Customers cannot get the free cash if they have received a switching incentive for moving to a Lloyds Bank or Halifax current account since April 2020.

Club Lloyds customers may need to pay a monthly fee for their account.

The qualifying accounts for the switch have the following charges:

• Club Lloyds Account. This has a £3 monthly fee but it’s waived each month the customer puts in at least £2,000
• Club Lloyds Silver Account – £10 monthly fee. There’s also a Club Lloyds £3 monthly fee which is waived each month the customers put in at least £2,000
• Club Lloyds Platinum Account – £21 monthly fee. Customers must also pay a Club Lloyds £3 monthly fee but this is waived each month they deposit at least £2,000.

Customers must switch from the old bank using the Current Account Switch Service to the qualifying account between today and March 28 next month.

Club Lloyds customers can choose a lifestyle benefit each year.

The options are:

• 12 months of Disney+
• Six cinema tickets at ODEON or Vue cinemas
• An annual digital Coffee Club and Gourmet Society membership
• Annual magazine subscription.

Club Lloyds account holders can also earn credit interest on balances up to £5,000.

Club Lloyds customers can earn a 1.50 per cent AER (1.49 per cent) gross pa) variable interest rate on balances between £1 and £3,999.99.

They will get a three per cent AER (2.96 per cent gross pa) variable credit interest rate on any part of the balance between £4,000 and £5,000.

Account holders can also get access to certain savings accounts with “preferential rates”.