A bank switch deal which sees customers get £175 if they ditch their current account and swap to Lloyds will be closed in just a few weeks.
But those looking to jump to Lloyds are being told that they need to earn about £28,500 a year in order to make it worthwhile thanks to a minimum pay-in rule.
Until April 1, Lloyds will give £175 to customers leaving their bank to move to its Club Lloyds or Club Lloyds Silver accounts, as long as they are not switching from another Lloyds account or one of its sister banks, Halifax or Bank of Scotland.
But the £175 is only being paid to those who will open an account which has a £3 fee, which is being increased to £5 on June 2.
The fee is waived only if you pay in £2,000 a month to the account, equivalent to about £28,500 a year salary.
Lloyds said: “Snap up £175 when you switch. Open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account
“Switch 3 or more active direct debits using the Current Account Switching Service. If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won’t be eligible again.
“Offer ends April 1 2025. £3 monthly fee, refunded each month you pay in £2,000 or more. From 2 June 2025, we’re increasing the Club Lloyds monthly fee to £5 per month. We’ll continue to refund this for each month you pay in £2,000 or more.”
Money expert Martin Lewis previously said in November that the Club Lloyds account is only really worth it if you earn enough for the fee to be waived.
Martin had explained: “It is a good idea to do and it is so easy. To switch, you need to use the bank’s 7-day easy switching service which will close your old account for you, it will auto forward any payments to that account, it will move across any direct debits, and standing orders.
“Many banks want you to do a minimum monthly payment…which is their way of effectively saying they want salary going in.
“So you convert it into salary. So with Natwest it’s £1,250 a month which is equivalent to a £16,000 salary before tax, Lloyds is the one to watch.
“It’s [a minimum of] £2,000 a month, which is equivalent to a nearly 30 grand a year salary, which not surprisingly will leave a few people out.
“If you’ve got less it charges you a monthly fee.”
