You are here: Home - Saving-Banking - News -

Lloyds Bank launches £125 switching incentive

0
Written by: Emma Lunn
01/10/2019
Lloyds is offering new customers £125 when they switch to a Club Lloyds bank account.

Lloyds has thrown down the gauntlet to the other high street banks by tempting current account customers with £125 in cash if they switch their day-to-day banking to the bank before 5 November.

Customers will need to use the Current Account Switching Service to change to a Club Lloyds Current Account or Club Lloyds Platinum Account to get the cash. The money will be paid directly into their new bank account before the seven-day switching process completes.

The Current Account Switching Service makes switching easy by transferring a customer’s existing current account, with all direct debits, standing orders and salary commitments transferred within seven days.

The Club Lloyds account also offers:

  • Credit interest of 1 per cent AER variable on balances up to £3,999.99, then 2 per cent on amounts between £4,000 and £5,000.
  • An annual “lifestyle benefit”. Customers can choose between six cinema tickets with Vue or Cineworld, an annual subscription to a popular magazine, or a Gourmet Society membership
  • Access to exclusive rates on other banking products.
  • Up to 15 per cent cashback with Everyday Offers on a range of selected high street retail and restaurant brands.

The Club Lloyds Current Account is free if £1,500 is paid in each month. Otherwise, the account comes with a £3 monthly fee

The Club Lloyds Platinum Account comes with a £19 monthly fee and offers worldwide travel insurance, breakdown cover, mobile phone insurance, and a lifestyle benefit.

Gabby Collins, head of personal current accounts at Lloyds Bank, said: “Our Club Lloyds accounts offer a wide range of benefits, including access to exclusive mortgage and savings rates on top of a wide range of lifestyle benefits including cinema tickets and cashback at leading retailers. New customers switching to a Club Lloyds account through the simple switch service will be up and running within seven days with a £125 bonus to welcome them.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week