Home / Personal Finance / Club Lloyds review

Club Lloyds review

My friends know that I do have a few bank accounts. I usually reap the perks of switching and keeping some of the more profitable bank accounts. You can too and you don’t have to own more than 2 or 3 decent ones!

The Club Lloyds account is one of the rare accounts offering you some nice perks such as movie rentals, free cinema tickets, movie rentals, dining out discounts, or magazines.

What is Club Lloyds?

Club Lloyds is a current account offering nice perks alongside some interest rates. Every Club Lloyds member can choose one Lifestyle Benefit per account per year. You can change the CLub Loyds lifestyle benefit for another one every year, as long as you are a Club Lloyds customer.

How much does Club Lloyds cost?

There is either no fee or £3 a month. You can ‘remove’ the £3 fee if you pay £1,500 each month (it doesn’t have to stay in the account for long I usually keep it there for a day and circulate it back to my main account on the next day after the transfer into Lloyds). However, if you do not ‘maintain’ the account and don’t pay £1500, or pay in less than £1,500 it will cost you £3 each month.

Do you get money for switching to Lloyds?

Lloyds has not offered any switching bonuses since September 2020. Back then they offered £100 for a switch into Lloyds Club account.

Club Lloyds Lifestyle benefits

Opening Club Lloyds account means a chance of claiming one free Club Lloyds lifestyle benefit each year.  There are four different ‘Lifestyle Benefits’to choose in the first 30 days since opening the account:

  • 6 x cinema tickets at ODEON or Vue cinemas
  • 1 x annual digital Gourmet Society membership
  • An annual magazine subscription
  • 12 x digital movie rentals

Once you confirm your benefit choice it’s set for the next 12 months. Every year you decide if to carry on with the existing benefit or to replace it with something else.

The Club Lloyds account allows you to get also up to 1.5% of interest rate and up to 15% of cashback (on predefined by Lloyds retailers seen within the account)

Free cinema tickets

  • 6 cinema tickets to Vue (incl. VIP or Xtreme shows) or Odeon (incl. Premier & recliner seats). They can be used during any day of the current benefit year at over 80 locations across the UK.
  • Tickets can be used for 2D or 3D movies and can also be used as part payment on certain ticket upgrades.
  • Free cinema tickets from Lloyds Club are valid for 12 months

Free movie rentals

  • 12 cinema movie rentals from Rakuten TV. Over 4,000 movies to choose from, including top new releases to watch online, on your smart TV or any other Rakuten TV compatible device.
  • Each voucher is capped at £5.49
  • Rakuten Movie Voucher Codes are valid for 35 days from the day of issuing
  • Here is a link to redeem the Club Lloyds movie voucher ( you have 48 hrs to start enjoying the film)

Free magazine subscription

You can choose from 22 print or digital titles when utilising Club Lloyds lifestyle benefits. Once you sign up for this perk you need to allow up to 8 weeks for the first issue to get to you. I changed my perks from the cinema tickets in March and got my first issue of Good Housekeeping at the end of May (June edition of it). So indeed it took 2 months to get.

What magazines do you get with club Lloyds?

  • Bike
  • Car
  • Cosmopolitan
  • Country Living
  • Country Walking
  • ELLE Decoration
  • ELLE
  • Empire
  • Esquire
  • Garden Answers
  • Good Housekeeping
  • Harper’s Bazaar
  • House Beautiful
  • Improve Your Coarse Fishing
  • Landscape
  • Men’s Health
  • Prima
  • Red
  • Runner’s World
  • Steam Railway
  • Today’s Golfer
  • Women’s Health

Free Gourmet Society membership

The Gourmet Society Plus digital membership = 25% off total bill at over 6,000 restaurants including national & local chains, as well as discounts on theatre tickets, hotels, and UK attractions.

Which Lloyds lifestyle benefit is the most valuable?

  • Rakuten movies rental £60/year (£4.99*12) – I get 1 voucher per week through my VItality health insurance though and if you own a Tastecard or Gourmet Society card you can get Rakuten movie vouchers for £1 less, so that would bring the value to £48 a year. Of course there is a cost for either Tastecard or Gourmet Society membership but assuming you use it for dining out the Rakuten discount is an added benefit hence not calculating its price here. 
  • Cinema tickets – depending on your location /price – savings of £30-£100
  • The Gourmet Society membership would cost you £34.99 for a year.
  • The magazine value obviously depends on the title you choose and the frequency of its publishing. My Good Housekeeping mag costs £4.99 in a shop so £60 per year if its RPP but you can get it online for half of this price.

It appears that the cinema tickets are saving the most money especially when one was going out on weekends on holiday days. I had this benefit but since the Covid breakout, I am not comfortable visiting the cinema anymore or getting the Gourmet Society card for the very same reason. With that, I am really happy to soak into my bath in the winter or lay down in the sun in the summer to read it 🙂

Club Lloyds Interest rates

There are 2 ways to earn interest rates when having Club Lloyds. Through the Club Lloyds account and when opening a regular aka monthly saver on the top of it.

Up to 1.5% interest in your account– Gross p.a.

Lloyds CLub interest rates 2021
Lloyds CLub interest rates 2021

0.6% on balances between £1 and £3,000; 1.5% on balances between £4,000 and £5,000 so ultimately you get 0.78% on the whole balance of £5000. Not breathtaking…

There is no interest rate payable for the balances above £5,000.

In order to secure the above interest rates, you need to have 2 direct debits set up from this account going out monthly.

