Move to a Club Lloyds current account to get the free cash and more
It’s only been a couple of months since the last Lloyds Bank switching incentive, and a new one begins in early October. This latest offer is worth £200, and you can get free Disney Plus or cinema tickets on top. Here’s who can get it and how.
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How much can you get for switching to Lloyds?
This new offer is set at £200 and runs from Wednesday 2 October to 10 December 2024. This date is the last day you can both open a new account and start the switch. It’s worth being aware that in the past the offer has sometimes been cut short by a few weeks.
The payment will be made within three working days of the switch completion. The fastest this can happen is seven working days, so you’re looking at 10 to 13 days at the earliest, though you’ll be able to set your own later date if you wish.
Which accounts are eligible?
This time you can get the cash for switching to one of the three Club Lloyds accounts:
- Club Lloyds – £3 a month (which can be avoided)
- Club Lloyds Silver – £11.50 a month + £3 Club Lloyds fee (the latter can be avoided)
- Club Lloyds Platinum – £22.50 a month + £3 Club Lloyds fee (the latter can be avoided)
As you can see they all require a £3 monthly fee, though a minimum monthly deposit of £2,000 wipes that out.
The Silver and Platinum Club Lloyds accounts have an additional hefty monthly fee that you’ll have to pay, though in return you’ll get travel and mobile insurance and breakdown cover.
What are the requirements for the Lloyds switching offer?
This Lloyds switching offer requires you to move over active direct debits as part of the switch, and this time you need three on the old account. If you don’t already have any in place on your old account, there are some quick and cheap direct debits you can set up.
You must open up a brand new account to get the payment. This has to be on or after 2 October 2024. If you open an account before this date it won’t be eligible. You can no longer switch to an existing account or upgrade to one of the eligible options.
Plus the switch must be via the Current Account Switch Service. This means your old account will be completely closed, though all your money and payments in and out will be transferred over for you. Here’s more on how to switch banks. Lloyds will let you start the switch online, in a branch or over the phone.
You can only get one payment per person, regardless of how many accounts you open. And you’ll miss out completely if you’ve received a switching bonus from Lloyds or Halifax since April 2020.
Those who already have a joint account can open a new solo account and switch into that. While you can do the reverse too, you’ll only get one payment in total – and you won’t be eligible if you or the other person on the joint account received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020.
Club Lloyds switch offer summary
| Switching bonus | £200 |
| Open to existing customers | Yes |
| Requirements | Switch into a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account |
| Switch using the Current Account Switch Service and close your old account | |
| Switch three active direct debits from the old account | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Cannot have received a switching bonus from Lloyds, Halifax or Bank of Scotland since April 2020 | |
| Bonus paid | Within 3 working days of completing the switch |
| Offer ends | 10 December 2024 (last date to start the switch) |
How new Lloyds customers can get the bonus
If you don’t already have a Lloyds current account you’ll need to open up one of the three eligible accounts as listed above and switch from a different bank. You’ll obviously need to meet the other criteria listed above.
How existing Lloyds customers can get the bonus
This iteration of the offer requires you to open up one of the three Club Lloyds accounts. If you have a Classic, Platinum or Silver account you’re free to open up any of them, though the Club Lloyds is the best bet for most. You’ll then follow the switching instructions as if you are a new customer.
You are not able to upgrade an existing account to a Club version, it must be a brand-new application.
However, if you have one of the Club Lloyds, Club Lloyds Platinum or Club Lloyd Silver accounts you aren’t able to open up another personal Club Lloyds account.
You could open a joint account if you don’t already have one, but that’s a single payment so it might be better for a couple to each open their own new personal Club Lloyds accounts and get their own separate £200 bonuses.
In this case, existing Club Lloyds customers will need to downgrade your existing account to the non-Club Lloyds equivalent.
Once you’ve downgraded your account you’re free to open a new Club Lloyds account and then switch into it from a different bank.
If you do this it’ll likely end your existing Club Lloyds lifestyle benefit, and if you have one which offers insurance it could mean a change in policy cover, so check this first.
Closing or downgrading an existing Club Lloyds account will probably see any open Club Lloyds monthly saver close. Notably, you won’t be able to open another until the initial 12-month period ends.
If you don’t want that to happen then you could open up one of the Club Lloyds Silver or Platinum in addition to your standard Club Lloyds account. Remember these have a fee, though once you’ve got your switching cash you can downgrade or cancel this new account so you don’t have to keep paying it each month.
