13 February 2024 , 15:28
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Lloyds Bank has introduced a new £175 switch offer, paid within three working days of you moving over.
The money is being paid to customers who switch to a Club Lloyds account between February 13 and March 28. As well as opening the new bank account, you need to transfer across two direct debits.
On top of the switch cash, Club Lloyds customers can also choose from a range of other perks, including a Disney+ subscription, Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
You also get access to a linked regular saver which pays 6.25% fixed interest on up to £400 a month. But keep in mind the Club Lloyds account comes with a £3 fee, unless you pay in at least £2,000 a month.
You won’t be eligible for the £175 switch money if you’ve had switch cash from Lloyds or Halifax since April 2020. You also need to complete the switch using the free Current Account Switch Service, either online, by phone or in branch.
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Existing customers qualify for the switch offer as long as they open a new Club Lloyds account. This is the first new switch offer to launch this month, after all existing offers were pulled or ended. TSB pulled its £185 switch offer last month. This allowed customers to switch to the TSB Spend and Save current account and get £125, plus £10 a month in cashback in the first six months of opening the account.
First Direct also axed its £175 switch offer, shortly after the Co op bank pulled its £150 switch deal after four days earlier this month due to high demand. Many money-savers have previously reported huge successes by completing multiple moves in one year - in fact, one Martin Lewis fan previously explained how they made £2,000 in a year by switching and used the money to pay for holiday.
However, if you’re going to be putting in a big credit application soon, such as a mortgage, you may want to hold off on doing multiple switches. This is because each application to switch will show on your credit file. MSE recommends not completing any bank switches for at least six months before you plan on taking out the credit.