Lloyds Bank has confirmed that starting today (Tuesday, February 18), eligible customers can receive a £175 bonus payment directly into their accounts. This offer is open to both new and existing customers who sign up for Club Lloyds accounts and will run until April 1, giving people around six weeks to take advantage of the deal.
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If you’re looking for free cash and extra banking perks, this offer might be worth considering. Here’s everything you need to know about how to qualify, avoid fees, and maximize the benefits.
What is the Club Lloyds £175 Bonus Offer?
The £175 bonus is a limited-time promotion designed to attract more customers to Club Lloyds accounts. The offer applies to both new customers switching to Lloyds and existing Lloyds customers upgrading their accounts.
The good news? You don’t need to be a brand-new Lloyds customer to qualify. If you already bank with Lloyds but don’t have a Club Lloyds account, you can upgrade and still get the bonus.
⏳ Offer duration: February 18 – April 1, 2025
💰 Bonus amount: £175
🏦 Who can apply? New and existing customers signing up for Club Lloyds
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How to Qualify for the £175 Bonus Payment
To receive the £175 cash bonus, you’ll need to:
✔️ Open a Club Lloyds current account (if you don’t have one already).
✔️ Switch your main banking to Lloyds using the Current Account Switch Service (CASS).
✔️ Deposit at least £2,000 per month into your account.
✔️ Set up at least two active direct debits.
✔️ Keep the account open and meet the above criteria to receive your bonus.
📢 Key Tip: The £2,000 deposit requirement can come from salary payments, pension payments, or transfers from another account. If you withdraw the funds after depositing, it still counts!
Beware of Monthly Fees – Here’s How to Avoid Them
While the Club Lloyds account offers attractive perks, it does come with a monthly fee of £3 (rising to £5 in June). However, you can avoid this fee entirely by depositing at least £2,000 per month into the account.
🔹 Current Fee: £3/month
🔹 From June 2025: £5/month
🔹 How to Avoid Fees: Deposit £2,000+ monthly
If you don’t meet the deposit requirement, you’ll be charged the monthly fee, which could reduce the overall value of your £175 bonus over time.
What Perks Come with a Club Lloyds Account?
Besides the £175 cash reward, Club Lloyds account holders get access to several exclusive benefits. These include:
🎬 Entertainment Perks – Choose from 6 Vue or Odeon cinema tickets, a 12-month Disney+ subscription, or a magazine subscription.
☕ Food & Drink Deals – Access to a Coffee Club and Gourmet Society membership for discounts at restaurants, cafés, and takeaways.
💰 Higher Interest Rates – Club Lloyds customers can earn better savings rates on select Lloyds savings accounts.
📱 Banking Features – Access to Lloyds’ digital banking tools, overdrafts, and additional rewards.
If you use these perks regularly, they could easily outweigh the cost of the account fee.
Is the Club Lloyds Offer a Good Deal?
💡 Financial experts suggest that the Club Lloyds £175 bonus offer is one of the best switching deals available right now, especially for those who can meet the deposit requirements.
🔎 Andrew Hagger, personal finance expert at Moneycomms, states:
“On the face of it, the list of benefits looks impressive. As long as you meet the £2,000 monthly income criteria to avoid the £5 monthly fee, then it looks like a decent deal.”
However, if you don’t actively use the perks (such as the Disney+ subscription or cinema tickets), it may not be worth keeping the account long-term.
For those who don’t qualify for fee waivers, you may want to consider whether the perks justify the monthly charge.
Lloyds Club Platinum and Silver Accounts – Are They Worth It?
Lloyds also offers Club Lloyds Platinum and Club Lloyds Silver accounts, which come with additional benefits but higher monthly fees:
💎 Club Lloyds Platinum – £22.50/month
💼 Club Lloyds Silver – £11.50/month
These accounts offer travel insurance, breakdown cover, and mobile phone insurance, making them suitable for people who would otherwise pay for these services separately.
📌 Tip: If you already pay for travel insurance or breakdown cover, you could save money by bundling them into your bank account. But if you don’t use these perks, the extra cost may not be worth it.
Final Thoughts – Should You Switch to Club Lloyds for the £175 Bonus?
The Lloyds £175 bonus offer is a fantastic opportunity for those looking to earn free money while gaining access to additional perks.
✔️ Best for:
✅ People who can deposit at least £2,000 per month (to avoid fees).
✅ Those who will actively use the free entertainment perks.
✅ Customers looking for a reliable, feature-packed current account.
❌ Not ideal for:
🚫 Those who can’t meet the £2,000 deposit requirement (as fees will eat into your bonus).
🚫 People who won’t use the perks (making the account less valuable).
🚫 Anyone who frequently switches banks and prefers no-commitment deals.
💰 Bottom Line: If you meet the criteria and use the perks, this offer is one of the best banking incentives available right now. Just be sure to compare it with other switching deals before making a decision.
🔹 How to Apply?
You can sign up for a Club Lloyds account or switch your current banking to Lloyds via their official website or in a branch.
📌 Hurry! This £175 bonus offer expires on April 1, 2025. Don’t miss out! 🚀
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