Lloyds Bank issues urgent message to customers who have 'at least three Direct Debits'
Lloyds Bank has launched a new £200 current account switching bonus, available to both new and existing customers. The offer runs from October 2 until December 10 and applies to those switching to a Club Lloyds account, Club Lloyds Platinum account, or Club Lloyds Silver account.
To qualify, customers must use the Current Account Switch Service and transfer at least three direct debits from their old account. Customers who have received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020 are not eligible for this bonus.
The basic Club Lloyds account charges £3 per month. The Club Lloyds Platinum account comes with a higher £22.50 monthly fee, recently increased from £21. The Club Lloyds Silver account carries an £11.50 monthly fee, up from £10.
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That's plus the £3 fee which can be waived with the £2,000 monthly deposit. Alastair Douglas, the CEO of TotallyMoney, explained: "Changing banks might seem daunting — especially if like many, you’ve been with the same provider for a few years.
"But with the Current AccountSwitch Guarantee, you can transfer balances, Direct Debits and overdrafts, while payments sent to your old account will be redirected to your new one. So you won’t need to worry. And 99.7 per cent of switches are complete within seven working days.
"But while the switching process is easy, you should always read the small print to make sure that the account is right for you. This is especially true if you’re looking to make the most out of a signup bonus — as you’ll usually need to jump through a few hoops to land it."
He went on to also say today: "Often, the bank will require you to deposit a certain amount, transfer a number of Direct Debits, and to use your new card and app."