Club Lloyds
Switching bonus from Lloyds Bank
Bonus
£200
Penny's take
Solid bonus with a fee that's easy to neutralise. The £200 switch incentive is competitive, and the £5 monthly fee disappears whenever you pay in £2,000 or more — making this effectively free for most regular earners. The annual lifestyle perk (Disney+, cinema tickets or similar) adds genuine ongoing value, so the account holds up well beyond the bonus itself.
The biggest catch is the Direct Debit requirement: you need three that have already made a payment in the last 13 months — newly created ones won't count. The eligibility bar is also strict: no Lloyds, Halifax or Bank of Scotland switching bonus since January 2023 rules out a meaningful chunk of potential applicants.
Requirements at a glance
Deposit requirement
Direct Debits
Transactions
Monthly fee
Online Banking
How to qualify
Requirements
- •Open a new Club Lloyds account online, in branch or by phone between 17 September and 9 December 2026.
- •Start a full switch from another bank using the Current Account Switch Service (CASS) by 9 December 2026.
- •The switch must include at least 3 active Direct Debits from your old account. Direct Debits set up after the switch has started, standing orders and recurring card payments do not count.
Things to check
- £5 monthly fee, refunded each month you pay in £2,000 or more.
- Not eligible if you have received a Lloyds, Halifax or Bank of Scotland switching offer since 1 January 2023 (applies to either party on a joint account).
- You cannot switch from a Halifax or Bank of Scotland account, and changing an existing Lloyds account to a qualifying account does not count — it must be a newly opened account.
- An active Direct Debit is one that has been paid in the last 13 months; a newly set up Direct Debit with no payment taken does not count.
- One payment per customer; joint accounts receive one payment.
- Offer can be changed or withdrawn without notice.
Account Benefits
Fee refunded with £2,000 pay-in
£5 monthly fee is refunded in any month you pay in £2,000 or more.
Annual lifestyle benefit
Choose Disney+, cinema tickets, a magazine subscription or Coffee Club membership each year.
No debit card fees abroad
No Lloyds debit card fees when you spend overseas.
Interest on balances
Interest paid on balances up to £5,000, plus Club Lloyds savings and mortgage offers.