Lloyds customers waking up to free £200 payment in their bank accounts
Lloyds Bank customers are waking up to free £200 payments in bank accounts. The bank, which is rivalled by the likes of HSBC UK, NatWest, Nationwide, Santander, TSB, and more, is offering a new switching deal paying £200 straight to your account.
Lloyds Bank will pay the money within three days of the account switch. 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, the bank says.
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.
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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.
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.”
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. ”