Lloyds is offering new current account customers a £175 cash boost to switch to the bank.
The money will land in accounts within three days of the switch completion, but there are a few conditions people must meet to qualify.
The offer is available to people who switch their current account from another bank to a Club Lloyds account, Club Lloyds Platinum Account or Club Lloyds Silver Account between May 28 and July 30, 2024.
People must use the ‘Current Account Switch Service’ to complete the transfer, and they must shift a minimum of three direct debits to the new account.
There is a £3 monthly fee to maintain the Club Lloyds account, waived each month when £2,000 or more is paid in.
Club Lloyds customers (including Club Lloyds Platinum and Silver accounts), can choose from a range of additional benefits, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
Customers can also take advantage of “every day offers”, such as cashback when shopping at select retailers.
Club Lloyds account holders can also earn up to £90 in credit interest each year when qualifying criteria are met.
They also have access to exclusive offers on other products, including the Club Lloyds Monthly Saver, which pays 6.25 percent gross/AER interest, where customers can save between £25 and £400 each month.
They can also benefit from other deals, such as a 0.2 percent discount off the initial mortgage rate when a Lloyds Bank mortgage is agreed.
Access to preferential exchange rates is also available when ordering travel money with Lloyds Bank
There is a £3 monthly fee to maintain the account, waived each month when £2,000 or more is paid into the account.
However, people will not be eligible for the cash incentive if they have received a switching offer since April 2020 for transferring to any Lloyds Bank or Halifax Current Account.