How to get the bonus if you’ve previously switched to Lloyds or Halifax
Most bank switching deals either exclude those who have had switching cash before, or they have a cut-off date for when that happened.
For Lloyds, this is currently April 2020 (previously this was April 2019, but it changed in the summer of 2022 and hasn’t budged since). This means only those who took advantage of the first switching deal for Lloyds back in 2019 will be able to get money again.
However, since May 2023, the exclusion also includes those who have received money from Halifax since April 2020.
If you’re not sure when you last got switching cash from Lloyds or Halifax you can either go back in your app and look for when it was paid (in my account it was labelled “Incentive” in 2019), or check your credit report to see when you opened the account. This latter method only works if you opened the account just for a switching deal.
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Which Lloyds account should I choose?
For most people, the standard Club Lloyds account is the best option (here’s my review). You won’t pay anything as long as you deposit £2,000 each month (it doesn’t need to stay in the account) and you’ll also get a decent freebie and a high-paying regular saver.
If you need travel and mobile insurance, as well as breakdown cover, then the other accounts might be worth keeping. The Club Lloyds Silver account is cheaper at £11.50 a month as it offers European cover only, which might work out a decent deal if you’re not going further away.
However for worldwide cover, as offered by the Club Lloyds Platinum account, I’d look at cheaper packaged bank accounts instead. And of course, you might not need all the insurance policies, in which case it can be better to buy them on their own.
What customers think
Club Lloyds customers score the account 4.47 out of 5. You can read more about what they like and what they don’t on our sister site Smart Money People.
Club Lloyds Current Account
| Benefits | Choice of 6 cinema tickets (Odeon or Vue) / Disney+ with Ads / Gourmet Society membership / Magazine subscription |
| Limited cashback with retailers via debit card | |
| Save the Change auto-savings feature | |
| Interest | 1.5% AER (variable) interest on balances between £1 and £3,999 |
| 3% AER (variable) interest on balances between £4,000 and £5,000 | |
| Access to 6.25% AER (fixed) regular saver | |
| Fee | £3 a month (£0 if you pay in £2,000 every month) |
| Requirements | Two active Direct Debits (only to receive interest on balance) |
| Multiple accounts? | One personal and one joint |
| Exclusions | Your chosen Lifestyle Benefit is fixed for 12 months |
How to avoid the £3 monthly fee
All the eligible accounts come with a £3 monthly fee. It’s easy to avoid this if you deposit £2,000 every month into the account. This money doesn’t need to stay there, and it doesn’t need to be in one go. A standing order from and back to another account will do the job.
Is it worth switching to Lloyds?
Andy’s analysis
Absolutely. I like the Club Lloyds account and it’s worth grabbing the cash along with the freebie and 6.25% paying regular saver if you’re not already a customer. Plus £200 is a good amount too.
Is it the best switching offer?
Deals come and go throughout the year, so it’s always worth checking to see if a better-paying option is out there. You can read more about the latest switching offers here.
Previous Lloyds Bank switching offers
- September 2021 – £100 for Club Lloyds and Club Lloyds Platinum
- February 2022 – £150 for Club Lloyds Platinum and Lloyds Platinum accounts
- 17 May to 27 June 2022 – £125 for Club Lloyds and Club Lloyds Platinum
- 20 September to 14 November 2022 – £150 for Club Lloyds and Club Lloyds Platinum
- 10 January to 7 March 2023 – £200 for Silver and Platinum accounts
- May to July 2023 – £150 for Club Lloyds accounts
- 19 September to 14 November 2023 – £175 for Club Lloyds accounts
- February to March 2024 – £175 for Club Lloyds accounts
- May to July 2024 – £175 for Club Lloyds accounts
- September to December 2024 – £200 for Club Lloyds accounts
I spoke to Lloyd’s as I noticed T&C quoting £200 reward is only available when switching to a new account, not existing one! In other words the switch MUST be submitted at the same time when opening Lloyd’s club account, otherwise if you open it and switch later it will be considered existing acc. Lloyd’s confirmed I’m right and if I don’t switch when applying I won’t get £200! Don’t think it’s mentioned here
I’ve set up two Direct Debits from different websites — one for 30p and the other for 50p. Both are processed through Stripe, but each has a different Direct Debit reference.
Since they’re both showing as “Stripe” on my bank statement, will my bank treat these as two separate Direct Debits because of the different references, or could they potentially be treated as a single Direct Debit since they’re both processed by Stripe?