1% Club Lloyds Monthly Saver (previously Standard Saver)

Monthly Saver  - compound interest rate
Monthly Saver – compound interest rate

Aside from the above, you can open a monthly Standard Saver which is available only to Lloyds Club members. It allows you to save an extra 1% on top of any payment of any amount between £25-£400 per month.

This offer is valid for 12 months and then the savings account is closed. Of course, I have it as this is one of the not many ways to multiply the savings in the current reality… You can apply for this addon from your online banking or the app. I suggest you set up a direct debit so that you don’t miss any monthly payment to it 🙂

Last year I missed 2 payments but still paid £400 for the remaining 10 months and the gross interest rate at the end of term was £39.15 so yeah quite low ROI but as I had this money being my savings I d rather keep them on Lloyds account with almost £80 gained for nothing is not bad – but not the best if it’s your main saving destination!

Is Club Lloyds interest rate worth it?

Like many banks, Lloyds slashed its interest rates in 2020. There may be slightly better offers like NatWest Regular saver offering 3.04% (but only on £50 per month) but overall this offer is not bad especially if you have savings at your disposal. The only annoying bit is the need for 2 direct debits going out monthly so if you have other bank accounts with perks dependent on direct debit it can be tricky.

The monthly saver is super nice as the other banks don’t allow you to pay up to £400 per month.

Club Lloyds overdraft

Club Lloyds account overdraft starts when the  £50 interest-free buffer is gone. The rates vary between 27.5% and 49.9% (Club Lloyds customers get a lower rate than standard Lloyds customers). The higher end of this range is outrageous so if you have a tendency to use overdrafts avoid this account and sort yourself a good credit card (ideally 0 interest rate for when you will be able to catch up with your payments).

Other account features

Cashback up to 15% 

Cashback on purchases paid with Club Lloyds sounds great. The offers are tailored to your spending from this account. As I use this account as yet another saving account my Halifax cashback retailers pool is bigger and more interesting. Both banks are virtually the same when it comes to online banking or the banking app interface and usage rules. DO not forget to activate the cashback before spending money at any chosen retailer. IF no cashback offers are present or sparse use cashback sites to get any cool offers.

Save the Change®

It’s a feature that takes your leftover change and builds it into bigger savings.

When you register for Save the Change® and buy something with your Lloyds debit card, Lloyds will round up the amount you spend to the nearest pound and transfer the difference into your nominated Lloyds savings account.

For example, if your espresso costs £1.90, we’ll transfer 10p from your current account into your savings account.

You can activate this feature here: https://www.lloydsbank.com/savings/save-the-change.html 

It sounds clever but if it lands on the interest-free account is counterproductive so best to avoid and pay money into accounts with interest rates.

Lloyds app and online banking

Both the app and online banking are the same as the one offered by Halifax. They are easy to use and like most banks offer many functionalities allowing you for a self-management of certain aspects of your account. 


Similar to Halifax you can turn on the notifications which will inform you about your spending every time you did pay for something. It also works when you get the money paid into your account 🙂 These seem to be more or less instant or rather speedy.

Lloyds Cheque payments

Lloyds is one of not many apps that allows you to pay in cheques via the Lloyds banking app. 

Subscription monitoring

I really like that you can cancel your subscription paid from Lloyds straight via your app. 

Freeze card

The app allows you to freeze your card in the event of loss or when someone steals it. You can also order a new card and a new PIN.

Multiple account monitoring

Ever since open banking started we can connect all our accounts within Lloyds app/online banking cockpit.  I haven’t done it yet and I won’t as I prefer to use budgeting tools such as Emma or Snoop to get more insights about my accounts and spending and finally to get any discounts or learn more about all things connected to my money habits.

Should you get Lloyds Club account?

It’s a good but not the best account (although saying that I’m not objective as different people value different things and are subject to different conditions).

I like it even though it doesn’t offer the best interest rates or rewards out there. I’d not switch to it if they don’t offer any switching bonus unless you have some savings and can circulate them between your accounts each month, direct debits are not an issue and you are not chasing the highest interest rates out there. Or your current bank offers virtually no perks or interest rates better than Lloyds. However, I would explore first the other offers with bonuses or other incentives. Check MoneySaving Expert for the list of the best banks available now.

With 0.78% of interest rates offered by the Lloyds Club account, you will be better off overpaying your mortgage rate if it’s higher than the Lloyds Club’s interest offer.

If you are struggling to find extra Direct Debits why not get a discounted magazine on iSubscribe or support a charity? But then again you need to think ROI as if you are spending ‘extra money ‘ in order to secure a 0.78% interest rate then it’s pretty pointless as 2 x direct debits of as little as £2 which is an insult to any charity means £24 ROI and the interest rate of 0.78% on £5000 equals £39 you are only better off £15 only….so yeah unless for some reason you value the lifestyle benefit getting Lloyds Club account when struggling with extra direct debits to set up is semi sensible. I have that account but I opened it in 2016 and have enough bills to pay so direct debits finding is sadly not an issue here.

If however, you are looking for an online bank maybe this guide describing the best digital banks in the UK will help you choose.

About admin

I am not Martin Lewis but Martyna aka Money Saving Girl. When I first came to the UK I was on a super tight budget, so I know how hard it is not to have money or how to get creative to get 'more for less'. I share with you my money saving tips about anything which worked for me. Be it free samples, shopping tricks, iTunes, various discount apps, websites and reward programs. Occasionally I write about traveling or insurance.

Check Also

🎃2021 TopCashBack Trick or Treats Halloween answers?

Today on 18/10/2021 TopCashBack started another edition of TCB Trick or Trweatr giveaway! This time its Halloween Treats …