Lloyds Bank £175 switch offer (2023) - Be Clever With Your Cash (2024)

Here’s how new and existing Lloyds customers can get it.

It’s only been a couple of months since the last Lloyds Bank switching incentive, but this latest offer – worth £175 – represents a a £25 increase in value. Here’s who can get it and how.

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How much can you get for switching to Lloyds?

This new offer is set at £175 and runs from Tuesday 19 September to 14 November 2023. This date is the last day you can both open a new account and start the switch. It’s worth being aware that in the past the offer has sometimes been cut short by a few weeks.

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 to 13 days at the earliest, though you’ll be able to set your own later date if you wish.

Which accounts are eligible?

This time you can get the cash for switching to one of the three Club Lloyds accounts:

• Club Lloyds – £3 a month (which can be avoided)
• Club Lloyds Silver – £10 a month + £3 Club Lloyds fee (which can be avoided)
• Club Lloyds Platinum – £21 a month + £3 Club Lloyds fee (which can be avoided)

As you can see they all require a £3 monthly fee, though a minimum monthly deposit of £2,000 wipes that out.

The Silver and Platinum Club Lloyds accounts have an additional hefty monthly fee that you’ll have to pay, though in return you’ll get travel and mobile insurance and breakdown cover.

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 to get the cash. So you can just switch over any old account you have at a different bank.

You must open up a brand new account. You can no longer switch into an existing account or upgrade to one of the eligible options.

Plus the switch must be via the Current Account Switch Service. This means your old account will be completely closed, though all your money and payments in and out will be transferred over for you. Here’s more on how to switch bank.

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 or Halifax since April 2020. This is the first time Halifax has been included in the restrictions.

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 or Halifax since April 2020.

How new Lloyds customers can get the bonus

If you don’t already have a Lloyds current account you’ll need to open up one of the three eligible accounts as listed above and switch from a different bank. You’ll obviously need to meet the other criteria listed above.

How existing Lloyds customers can get the bonus

This iteration of the offer requires you to open up one of the three Club Lloyds accounts. If you have a Classic, Platinum or Silver account you’re free to open up any of them, though the Club Lloyds is the best bet. You’ll then follow the switching instructions as if you are a new customer.

However if you have one of the Club Lloyds, Club Lloyds Platinum or Club Lloyd Silver accounts you aren’t able to open up another Club Lloyds account.

In this case you’ll need to downgrade your existing account to the non-Club Lloyds equivalent. If you do this it’ll likely end your existing Club Lloyds lifestyle benefit, and if you have one which offers insurance it could mean a change in policy cover, so check this first.

Once you’ve downgraded your account you’re free to open a new Club Lloyds account and then switch into it from a different bank.

How to get the bonus if you’ve previously switched to Lloyds or Halifax

Most bank switching deals either exclude those who have had switching cash before, or they have a cut-off date for when that happened.

For Lloyds, this is currently April 2020 (previously this was April 2019, but it changed in the summer of 2022). This means anyone who took advantage of the first switching deal for Lloyds back in 2019 will be able to get money again

However, from May 2023, the exclusion also includes those who have received money from Halifax since April 2020.

If you’re not sure when you last got switching cash from Lloyds or Halifax you can either go back in your app and look for when it was paid (in my account it was labelled “Incentive” in 2019), or check your credit report to see when you opened the account. This latter method only works if you opened the account just for a switching deal.

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Which Lloyds account should I choose?

For most people the standard Club Lloyds account is the best option (here’s my review). You won’t pay anything as long as you deposit £2,000 each month (it doesn’t need to stay in the account) and you’ll also get a decent freebie and a high-paying regular saver.

If you need travel and mobile insurance, as well as breakdown cover, then the other accounts might be worth keeping. The Club Lloyds Silver account is cheaper at £10 a month as it offers European cover only, which might work out a decent deal if you’re not going further away.

However for worldwide cover, as offered by the Club Lloyds Platinum account, I’d look at cheaper alternatives, such as from Nationwide. And of course, you might not need all the insurance policies, in which case it can be better to buy them on their own.

How to avoid the £3 monthly fee

All the eligible accounts come a £3 monthly fee. It’s easy to avoid this though if you deposit £2,000 every month into the account. This money doesn’t need to stay there, and it doesn’t need to be in one go. A standing order from and back to another account will do the job.

Is it worth switching to Lloyds?

Andy’s analysis

I like the Club Lloyds account and it’s worth grabbing the cash along with the freebie and 6.25% paying regular saver if you’re not already a customer.

However, for more advanced switchers, it might be worth waiting to see if the higher paying £200 offer returns later in the year. Although this was only for the packaged accounts with high monthly fees, it’s possible to downgrade these accounts after receiving the cash and pay at most one month’s charge, probably less.

Is it the best switching offer?

Deals come and go throughout the year, so it’s always worth checking to see if a better paying option is out there. You can read more about the latest switching offers here.

Previous Lloyds Bank switching offers

• September 2021 – £100 for Club Lloyds and Club Lloyds Platinum
• February 2022 – £150 for Club Lloyds Platinum and Lloyds Platinum accounts
• 17 May to 27 June 2022 – £125 for Club Lloyds and Club Lloyds Platinum
• 20 September to 14 November 2022 – £150 for Club Lloyds and Club Lloyds Platinum
• 10 January to 7 March 2023 – £200 for Silver and Platinum accounts