Lloyds Bank customers set to land a £175 bonus - but only if they use certain accounts

Some Lloyds Bank customers are set to land a £175 bonus - but only if they use certain accounts. The bank has announced how, starting this week, bonuses will be paid to customers new and old who use Club Lloyds accounts, with the offer open until April 1.

However, people considering making the switch are being warned Club Lloyds accounts are fee-paying for people who don't pay in £2,000 each month, and come with certain conditions. The £3 fee is also set rise to £5 in June.

However, Club Lloyds account holders receive benefits including a year-long Disney+ subscription, a selection of six cinema tickets for Vue or Odeon, a magazine subscription, or memberships to digital Coffee Club and Gourmet Society. They also enjoy higher interest rates on savings accounts.

Andrew Hagger, a personal finance expert from Moneycomms, said: "On the face of it, the list of benefits looks impressive. As long as you meet the £2,000 monthly income criteria to avoid the £5 monthly fee, then it looks a decent deal."

He added: "The Club Lloyds Platinum and Club Lloyds Silver are packaged bank accounts and come with monthly fees of £22.50 and £11.50 respectively – just make sure you'll make good use of the benefits on offer with these accounts otherwise it may not work out good value."

Earlier this month, Lloyds Bank and Halifax were hit by an issue that left customers unable to receive payments and came in the wake of a major Barclays outage that began on Friday and continued into the weekend, leaving many unable to access funds on payday.

Lloyds said its systems had returned to normal by late morning, but the incidents have been the latest in a growing number of online banking outages in recent months.