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
Pros
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)
Cons
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
To access Club Lloyds benefits, you'll need to open a Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account. To take advantage of the in-credit interest feature, you'll need to set up 2 direct debits to leave the account each month. You can open these accounts by going online or in-branch.
The Lloyds Bank app can be used for iOS and Android and enables you to stay on top of your transactions, freeze your debit card or credit card and view your card and PIN.
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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 MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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