing customer, you can open a new current account or upgrade through Internet banking.
Alternatively, you can open an account by phone or by booking an appointment at your nearest Lloyds Bank branch.
Customers can enjoy Club Lloyds rewards by opening one of the following accounts:
- Opening a Club Lloyds Account
- Opening a Club Lloyds Silver Account
- Opening a Club Lloyds Platinum Account
Who is it for?
The Club Lloyds account suits anyone looking to gain a little extra from their everyday bank account. In return, you’ll need to pay at least £1,500 into your account each month or pay a fee of £3 a month. To earn interest, you’ll also need to pay out at least 2 different direct debits each month.
To be eligible to apply, you’ll need to be at least 18 years old, a UK resident and either an EU national or have permission to stay in the UK for at least 12 months.
What are the benefits?
One of the biggest benefits of the Club Lloyds account is that you can earn interest on your in-credit balance at a competitive rate. On top of this, the account offers a host of rewards and cashback offers.
Are Club Lloyds accounts safe?
Yes, Lloyds Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.
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