Lloyds Bank has introduced a £175 bonus for customers who sign up for a Club Lloyds account, with the offer running from February 18 to April 1. The deal applies to both new and existing customers, provided they meet the account’s conditions.
This promotion comes as part of Lloyds’ broader effort to attract customers to its Club Lloyds product, which offers a range of perks including higher savings rates and entertainment benefits. However, while the bonus is appealing, customers are advised to review the account fees and conditions to ensure it aligns with their financial needs.
Eligibility and conditions for the £175 bonus
To qualify for the £175 bonus, customers must open a Club Lloyds current account and complete a switch using the Current Account Switch Service (CASS) within the promotional period. This requires transferring at least two active direct debits from an old account to the new one.
The account carries a monthly fee of £3, which increases to £5 from June 2025. However, the fee is waived for customers who deposit at least £2,000 per month.
According to Birmingham Live, account holders can also benefit from perks such as a 12-month Disney+ subscription, six cinema tickets for Vue or Odeon, a magazine subscription, or access to the Gourmet Society and Coffee Club memberships.
Additionally, the accounts offer higher interest rates on linked savings accounts, making it an attractive option for those looking to maximise their savings. Andrew Hagger, a personal finance expert at Moneycomms, noted that “as long as you meet the £2,000 monthly income criteria to avoid the fee, then it looks a decent deal.”
Considerations to Take Before Switching
While the £175 bonus and associated benefits are appealing, customers should evaluate whether Club Lloyds suits their financial habits.
Packaged versions of the account, such as Club Lloyds Silver (£11.50 per month) and Club Lloyds Platinum (£22.50 per month), come with additional perks like travel insurance and breakdown cover but require a higher monthly fee.
According to Moneycomms, customers should carefully assess the value of these benefits before committing. “Just make sure you’ll make good use of the benefits on offer with these accounts, otherwise it may not work out good value,” stated Hagger.
Furthermore, the requirement to deposit £2,000 per month to avoid the upcoming £5 fee could be restrictive for some customers. Those who do not meet this threshold may find other accounts more suitable, despite the short-term appeal of the £175 bonus.
With the offer running until April 1, customers have a limited window to decide whether switching to Club Lloyds is a financially beneficial move.
