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Lloyds offers £100 to tempt new customers to paid-for current accounts

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<span>Photograph: Peter Nicholls/Reuters</span>
Photograph: Peter Nicholls/Reuters

Lloyds Bank is offering new customers £100 in an attempt to persuade them to switch to its Club Lloyds current account.

To receive the money, customers have to use the official current account switching service and move to one of the bank’s two paid-for accounts: the Club Lloyds current account, which costs £3 a month, or the Club Lloyds Platinum account, which charges £21 a month but comes with a range of benefits, including worldwide travel insurance.

Related: Four weeks to financial fitness: 28 steps to get your money into shape

Lloyds said it would pay the £100 directly into the new account within 10 days of a switch being completed.

Club Lloyds accounts pay interest of 0.6% on sums up to £4,000, and 1.5% on the balance between £4,000 and £5,000. This is worth just under £39 a year – a little more than the cheaper account’s annual fee if you can maintain a £5,000 balance.

Account holders also receive a choice of 12 digital movie rentals from Rakuten TV, six cinema tickets with Odeon or Vue, or an annual subscription to a popular magazine.

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