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The offer was announced last week, meaning those who switch to a Club Lloyds bank account from September 9 could qualify for the bonus payment. To get the £100, the new customers will need to use the Current Account Switching Service to switch an account held elsewhere to a Club Lloyds current account or Club Lloyds Platinum account.
Those eligible will get the cash paid directly into their new account within just 10 days, the bank confirmed.
Martin Turner, Head of Personal Current Accounts, Lloyds Bank, said: “From September 9, anyone joining Club Lloyds through the Current Account Switch Service, will also get £100.
“Once on board, new customers will be able to choose from a range of fantastic lifestyle benefits, take advantage of cashback at selected retailers, and access exclusive offers on savings and mortgages.”
The offer will run until November 4, however it is subject to change and may be withdrawn without notice at any time.
It’s important to be aware that those who have received a switch offer for switching to a Club Lloyds Account or Club Lloyds Bank Account since April 2018 will not be eligible.
Furthermore, the bank the individual is switching from must participate in the Current Account Switch Service.
So, what is the Current Account Switching Service?
This service transfers the existing current account balance, and all direct debits, standing orders and salary commitments, within seven days, the bank explained.
Those who open a new Club Lloyds account will be able to access a number of other benefits.
- Credit interest of 0.6 percent AER variable on balances to £3,999.99 and 1.5 percent AER / on the part of any balance from £4,000 to £5,000
- An annual lifestyle benefit with a choice between 12 digital movie rentals from Rakuten TV, six cinema tickets with Odeon, annual subscriptions to popular magazines such as Cosmopolitan or Men’s Health, or a Gourmet Society membership
- Access to exclusive rates and cashback offers on savings and mortgages
- Up to 15 percent cashback with Everyday Offers on a range of selected High Street names based on the places they usually shop or may like to try, such as clothing stores, DIY outlets and restaurants.
Furthermore, people who open a new Club Lloyds account will also benefit from a three month fee-free arranged overdraft, the bank said.
There is a fee for these accounts, however.
The Club Lloyds Account has a £3 monthly maintaining the account fee.
Meanwhile, those with a Club Lloyds Platinum Account face a £21 monthly maintaining the account fee.
Additionally, there is a £3 Club Lloyds maintaining the account fee for this account, although this particular charge is waived for each month the customer pays in at least £1,500.
Lloyds Bank is not the only financial provider to have recently launched cash incentives for new customers.
Royal Bank of Scotland is currently offering a £100 bonus for switchers, while Metro Bank is offering a £50 referral bonus, with customers able to refer up to five different friends.
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