Lloyds Bank announces £100 switching offer & 1.5% on top savings balances – act now | Personal Finance | Finance
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There’s been a bit of a drought over the last 18 months when it comes to the best bank account sweetening offers but now it looks like they’re back with this latest account from Lloyds looking likely to be popular. The latest offering from Lloyds will see anyone interested in switching bank accounts rewarded with £100 in free cash and a decent interest rate on their savings too of 1.5percent. Interest rates on savings have taken a bit of a battering over the last year following the Bank of England’s decision to cut the base rate to 0.1percent in March 2020 at the beginning of the coronavirus pandemic.
However, it now looks like consumers are being offered more choice as interest rates slowly recover with Lloyds launching a new product with a competitive savings rate that could prove popular.
Additional benefits include £100 deposited into the account for free once the switch is completed and they’ll need to use the Current Account Switching Service to make the switch.
Consumers are being urged to act now as the deal ends in little over a month on October 19 2021.
Some other eligibility rules also apply, applicants will need to have £1,500 in monthly earnings paid into the account every month to waive the £3 a month fee.
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As well as this, the bank’s customers will also be offered up to 15percent cashback at selected high street retailers and a free overdraft facility for the first three months.
Martin Turner, Head of Personal Current Accounts, Lloyds Bank, said: “New customers joining Club Lloyds will get a choice of fantastic lifestyle benefits, cashback at selected retailers, and access to exclusive offers on savings and mortgages, alongside £100 when switching through the Current Account Switch Service.”
The Current Account Switching Service makes switching banks easy by transferring the existing current account balance, and all direct debits within seven days and it can be completed quickly online in a few simple steps.
It’s important to note that this is an easy access account and interest is calculated daily but paid monthly on balances of up to £5,000 – but only if there are two sperate direct debits leaving the account.
Customers might prefer to switch to the bank’s Platinum Account which has some added benefits but higher running costs including a £21 a month fee.
That might seem steep but it does come with comprehensive AA breakdown cover, mobile phone insurance for one phone holder (up to £2,000), worldwide family travel insurance and everyday offers at places like Costa, Hilton and Sky.
People who would purchase these covers and insurances anyway might find that it would actually save them money if the combined bills add up to more than £21 a month.
More than six million Britons have switched bank accounts through the Current Account Switching service and some people make hundreds or thousands of extra pounds from doing so.
It’s something that money saving expert Martin Lewis recommends doing to earn a bit of extra income and thanks to his advice one older couple made more than £1000 over a few years.
Another fan of his money-saving tips, David Buckeridge made more than £4000 by swapping banks more than 15 times and his story was even featured on Extreme Savers.
Those who haven’t moved accounts for years would certainly benefit from having a look a the best bank account switching offers currently on the market and this Lloyds incentive is one of them.
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