Club Lloyds reward scheme review

High-street banking stalwart Lloyds offers a reward scheme for current account customers. We take a look at the cost and what's on offer.

In an effort to stand out from its high-street competitors, Lloyds launched its Club Lloyds offering in March 2014. What began as a current account that offered a market-leading interest rate of up to 4% on in-credit balances has since developed into a broader loyalty and reward scheme available to certain Lloyds current account holders.

What is Club Lloyds?

Club Lloyds is a reward scheme that offers a selection of entertainment and lifestyle perks, discounts, cashback offers and preferential banking products, in exchange for a £3 monthly fee. These include free cinema tickets, a free magazine subscription and preferential rates on in-credit balances and savings.

It’s available to both new customers and to existing Lloyds customers who wish to add the “Club” benefits to their existing bank account. The £3 monthly account fee is waived if you pay in at least £1,500 into the account each month. However, be warned that this amount will rise to £,2000 from 1 April 2023.

How do you “join” Club Lloyds?

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

The Club Lloyds scheme is available to new customers or those wishing to upgrade their existing Lloyds current and packaged accounts. To existing Lloyds customers with Classic, Silver or Platinum accounts, the Club Lloyds rewards effectively work like an add-on to their existing current account.

What are the benefits?

As a Club Lloyds member, you’ll get some of these benefits automatically. You’ll need to meet certain conditions to unlock others:

Lifestyle and entertainment perks

Every Club Lloyds member can choose from one of the following free perks each year:

  • Cinema tickets. 6 cinema tickets from ODEON or Vue cinema chains, valid at 80 cinemas across the country.
  • Magazine subscription. Get a 12-month magazine subscription to big-name titles such as Cosmopolitan, Esquire or Women’s Health delivered to your door each month.
  • Digital movie rentals. 12 monthly movie rentals from the Rakuten TV streaming service.
  • 12-month Gourmet Society membership. Up to 25% discounts on restaurant dining and takeaways at thousands of UK restaurants, as well as discounts on theatre tickets, hotels and tourist attractions.

Earn monthly credit interest

To earn monthy credit interest from a Club Lloyds, account you’ll need to pay at least 2 direct debits out of the relevant account each month. If you meet that condition, you’ll receive 1.5% annual equivalent rate (AER) on all balances up to £3,999.99 and 3% AER on any part of the balance from £4,000 up to a maximum of £5,000. The interest is worked out daily and paid into the account each month. (Last checked February 2023.)

Cashback offers

Club Lloyds members can get up to 15% cashback on spending with selected retailers. There are some major names on the list, including Sainsbury’s, Harvey Nichols, Just Eat and Costa Coffee.

Exclusive savings accounts

Members can open a savings accounts with preferential interest rates, like the Club Lloyds Monthly Saver account, which usually offers a competitive interest in exchange for regular monthly deposits over 12 months.

Bonus rates on travel money

With a Club Lloyds account, you get access to preferential exchange rates when ordering travel money with Lloyds Bank.

Cashback on a Lloyds mortgage

Members of the reward scheme can get £250 cashback when taking out a mortgage with Lloyds.

Who is the reward scheme for?

To be eligible for Club Lloyds rewards, you’ll need to be:

  • Aged 18 or over
  • Someone who lives in the UK
  • An EU national or have the right to stay in the UK for 12 months or more

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.

Pros and cons of the Club Lloyds reward scheme


  • A strong set of lifestyle and entertainment perks for a reasonable monthly cost
  • Includes preferential interest rates on savings and account balances
  • Earn cashback at selected retailers
  • Preferential exchange rates on travel money
  • FSCS protection
  • Monthly fee is waived if you pay in at least £1,500 per month (up to £2,000 per month from 1 April 2023)


  • Monthly fee applies
  • Requires at least 2 direct debits to leave the account each month to unlock in-credit interest rates

Our verdict: Is Club Lloyds worth it?

For anyone looking for a current account that comes with a series of decent shopping, lifestyle and entertainment perks such as free cinema tickets, the Club Lloyds Current Account offers pretty decent value. At £3 per month, this is one of the more competitive monthly account fees we’ve seen for a reward current account, particularly when you factor in what you get for the money.

If you’re able to pay the necessary £1,500 a month, then you don’t have to pay anything at all to maintain the account. It’s important to stay on top of how much is going in and out of the account to avoid paying this fee.

If you’re thinking about adding the Club Lloyds benefits to a Silver or Platinum account, you may want to take some time to research other options available. These 2 packaged accounts already charge a fee of £10 and £21 a month respectively in exchange for a selection of features such as travel insurance and roadside cover. Think hard about whether it’s worth another £3 a month on top of that.

You may find that you won’t use all of the added perks available and that you may get better value by sourcing some of the included products independently.

At the end of the day, you should think about whether you’re likely to make full use of the Club Lloyds benefits. If the answer is yes, then Club Lloyds may prove to be a good option, particularly when compared to competitors’ reward account products such as the Halifax Reward account.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Written by

Nick Renaud-Komiya

Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including, The Sunday Mirror, The Independent and Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full profile

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