Just days left to claim free £175 from Lloyds Bank

There are several accounts included in the offer.

By Nicholas Dawson, Finance Reporter based in London, covering personal finance with a focus on the state pension and retirement planning.

A Lloyds branch

Lloyds is offering an £175 switch offer (Image: Google)

Savers have just a week to claim £175 in free cash from Lloyds Bank.

The switching offer is available to those moving from another savings provider to the bank, when opening a Club Lloyds, a Club Silver or a Club Platinum current account.

To claim the cash, you will need to do the switch using the Current Account Switch Service (CASS) and transfer over at least three active direct debits and close your previous current account.

Another important condition is that you will not be eligible if you previously received a switching offer to move over to a Lloyds Bank, Bank of Scotland or Halifax current account, since April 2020.

By using CASS, the new bank provider will bring over any existing balance and payment arrangements, including direct debits, standing orders and incoming regular payments and payees.

Each of the Club Lloyds accounts come with a monthly fee which is waived each month that £2,000 or more is deposited.

The Club Lloyds account has a £3 monthly fee while Club Lloyds Silver has an £11.50 monthly charge and Club Lloyds Platinum comes with a £22.50 monthly fee.

Cub Lloyds customers (including Club Lloyds Platinum and Silver accounts) have access to perks including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

A couple check their bills

Lloyds Bank is offering £175 to switchers (Image: GETTY)

Savers also get 'every day offers', such as cashback when shopping at select retailers.

Club Lloyds account holders can also get up to £90 in credit interest each year if they meet certain criteria.

Those with the Club Silver and Club Platinum accounts get AA Breakdown Family Cover and mobile phone insurance.

Savers with Club Silver and Club Platinum accounts also get no debit card fees when making purchases at home or abroad.

Club Silver members can get European and UK multi-trip family travel insurance up to the age of 65, while for Club Platinum customers, this is extended to those aged up to 80.

Using the CASS service, you can set the date when the switch happens and Lloyds Bank will contact your bank to transfer over your funds and arrangements.

Just days remain to claim the funds as the switching offer is available until July 30, 2024.

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