I’m in the same boat, did your switch go through?
Summary table is wrong at the end of the article says only 2 DDs required
But thanks for the article off to begin my switching journey with Monzo
Thanks Kermit. That summary table is for the current account rather than the switch, and if you want to earn interest on the account you need to keep paying two direct debits
Does leaving £2000 in the account count toward the switch requirements? Do they strictly need £2000 moved in/out monthly or is that unnecessary if the balance is 2000 and above
Hi, this wasn’t mentioned in the article so just wondering if you could clarify this: I already have a joint club lloyds account, can I still switch from a different bank and open a personal club lloyds and get the switch bonus?
Thanks
Anyone else unable to switch? When I try to switch in from Natwest or TSB it says ‘Currently unable to switch’.
Deadline is in 2 days
when you were applying for the lloyds account did you use the long card number from your chase account even though you were using the second ‘dummy’ acc number and sort code? i am worried that by entering the long card number and expiry date from my chase card that it will shut all my accounts down
It looks like the Lloyds bribe is being pulled on 28.03.2024
Yep, that’s in the article above as they announced it at launch – not all the banks do that!
Hi Switchers
I’ve just taken out a new Lloyds A/C with a view to switching one of my Chase accounts to get the £175 joining bonus.
Chase rejected the switch today!
I took previous advice to open a Chase A/C then open another couple of accounts on the app… Andy explained this is easy and possible to do on the app – However, following further research it appears that although you can open many accounts on the app you will only get one debit card and 16 digit number (which is required to complete a bank switch) On the Chase app you can simply select one of the accounts as a default account to make payments from but you still use the one debit card.
So my new Lloyds switch has been cancelled and I will have to complete a new one on the Lloyds site later. I did ask Lloyds whether a partial switch would get the joining bonus and they said it doesn’t meet the switching criteria – So the answer is NO
I think I will now have to close and switch the complete Chase set up now
I have just completed my first switch. I opened a Chase account a couple of weeks ago and added a second one, put a couple of DD in. The Lloyds deal came on, i applied for an account on 14th and switched the second account. Received bonus on 20th!! Was the easiest £175 ive ever made
when you were applying for the lloyds account did you use the long card number from your chase account even though you were using the second ‘dummy’ acc number and sort code? i am worried that by entering the long card number and expiry date from my chase card that it will shut all my accounts down
What counts as an ‘active’ direct debit? I feel like it would be helpful to explain that.
Does the Direct Debit need to have been paid out before to be considered active?
Or is fine if it has recently been setup without the first payment having been taken yet?
It varies by bank, I always go with the safe option of ensuring it’s been paid out
Hi. I am at present have a classic account with Lloyds. I have rang them to upgrade to the club account, for the £200 switching fee. But they have told me I am not eligible because I am a classic account holder. But on your website you state that present account holders can qualify. Thanks
You need to open a brand new account, not upgrade
Hi Andy I opened up a Lloyds club a few months back and got the £175 switch
So could I downgrade to say a classic account then open up a new Lloyds club account
Then transfers i from another account would I qualify this way ! Any help would be great
“You can only get one payment per person, regardless of how many accounts you open. And you’ll miss out completely if you’ve received a switching bonus from Lloyds or Halifax since April 2020.”
Hi Andy, I recently switched from Lloyds bank to First Direct to take advantage of their £175.00 incentive. Do you get penalised for leaving a bank within a certain time frame of receiving your incentive do you know? I received my incentive on the 31st of January. Was just wanting to take advantage of the Club Lloyds incentive and switch back over to them, as they are my preferred bank. Would that work? Thanks.
I was wondering if anyone has experience of getting the switching incentive from Lloyds even though they had previously had a switch incentive from Halifax (post the cut off date). Basically do they actually check, or is it possible to get the cash as with the Natwest/RBS/Ulster (triple crown) 😀 ?
I was wondering this too, did you try?
how soon after applying/switching can you downgrade to free account?
is it too risky to do it before the £200 is paid?
want to downgrade ASAP to avoid the account fee
Hi Andy, The cutoff date for thsi is the 7th March 2023 for starting switch. I am cutting it fine with another account but will I be able to open the account and start the switch on the 6th March and therefore be eligable? Thanks. Peter
Hi Andy, Can I switch from a Halifax Current Account to a qualifying Llosa account and receive the award? I.e does it matter that Halifax is a Lloyds bank?
