Lloyds Bank has launched a £175 incentive if you open a Club Lloyds account, making it the only provider offering cash to switch right now.
GLOAs competition is rising among UK’s leading banks Lloyds Bank launched a new offering.
New customers switching to a Club Lloyds account, including the Classic, Silver (£10 per month), and Platinum (£21 per month) packaged accounts, can avail a £175 bonus.
All Club Lloyds accounts offer the choice of one lifestyle benefit annually, such as a 12-month Disney+ subscription, six cinema tickets, an annual magazine subscription, or membership to the Coffee Club and Gourmet Society, providing discounts at Caffè Nero and various restaurants.
The Silver account provides European and UK family travel insurance, AA breakdown family cover, and mobile phone insurance, while the Platinum account offers the same features with worldwide family travel insurance.
Account holders can earn 1.5% interest on balances ranging from £1 to £3,999.99 and 3% on balances between £4,000 and £5,000, with interest calculated daily and paid monthly. However, to qualify for this interest, two direct debits must be set up and maintained each month.
Additionally, account holders gain access to Everyday Offers, offering cashback at select retailers. A £3 fee is applicable for maintaining any of the Club Lloyds accounts, but this fee is refunded monthly if £2,000 or more is deposited into the account.
It’s worth noting that Lloyds reserves the right to withdraw the offer at any time, and past experience suggests that such deals may not be available indefinitely. To qualify for the switching bonus, customers must switch to a new Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account using the Current Account Switch Service between February 13th and March 28th. The £175 bonus is typically paid three days after the switch is completed, provided that a minimum of two active direct debits are transferred. However, customers won’t be eligible for the offer if they switch to any other Lloyds Bank current account, or if they’ve received cashback for switching to Lloyds Bank or Halifax Bank since April 2020, or if they switch their existing Lloyds account to a Club Lloyds account.
Source: GLO
