Lloyds Bank has launched a £175 Cost of Living incentive if you open a Club Lloyds account. 

It is the only provider offering cash to switch right now and you don't have to be an existing customer.

The £175 bonus is available to new customers switching to a Club Lloyds account, which includes the Classic as well as the Silver (£10 a month) and Platinum (£21 a month) packaged accounts.

All Club Lloyds accounts come with the option to pick one lifestyle benefit a year. That includes a 12-month Disney+ subscription, six cinema tickets, an annual magazine subscription or an annual Coffee Club and Gourmet Society membership – giving you 25% off at Caffè Nero and 25% off your bill at thousands of restaurants. 

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You’ll also earn 1.5% interest on balances between £1 and £3,999.99 and 3% on balances between £4,000 and £5,000. Interest is worked out daily and paid monthly. 

However, you’ll only earn this if you have two direct debits coming out of the account every month. 

You’ll need to switch between today (14th February) and 28th March. The £175 will be paid to you three days after the switch is completed. 

Your switch must include the transfer of a minimum of two active direct debits.

You won’t be eligible for the offer if: 

  • you’re switching to any other Lloyds Bank current account other than a new Club Lloyds account, Club Lloyds Silver account or Club Platinum account
  • you’ve received cashback for switching to Lloyds Bank or Halifax Bank since April 2020
  • you switch your existing Lloyds account to a Club Lloyds account

On why you should switch to Lloyds, the bank says: "Everyday offers - Get cashback when using your debit card at selected retailers. Retailer offers and cashback amounts vary. T&Cs apply.

"Contactless - Tap, pay and go with your contactless VISA debit card. Mobile Banking app - Manage all your accounts in one place with our highly-rated app. 0% interest-free overdraft for the first 3 months when you switch - You will need to apply for an arranged overdraft during your current account application."

There’s a £3 fee for maintaining any of the Club Lloyds accounts (in addition to the packaged account fee), but it will be refunded each month if you pay in £2,000 or more.

Lloyds said the offer can be withdrawn at any time and in the past we’ve found these deals don’t tend to stick around for long.