Lloyds charges £5 per billing month, which starts on the 2nd working day of each month: open part way through one and that month is free, then you only pay for the days you have Club Lloyds.

Open your account between the 4th and 9th of the month and you won't pay any fee, as long as you downgrade to a free account the day your £200 arrives. Open later in the month and the fee rises by about 15p a day, up to about £3.60.

This offer's fee-free dates are 3 to 13 October, 4 to 11 November and 3 to 9 December.

Don't worry about trying to time it. The fee is tiny compared to £200!

Club Lloyds gives you one perk a year: Disney+ Standard with Ads, six Vue or ODEON cinema tickets, a Coffee Club and Gourmet Society dining membership, or a magazine subscription. You pick one within 30 days of opening, and Lloyds only sends it once those 30 days are up.

Downgrading cancels your perk. So if you downgrade the day your £200 arrives, about three weeks in, you won't get one. That's fine: the £200 doesn't depend on it.

Want a perk too? Stay past 30 days and choose the cinema tickets, as all six codes arrive together. Book them all before you downgrade: switchers report unused codes stop working soon after, but booked tickets still work. Skip Disney+ unless you're keeping Club Lloyds, because it stops when you downgrade. Staying longer adds to the Club Lloyds fee, unless you pay in £2,000 that month.