Hi Andy, maybe this question has already been asked but I’ve got a lloyds account (standard) but I’ve also got a natwest account that I don’t use, so how would I go about getting the 200? Obviously my lloyds account is my bank account I use
Hi.
Last week I registered a current account with TSB for the sole purpose of taking advantage of this switch offer. I upgraded one of my Lloyds current accounts to a Lloyds Silver account, no issue (I don’t even need the account benefits and will downgrade once I get the switch bonus), but when I got the to the page to initiate the current account switch, Lloyds Bank wouldn’t accept my TSB current account debit card’s expiry date as January 2028 (which is correct), stating that it was invalid.
Anyone else having this issue?
A few people have mentioned this on the Facebook group and have changed the year or month back and it’s worked. Haven’t done this myself though.
Hi Andy,
Thanks for all the advice and tips, very useful. Just a question about bank switching offers. I tried last year with the HSBC offer but didn’t want to close down my existing current account. Need to watch your videos on switching banks and dummy accounts. My question is how does applying for bank accounts affect my credit score? Thanks
Naz
what if you already have a club lloyds, open a new upgraded package account to get the £200 but then downgrade immediately to a std club lloyds? then you would 2 std club lloyds account and t&cs say you can only have 1. therefore would it even allow you to downgrade the newly opened account?
If you have a Club Lloyds already you’ll need to downgrade to a standard account
Hi, I’ve started the switch but wondered if you knew what would happen to the rewards, cinema tickets etc, if I switched out soon after the bonus is paid? Would I lose the perk?
What if you already have Club Lloyds, how do you switch it into that? as I can’t seem to find this option…
Slightly different query but I’m now going to move away from Lloyds to try and get the most recent Nationwide offer – will the cinema tickets I got free from Lloyds still be valid? thanks
Hi, no they will not be valid once you close the account.
Hi Andy,
I already have a club account, opened it in 2019. So am i right to assume i can’t get the cashback because i can only hold one club account, unless i switch to a platinum account.?!
As long as you’ve not had switching cash since April 2019 you can switch to your existing account from another account (at a different bank) and get the cash
I think you meant April 2020.
I am following the instructions but it seems i am trapped in a loop, i followed the link to existing costumers, which takes me to log in into my account in order to change or upgrade it. Because i already have a club account , once i clink on it takes back to asking if i am a new or existing costumer. I will need to call them tomorrow.
Thank you anyway for latest offers and news 😉
is there any requirement for the account being switched from? does it have to have been opened for a certain period of time or it can be a brand new account?
Hi Andy
I’m a bit confused about switching to Lloyds again. I last did a switch on 28 sept 2020 (date I got my incentive payment), can I switch again to get the new switching offer, please advise.
thanks
Nope, it’s only for people who haven’t had cash since April 2020. But keep any eye out as perhaps later this year or next year they’ll change that to April 2021.
Quick question, how long do I have to hold the account once I got the bonus?
Wait until the switch has completed, then you’re good to move on – though it’s likely you’ll lose the lifestyle benefits
Hi Andy, I have the classic account with Lloyds which I want to keep it. If I switch from Halifax to Club Lloyds and keep the classic account, will I get the £126 bonus? Thank you
Hi, yes, if you open a new Club Lloyds account and switch into that you’ll get the cash and have two Lloyds accounts in total
Hi Andy, thank you for highlighting the existing customer offer. I’m the same as you, I received a bonus in Oct 2021 for switching to a Club account, which I still have. Would you mind taking me through the steps of how to get this new £125 bonus a little further? Am I requesting to switch a non LLOYDS bank a/c into my existing Lloyds Club? Our ‘Clever Andy’ WhatsApp group have just got giddy with this new Lloyds offer!
Is the down grade of accounts simple and do you keep the same account number. (Platinum/Classic- though I already have a classic) I’ve done the Platinum account switch last week and already have the £150 bonus, even though the switch doesn’t complete till the 11th. I’m an existing customer and plan to switch out as soon as its complete. (Down grade and start Switch out/Day after) Is that to quick?
Hi Andi, not sure about if you keep the same account details. Best to ask. And there’s nothing to say you can’t downgrade/close the account once you have the money and switch is complete
the offer of £150 is not showing on Lloyds website
They must have ended it early.
I Just changed account in the app as soon as I got the £150 and it took no time at also you keep the same bank details (account and sort code).
