Lloyds Bank paying free £175 into customer accounts starting 'today'

Lloyds Bank has launched a new £175 cash boost deal for new and existing customers. Lloyds Bank has launched a current account switching deal with £175 paid within THREE DAYS as the Cost of Living crisis continues up and down the country.

Customers will receive the bonus within just three days of making the switch and the deal is only available on Club Lloyds' basic, silver and platinum accounts. The bonus comes after First Direct and Santander also launched £175 deals.

The offer is available to people who switch their current account from another bank to a Club Lloyds account, Club Lloyds Platinum Account or Club Lloyds Silver Account between May 28 and July 30, 2024. The bank said the £175 bonus payment will be made within three days of the switch being completed.

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Customers must transfer at least three direct debits from their old account, with direct debits set up after the account was opened not counting towards the bonus, nor will other automated payments. The basic account charges £3 per month, unless they deposit £2,000 each calendar month.

The Club Lloyds platinum account, meanwhile, comes with a £21 monthly fee, albeit with £3 deducted with £2,000 going in. The Silver account also comes with the £3 fee, as well as a £10 per month payment and the three accounts also offer benefits such as a one-year Disney+ subscription, Vue or Odeon cinema tickets, as well as magazine subscriptions and other benefits.

People will not be eligible for the cash incentive if they have received a switching offer since April 2020 for transferring to any Lloyds Bank or Halifax Current Account. They also have access to exclusive offers on other products, including the Club Lloyds Monthly Saver, which pays 6.25 per cent gross/AER interest, where customers can save between £25 and £400 each month.