+£190
40 mins
Lloyds Bank
£200 Free Cash•40 mins
£200 Free Cash
+£190What is Lloyds Bank?
Lloyds Bank is one of the UK's largest high street banks, with over 26 million customers. Founded in 1765, they offer current accounts, savings, mortgages, and credit cards through branches nationwide.
The Club Lloyds account includes a £5 monthly fee with perks like cinema tickets or magazine subscriptions. You can downgrade to a free account after receiving your bonus.
Launched
1765
Customers
26m+
Google Play
4.7 (375k)
★★★★★★
Key Terms
Profit
+£190
Credit checkHard check
Direct debits3
Pay-in£0
Debit card spend£100 within 35 days
Free cash£200
Free cash arrives54 days
Eligibility: No switching bonus from Lloyds, Halifax, or Bank of Scotland since 1st January 2023
Step by Step Guide
Chris's overview
Optional·2 min read
Lloyds are offering £200 free cash for switching to Club Lloyds. You need to switch from an account with 3 active Direct Debits, then spend £100 on your new debit card within 35 days. The switch itself takes about 7 working days.
There's also a Lloyds Premier switch offer worth £500. The extra requirements are spending £200 on your debit card (instead of £100) and paying in £5,000 during your first full calendar month. Premier has a £15/month fee and the bonus takes 45–90 days vs 45 days for Club Lloyds. I've noted the Premier differences in each step below.
Pre-switch checklist
Optional·1 min check
Before starting a switch, check the existing current account you're switching from:
1
Apply for Club Lloyds
20 mins
- Use the button below to start your Club Lloyds application
- If you’d prefer the Lloyds Premier switch (£500 bonus), apply for a Premier account instead
- Select "Yes" when asked if you want to switch your current account
- Enter your existing bank’s sort code and account number
- Complete ID verification
Club Lloyds has a £5/month fee – you can downgrade after receiving your bonus.
2
Wait for switch to complete9d
5 mins
Switch completes within 7 working days
- CASS handles everything automatically – your Direct Debits, standing orders, and salary all move over
- Lloyds will email you when the switch is complete
- Your old account closes automatically
3
Spend £100 on your debit card
5 mins
- Use your new Lloyds debit card for everyday spending until you hit £100
- This can be any purchases – groceries, fuel, coffee, anything
- If switching to Lloyds Premier, you need to spend £200 instead
Spend £100 within 35 days of opening your account
4
Pay in £5,000 (Premier only)
5 mins
- Transfer £5,000 into your Lloyds Premier account during your first full calendar month
- You can transfer it back out straight after if needed – it just needs to land in the account
This step only applies if you chose the Lloyds Premier switch. Skip if you applied for Club Lloyds.
5
Receive bonus and downgrade+45d
5 mins
£200 paid within 45 days of meeting criteria
- Check your Lloyds account for the £200 credit
- Use online banking to downgrade to a free current account
- Keep Lloyds as your main account, or switch it to your next bank switch offer
- If you went Premier, your £500 arrives within 45–90 days
Downgrading stops the £5 monthly fee while keeping your account open.
Offer Complete
Done? Tick off each step above to see your total.
Lloyds Bank Full Review
Completed the offer? Awesome! Here's our full review on why Lloyds Bank could work well for you going forward.
Lloyds Bank is one of the UK's oldest and most established high street banks, with roots dating back to 1765. As part of Lloyds Banking Group (which also owns Halifax and Bank of Scotland), they serve over 26 million customers and operate one of the UK's largest branch networks.
Is Lloyds Bank safe?
Yes, Lloyds Bank is fully regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Your deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS).
Lloyds is a systemically important bank in the UK, meaning it's subject to additional regulatory oversight. They've been operating for over 250 years and are one of the country's most recognizable financial institutions.
Who is Lloyds for?
Lloyds is ideal for people who value having access to physical branches alongside digital banking. Their extensive branch network makes them a good choice if you prefer face-to-face banking for complex matters.
They're particularly well-suited for families and those looking for straightforward current account banking with a trusted high street name. Club Lloyds members also get lifestyle perks like cinema tickets and magazine subscriptions.
Top 5 Lloyds Features
1
Extensive Branch Network
One of the largest branch networks in the UK, giving you easy access to in-person banking when you need it.
2
Mobile Banking App
A well-designed app for managing your accounts, making payments, and tracking spending on the go.
3
Club Lloyds Perks
Monthly lifestyle benefits including cinema tickets, magazine subscriptions, and more for Club Lloyds members.
4
Savings Round-Ups
Automatically round up purchases to the nearest pound and save the difference into a savings account.
5
Current Account Switch Service
Easy switching with CASS - all your payments, Direct Debits, and salary move automatically within 7 working days.
Pros and Cons
Pros
- ✓Established, trusted high street bank with over 250 years of history
- ✓Extensive branch network for in-person banking
- ✓Good mobile app with modern features
- ✓FSCS protected up to £120,000
- ✓Regular switching bonuses available
Cons
- ✗Club Lloyds has a £5 monthly fee (waivable with £1,500+ pay-in)
- ✗Interest rates on savings are not market-leading
- ✗Some features require the paid Club Lloyds account
Chris's Verdict
Lloyds is a solid choice if you want the security of a traditional high street bank with the convenience of modern digital banking. While they're not the most innovative, they're reliable and their switching bonuses make them worth considering.
The £5 Club Lloyds fee is easily offset by the switching bonus, and you can downgrade to a free account afterwards. If you're doing multiple bank switches, Lloyds is definitely one to have in your rotation.
