Lloyds Bank £175 switch offer (2023)

Here’s how new and existing Lloyds customers can get it.

It’s only been a couple of months since the last Lloyds Bank switching incentive, but this latest offer – worth £175 – represents a a £25 increase in value. Here’s who can get it and how.

Lloyds bank closure

How much can you get for switching to Lloyds?

This new offer is set at £175 and runs from Tuesday 19 September to 14 November 2023. 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 – £10 a month + £3 Club Lloyds fee (which can be avoided)
  • Club Lloyds Platinum – £21 a month + £3 Club Lloyds fee (which 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?

Unlike many other switching offers you don’t need any Direct Debits or a minimum balance to get the cash. So you can just switch over any old account you have at a different bank.

You must open up a brand new account. You can no longer switch into 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 bank.

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. This is the first time Halifax has been included in the restrictions.

You can switch into a new joint account but you’ll only get one payment in total – and you won’t be eligible if the other person on the joint account received a switching offer from Lloyds or Halifax since April 2020.

Club Lloyds switch offer summary

Switching bonus£175
Bonus paidWithin 3 working days of completing the switch
Open to existing customersYes
RequirementsSwitch 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
The old account must be from a different bank
ExclusionsOffer limited to once per person
Cannot have received a switching bonus from Lloyds or Halifax since April 2020
Offer ends14 November 2023 (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. You’ll then follow the switching instructions as if you are a new customer.

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 Club Lloyds account.

In this case you’ll need to downgrade your existing account to the non-Club Lloyds equivalent. 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.

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.

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). This means anyone who took advantage of the first switching deal for Lloyds back in 2019 will be able to get money again

However, from 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.

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 £10 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 alternatives, such as from Nationwide. And of course, you might not need all the insurance policies, in which case it can be better to buy them on their own.

Club Lloyds Current Account

BenefitsChoice of 6 cinema tickets (Odeon or Vue) / Disney+ / Gourmet Society membership / Magazine subscription
Limited cashback with retailers via debit card
Save the Change auto-savings feature
Interest1.5% 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)
RequirementsTwo active Direct Debits (only to receive interest on balance)
Multiple accounts?One personal and one joint
ExclusionsYour chosen Lifestyle Benefit is fixed for 12 months

How to avoid the £3 monthly fee

All the eligible accounts come a £3 monthly fee. It’s easy to avoid this though 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

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.

However, for more advanced switchers, it might be worth waiting to see if the higher paying £200 offer returns later in the year. Although this was only for the packaged accounts with high monthly fees, it’s possible to downgrade these accounts after receiving the cash and pay at most one month’s charge, probably less.

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.

Latest switch offers (A-Z)

As of 21/9/23

Click the links for further details and analysis

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

56 thoughts on “Lloyds Bank £175 switch offer (2023)

  1. 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) 😀 ?

  2. 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

  3. 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

  4. 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?

  5. 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

  6. 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?

    1. 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.

  7. 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


  8. 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?

    1. If you have a Club Lloyds already you’ll need to downgrade to a standard account

  9. 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?

  10. What if you already have Club Lloyds, how do you switch it into that? as I can’t seem to find this option…

  11. 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

    1. Hi, no they will not be valid once you close the account.

  12. 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.?!

    1. 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

      1. 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 😉

  13. 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?

  14. 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.

    1. 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.

  15. Quick question, how long do I have to hold the account once I got the bonus?

    1. Wait until the switch has completed, then you’re good to move on – though it’s likely you’ll lose the lifestyle benefits

  16. marika bertelli May 22, 2022 at 12:31 pm

    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

    1. 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

  17. 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!

  18. 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?

    1. 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

      1. the offer of £150 is not showing on Lloyds website

        1. They must have ended it early.

    2. 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).

  19. Will a cash back switch work using a starling bank account as it’s not a conventional bank?

  20. 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…

    1. 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.

  21. Great website Andy! I’m waiting for the switch to complete. Can I just switch away right after banking the £100?

  22. How do you actually switch online?

    1. 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

  23. 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.

  24. 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.

    1. Yes that should work – as long as you meet the other criteria

  25. 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?

    1. 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.

  26. HI,
    I have a joint Club Lloyds account. Does that stop me from applying for an individual one?

    1. It shouldn’t do as you’re allowed to have a personal and a joint Club Lloyds

      1. 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?

        1. 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.

  27. 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?

    1. 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.

  28. 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.

    1. 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

  29. is it possible to switch to the Lloyds club account and then downgrade to a classic account once the £100 has been rec’d?

    1. Yep totally!

  30. 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?

    1. 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!

  31. 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?

    1. 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.


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