Millions of Brits could bag a free cash payment of £175, but they will need to act fast. is pulling its switching offer today meaning new customers only have a few hours to take advantage of the deal.

The is offering the money to switch to them and open up either a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account. However, it's important to note that all these accounts come with a monthly fee, but they do come with a number of benefits.

Club Lloyds customers can also choose from a range of other perks, including a subscription, Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. Platinum members also have the choice of worldwide family travel insurance.

Fees for the Club Lloyds account start from £3 per month but will be rising to £5 a month from June 2, 2025. The Platinum deal costs £22.50 each month, while the Silver option is £11.50 - although the initial £3 monthly fee is refunded across all accounts if you add £2,000 to them each month.

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To bag the freebie you will need to fully switch your bank account over to Lloyds through the Current Account Switching Service (CASS). In addition to opening the new bank account, you need to transfer across two direct debits.

On the Lloyds £175 current account switch offer ending today, Alastair Douglas, CEO of TotallyMoney said: "Moving banks is easy to do with the Current Account Switch Service. They’ll automatically transfer Direct Debits, standing orders, and income to your new provider within seven days — and nine in 10 people are happy with the process.

“If tempted, you’ll just have to make sure that you tick the right boxes and are prepared to jump through a couple of hoops. So, make sure you read the small print."

"Loyalty doesn’t pay, but moving banks can. Just make sure you do your research and find the best provider for your own circumstances, not just the one paying the biggest bonus.”

Andrew Hagger, finance expert of MoneyComms, said: “On the face of it, the list of benefits looks impressive.” He said: “Just make sure you’ll make good use of the benefits on offer with these accounts, otherwise it may not work out [as] good value. It will differ from person to person depending on how many or few of the perks you actually use.”

He added: “As long as you meet the £2,000 monthly income criteria to avoid the £5 monthly fee, then it looks [like] a decent deal.

“If you’re someone who goes overdrawn from time to time, you may be better off looking at First Direct, also offering £175 switch incentive and 7% regular saver, where the first £250 is interest-free, whereas Lloyds charges up to 49.9% depending on your credit record.”

First Direct has not confirmed when - or if - its £175 switching offer will come to an end. But like other high street banks, there are a few rules to meet before you can enjoy the bonus, which will be in your account on the 20th of the next month when you switch the CASS.

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