Will a cash back switch work using a starling bank account as it’s not a conventional bank?
Hi,
I lloyds bank did not pay the £100 bonus, I haven’t paid lloyds bank the £ 100 bonus I switched from Metro Bank to a Club account. The transition process was completed on 20 October. I contacted Lloyds bank via facebook and they said I should get it as soon as I finished switching accounts. I think lloyds bank for my forgotten…
If the money hasn’t come through, and you met all the criteria needed, then contact Lloyds to find out what has happened. It could be an admin error.
Great website Andy! I’m waiting for the switch to complete. Can I just switch away right after banking the £100?
Yep!
How do you actually switch online?
See page 11 of welcome pack regarding the £10 fee
There is no charge for
cancelling or closing your account but
you will pay the monthly maintaining
the account fee for the time the
account has been open
Hi Andy, I am having some problems with the switch online. Lloyds said I can open a new account online and then switch into it once it is open. They say this will still be eligible for the £100 switching bonus, please may you confirm? Thank you.
Hi Andy,
“Update 9/9/21 – Reader Jonathan got in touch to share his experience. He downgraded his personal Club Lloyds to a Classic account but was unable to apply for a new Club Lloyds. Turns out this was because the online system saw he had a joint Club Lloyds and wouldn’t allow another.”
If I don’t have a joint account, can I still downgrade to a classic, then re-apply with a different bank and get the switch bonus? I currently have a club lloyds account.
Yes that should work – as long as you meet the other criteria
Hi Andy does doing all these bank switching offers cause you to have a lower internal score within the bank and does it potentially make banks not offer accounts to you in the future if a customer just switches in to get the free cash and then immediately switches out? (Not talking about credit score as I know this will slightly drop ), was told that banks are not too keen on those who switch in and then immediately switch out?
I can imagine they’ll keep track of you and your relationship with them though I don’t know how much of an impact leaving them would have on future applications.
HI,
I have a joint Club Lloyds account. Does that stop me from applying for an individual one?
It shouldn’t do as you’re allowed to have a personal and a joint Club Lloyds
Looks as though they don’t allow you to open a personal Club Lloyds if you have a joint one. I just tried and they only offered me a Classic, Platinum or (strangely) a Student account. Or would the joint one have to be downgraded?
Although this note at the bottom of the page offering me the options seems to contradict this:
Please keep in mind
You can only have one account with insurance benefits and one sole and one joint Club account.
Hi, how do you personally keep getting these offers? As I keep finding that I have had the bonus last year from most. As they obviously cover there backs by putting a time frame on to stop people getting the bonus within the last couple years normally. So am I right in saying that if you do most of the bank switches In one year, you’ll then probably have to wait a few years before you can start again going for them again?
Hi Nate, yes that’s right. A few years ago I thought I was all done, then the cut-off date kept moving and I was eligible again for some offers. Or there are at times brand new ones, such as the recent one from Nationwide.
Hi Andy. Thank you for the information regarding downgrading an already open Club Lloyds account. I was wondering whether the following might work –
1. Downgrade current Club account to Classic
2. Open new Club account (not a joint account) and switch from a different bank
3. Once the incentive has been credited, downgrade the new Club account to classic
4. Upgrade the original account back to Club and close the second Club account (now downgraded to classic)
I understand that I will not receive the ‘benefits’ of the Club account while all the changes are being made. The main reason for doing it this way is that I have quite a few direct debits going through my current Club account and I want to avoid the hassle of transferring all of them between accounts.
Hi Mo… yeah I suppose that could work! There’s no reason why not, though I’d perhaps call Lloyds just to check if there’s anything that could prevent you from upgrading. It could potentially impact your Lifestyle Benefits
is it possible to switch to the Lloyds club account and then downgrade to a classic account once the £100 has been rec’d?
Yep totally!
Hi, I missed out on the switch incentive as I opened my Club Lloyds account last week. I also opened and funded a regular saver. Can you advise what happens to this account if I downgrade in order to receive the incentive, please?
Right, the regular saver will likely close and you’d need to open up a new one. But if it’s only a week it’s not much to miss out on. It’s probably best to call up Lloyds just to confirm there isn’t anything unforseen!
Hi Andy, thanks. Question re point 3. After creating the club joint account, do the transfers need to come from joint accounts also, or can they come from single accounts?
You only need to switch one account into a joint account to get the bonus and it can be a personal account rather than joint.