Lloyds Bank offers switching deal paying £200 to account | Personal Finance | Finance
Lloyds is offering new current account customers a £200 cash boost to switch to the bank.
The money will land in accounts within three days of the switch completion, but there are a few conditions people must meet to qualify.
The offer is available to people who switch their current account from another bank to a Club Lloyds account between October 2 and December 10.
People must use the ‘Current Account Switch Service’ to complete the transfer, and they must shift a minimum of three direct debits to the new account.
There is a £3 monthly fee to maintain the Club Lloyds account, waived each month when £2,000 or more is paid in.
The bank said existing customers can also qualify for the switching offer as long as they open one of the Club Lloyds accounts and meet all the conditions.
The switch deal is also available for customers opening a Club Lloyds Platinum and Club Lloyds Silver account, which come with £22.50 and £11.50 monthly fees, respectively. Both accounts come with additional perks, such as travel and mobile phone insurance as well as varying AA breakdown cover.
Club Lloyds customers (including Platinum and Silver) can choose from a range of lifestyle benefits, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
Customers can also take advantage of “Everyday Offers”, which provide cashback when shopping at select retailers, as well as the “Save the Change” scheme when using a debit card.
The service works by rounding the spend to the nearest pound and transferring the change to a nominated savings account.
Club Lloyds account holders can also earn up to £90 in credit interest each year, when qualifying criteria are met. They also have access to exclusive offers on other products, including the Club Lloyds Monthly Saver, which pays 6.25 percent gross/AER interest, where customers can save between £25 and £400 each month.
Commenting on the new deal, Alastair Douglas, CEO of TotallyMoney said: “The current account switching market is warming up again, with cash incentives now being offered by four banks. The latest is open to both new and existing Lloyds customers who open a Club Lloyds account, including Classic, Silver, or Platinum.
“In addition to a £200 bonus for moving banks, you can also choose from a free year of Disney+, cinema tickets, a magazine subscription, or discounts on coffee and restaurants. Platinum Account members can also benefit from travel and mobile phone insurance, breakdown cover and fee-free foreign spending.”
However, Mr Douglas warned: “But as with any bank account, credit card, loan or other financial product, it’s really important that you read the small print before jumping in.
“The main thing to watch out for here is that all three options carry fees, and you could find yourself paying more than £300 per year for the Club Lloyds Platinum account. And if you already have insurance or a good card for travel, you might not make the most of the perks on offer.
“It’s also worth noting that Halifax and Bank of Scotland are part of Lloyds Banking Group, so you won’t be eligible for the sign-up bonus if you’ve received a switch incentive from them since April 2020. ”
