Lloyds Bank has today launched a new £175 switching offer for customers who move their current account to the bank before April 1.
The cash incentive will be paid within three days of completing the switch, making it one of the fastest-paying switching deals currently available.
New and existing customers can take advantage of the offer by switching to a Club Lloyds account using the Current Account Switch Service.
The deal comes as banks compete for new customers, with recent figures showing over 300,000 current account switches in the last quarter.
Club Lloyds account holders can choose from several annual benefits, including a 12-month Disney+ subscription worth £59.88 per year.
Club Lloyds account holders can choose from several annual benefits,
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Alternatively, customers can opt for six Vue or Odeon cinema tickets, which could save up to £65.94 depending on location and screening times.
Other perks include a magazine subscription or a digital Coffee Club and Gourmet Society membership.
The account also offers potential credit interest earnings of up to £90 per year, with 1.5 per cent paid on balances up to £4,000 and three per cent on balances between £4,000 and £5,000.
To qualify for the £175 switch offer, customers must transfer at least three active direct debits from their existing account to Lloyds.
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A monthly deposit of £2,000 is required to avoid the £3 monthly fee, which is set to increase to £5 from June 2.
The switch must be completed using the Current Account Switch Service, which will close the customer’s old account.
Those who have received a switching offer since April 2020 from Lloyds Bank, Halifax or Bank of Scotland are not eligible for this promotion.
Andrew Hagger, personal finance expert from Moneycomms said: “On the face of it, the list of benefits looks impressive. As long as you meet the £2,000 monthly income criteria to avoid the £5 monthly fee, then it looks like a decent deal.”
However, he cautioned those considering premium versions of the account: “The Club Lloyds Platinum and Club Lloyds Silver are packaged bank accounts and come with monthly fees of £22.50 and £11.50 respectively.”
He suggested frequent overdraft users might prefer First Direct’s offer: “With First Direct the first £250 in overdraft is interest free whereas Lloyds charges up to 49.9 per cent depending on your credit record.”
The Lloyds banking app offers features including card controls, subscription management and credit health checking, with built-in security technology.
Lloyds customers can also benefit from the Save the Change feature
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Customers can also benefit from the Save the Change feature, which rounds up debit card purchases to the nearest pound and transfers the difference to a savings account.
The bank’s Everyday Offers programme provides cashback opportunities when shopping at selected retailers.
Account holders can also access a Club Lloyds Monthly Saver account paying 6.25 per cent interest, allowing monthly deposits between £25 and £400 with a fixed rate for 12 months.
