To be eligible for the cash, customers need to use the Current Account Switch Service to transfer and close their existing account held with another bank into the new account.
Customers must switch to a new qualifying Club Lloyds account today or tomorrow to get the offer
Customers must switch to a Club Lloyds Account, Club Lloyds Silver Account, or Club Lloyds Platinum Account or they won’t qualify.
It must be a new account – those switching into an existing account won’t qualify for the £175 payment.
Additionally, savers must not have received cash back for switching to Lloyds Bank or Halifax Bank since April 2020.
Lloyds Bank warns people that they won’t qualify if they start the switch after November 14, 2023.
People who switch to a joint account should note that if one of the parties to the joint account has already received a switching offer from Lloyds Banking Group since April 2020, they won’t qualify for the payment.
The Club Lloyds Account has a £3 monthly fee, but this is waived each month the account holder puts in at least £2,000.
Club Lloyds Silver Account holders face a £10 monthly fee to maintain the account, plus a Club Lloyds £3 monthly fee to maintain the account that’s waived each month at least £2,000 is deposited.
Club Lloyds Platinum Account holders must pay a £21 monthly fee to maintain the account, plus the Club Lloyds £3 monthly fee to maintain the account – which is waived each month at least £2,000 is deposited.
With all Club Lloyds accounts, customers can choose a lifestyle benefit.
The yearly benefits to choose from are:
12 months of Disney+
6 cinema tickets at ODEON or Vue cinemas
An annual digital Coffee Club and Gourmet Society membership