Lloyds offer £125 free cash to switch banks plus ‘exclusive offers’ – can you claim?

Lloyds banking services down for users across the UK

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As the cost of living continues to rise and inflation sits at nine percent, any extra cash could be vital for families on low incomes that are feeling the financial squeeze. Britons are encouraged so make switches if it is convenient for them and possibly grab some extra cash.

To be eligible for this offer, people will need to switch their current account from their existing bank to either a Club Lloyds or Club Lloyds Platinum account before June 27.

Once this has been done, Britons can get the money within three days.

They must move their account using the Current Account Switch Service (CASS) to be eligible.

Existing Lloyds current account customers can also be eligible if they haven’t received a switching bonus before from Lloyds.

The offer is only available between May 17 to June 27.

Martin Turner, head of personal current accounts at Lloyds Bank said: “On top of £125 for switching to us from May 17, new Club Lloyds customers will also be able to pick from a range of lifestyle benefits, earn cashback while they shop and gain access to exclusive offers on savings and mortgages.”

As well as the £125, people can get certain “lifestyle benefits” such as movie streaming or magazine downloads.

Britons also get access to better mortgage and savings rates, which aren’t available to other customers.

Club Lloyds current account customers will receive £250 cashback when they complete on a qualifying mortgage with the bank.

However people should be aware of the £3 monthly fee before they open a Club Lloyds account.

The Club Lloyds account costs Britons a certain amount each month and offers certain perks in exchange.

In this case, for the £3 a month, people can choose four perks a year from a range including six cinema tickets, 12 digital movie rentals, or an annual magazine subscription.

Customers will have to pay in at least £1,5000 a month.

If someone is considering any packaged bank account, they are advised to do the research and make sure the rewards on offer are worth the fees attached.

A Club Lloyds account will cost someone £36 a year in total – so people need to be sure the perks they choose are worth that and that they’ll make use of them.

The Club Lloyds Platinum account costs £21 a month on top of the standard £3 monthly charge – that’s £288 a year.

However it offers bigger perks such as travel insurance and breakdown cover.

People get £3 a month back if they pay in at least £1,500 a month.

With every current account switching deal there are a range of terms and conditions Britons must abide by in order to receive the bonus.

Existing Lloyds customers who have received a switching offer since April 2020 are not eligible for the £125.

Britons can apply for the accounts online, in branch or over the phone.

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