Lloyds Bank offers free £175 to eligible customers – on one condition | Personal Finance | Finance

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Lloyds Bank has launched a new account switch offer, worth £175, which is available from today.

Several banks have launched cash incentives in the past year to attract new customers to invest, and these promotions typically have a limited time frame.

This new offer is aimed at new and existing customers switching from another bank to a Club Lloyds account between February 13 and March 28.

Those who complete the switch using the Current Account Switch Service (CASS) and transfer at least two direct debits will be paid £175 within three days.

A number of perks are available for Club Lloyds customers, including those with Club Lloyds Platinum and Silver accounts.

These include a range of lifestyle benefits, such as 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 make the most of “Everyday Offers”, which provide 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 can also get access to additional savings products, such as the Club Lloyds Monthly Saver, which pays 6.25 percent gross/AER interest, where customers can save between £25 and £400 each month.

A 0.2 percent discount off the initial mortgage rate can also be claimed when a Lloyds Bank mortgage is agreed upon.

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There is a £3 monthly fee to maintain the account, waived each month when £2,000 or more is paid in.

How to switch current accounts

Customers can move their existing current account with another provider to Lloyds Bank using the Current Account Switch Service.

The service makes switching simple by transferring an existing current account balance, all Direct Debits, standing orders and salary commitments, within seven days.

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