Here’s how new and existing Club Lloyds customers can get it.
It’s been a year since the last Lloyds Bank switching incentive so this latest offer is a welcome return. It’s only available for two types of account, but there’s a trick you can use to nab this even if you already hold one of these “Club Lloyds” accounts.
How much can you get for switching to Lloyds?
This new offer is set at £100 and runs from 7 September to 19 October 2021. This date is the last day you can both open a new account and start the switch.
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 days at the earliest, though you’ll be able to set your own date.
You’ll be able to get it if you open either a new Club Lloyds account or a new Club Lloyds Platinum account and switch an account from a different bank.
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. So you can just switch over any old account you have at a different bank.
However you’ll only get it with a brand new current account so you can’t upgrade an existing account.
Plus the switch must be via the Current Account Switch Service and you can’t switch in a different Lloyds account – it must be from a different bank. This means your old account will be completely closed, though all your money and payments in and out will be transferred over for you.
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 since April 2019.
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 since April 2019.
How existing Lloyds customers can get the bonus
If you’ve got a Club Lloyds or Club Lloyds Platinum account
You can’t have more than one personal Club Lloyds account, and you can’t switch into an existing Club Lloyds or Club Lloyds Platinum account – but that doesn’t rule you out of this offer.
You could open a joint account – but that does limit you to just one lot of £100, rather than two lots if you both open a new account each. Here’s how.
You’ll first need to downgrade your account to a standard Lloyds Classic account. This is really simple to do and can be done in a few clicks on the app. Select the “more” option from the account, then tap “Change account type”. You’ll be able to select the Classic account here.
When you do this you will obviously lose the existing benefits you have on these accounts. For the standard Club Lloyds this means your Lifestyle Benefit could stop, and you’ll not earn interest on savings.
For the Platinum account all your insurances will end – so make sure they’re not essential for the next few days.
Once this is done you can apply for a new account (either of the two eligible ones), and when that process is complete, set the switch from a different bank.
I’ve had confirmation from the Lloyds press office that this method will work and you’ll get the bonus.
You can then move over any cash and Direct Debits to the new account, but you’ll have to do this manually. You’ll also be able to choose a new Lifestyle Benefit.
*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. It was sorted on the phone (and the branch will work too), but it’s a little bit of faff for those who do have both a personal and joint account at the mo*
If you’ve got a Classic Lloyds account
It’s really important that you don’t just upgrade your account. You need to apply for an open a brand new, extra Club Lloyds or Club Lloyds Platinum account. And then switch into it from a different bank.
If you don’t want to keep the Classic account you can then close it down.
Which Lloyds account should I choose?
The “Club” element is the same on both accounts. This gives you “Lifestyle Benefit” freebies such as cinema tickets, movie rentals or a magazine subscription. You’ll also get up to 1.5% interest on the account if you have two Direct Debits.
There is a £3 monthly fee for this, but that can easily be avoided by paying in £1,500 a month into the account. This can be in one go, or in a number of smaller amounts. Here’s my full review of this account.
The Platinum version has an extra fee – and it’s a hefty £21 which can’t be reduced or avoided. For this you get travel and mobile phone insurance and AA breakdown cover. Personally I’d shop around as there are cheaper alternatives out there from other banks.
Is it worth switching to Lloyds?
If you have an old current account lying around that you’ve not used then this is a great switching offer as there’s very little you need to do to qualify.
The £3 fee is easily avoided and you’ll also get some decent freebies, worth between £35 and £60, which I think are worth nabbing even without the switching incentive.
I think it’s also worth using the downgrade trick if you’ve already got the Club Lloyds account. Depending on how much you currently use it, this step might add some minor inconvenience, but I think the time taken will be worth it for the £100.
However, I’d steer clear of the Platinum version – stick with the standard Club Lloyds account.
Is it the best switching offer?
Right now you can also get up to £125 cash from Nationwide, and £150 voucher from Virgin Money. These are obviously worth more, but I’d potentially focus on this Club Lloyds offer first.
That’s because you can get the money fast – in just 10 days. If you don’t want to keep the new account you can then use it to switch for one of the others. Of course there’s a risk here that those deals will end or change and you’ll miss out, but I’d hope they’d return a later date.
You can read more about the latest switching offers here.