Lloyds account ‘will help empower affluent customers to reach financial goals'
The bank's offer of an account combining financial perks with 'premium lifestyle services' is part of moves to grow its presence in this part of the market.
The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits.
The perks include a Bupa family GP and wellbeing subscription service, providing remote access to a range of services; a 0.2 percentage point discount on new homeowner mortgages and remortgage rates and 1% cashback on eligible debit card spending, up to £10 per month.
Customers can also receive 1.50% AER (annual equivalent rate) variable credit interest on balances between £1 and £3,999.99 and 3.00% AER variable credit interest on any part of the balance between £4,000 and £5,000, subject to terms and conditions.
The account will also offer customers 'ready-made investment portfolios with zero management fees for the first year'.
The deal also offers a 'Premier planning hub' within the mobile app, offering tools such as a 'net worth calculator' and 'wealth forecasting'.
People can also access other perks such as fee-free spending abroad on debit cards, and cinema tickets.
Jo Harris, director of consumer relationships at Lloyds, said the account will 'help empower' customers to reach their financial goals.
'Lloyds Premier is a strategically important milestone in our growth ambitions for affluent customers – a part of the market where we have historically been under-represented.
'Our new Lloyds Premier account is the latest way we are delivering for our affluent customers, offering experience-led, tailored and personalised solutions in financial, health and lifestyle, while growing our presence in this part of the market.'
Under the Lloyds Premier criteria, customers must pay in £5,000 each month or have £100,000 of savings or qualifying investments with Lloyds Bank to be eligible for the account. A monthly fee of £15 will be refunded each month a customer meets the eligibility criteria.
Accounts are regularly reviewed, with customers contacted if they are not meeting the criteria, Lloyds said.
The bank estimates that customers will typically receive more than £100-worth of benefits per month, based on an account holder's assumed average usage of benefits.
Caitlyn Eastell, a spokesperson at financial information website Moneyfactscompare.co.uk said: 'It's great to see Lloyds Bank launching an innovative account which can help consumers achieve their savings goals and effectively manage their lifestyle. Combining these perks into one account can pose as a massive timesaver and may entice customers with a busy daily schedule.
'However, it is imperative that consumers consider if the account is suitable for their needs to ensure they can get the best value and are not losing out on any of the best perks.'
Ms Eastell said that with many 'lucrative 'premier' accounts, the terms and conditions can be quite restrictive so they should be reviewed carefully to ensure they qualify'.
She added that for current account customers more widely: 'There are still a wealth of current accounts to choose from which can offer interest on balances or overdrafts. In any case, if customers are unsure which account may be best for them, they should seek independent advice.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 hours ago
- Yahoo
If someone had invested £5,000 in Lloyds shares a week ago, they would have made…
Last week was a great time to own Lloyds (LSE:LLOY) shares. The British banking giant saw its market cap surge more than 10% on Monday following the long-anticipated court ruling relating to the motor financing mis-selling scandal. And while a bit of profit-taking activity followed, the share price has still broken through and remained above the 80p threshold for the first time since 2015. As such, anyone who put in £5,000 right before this bump is now sitting comfortably on around £5,326 – not bad for a single week. But with such a massive cloud of uncertainty now lifted, could Lloyds shares be on track to climb even higher? What happened? As previously mentioned, the main catalyst behind this boost stems from the Supreme Court's favourable ruling. It concluded that car dealers do not owe fiduciary duties to customers and that the payment of commissions linked to car finance from banks like Lloyds isn't inherently unlawful. So, is Lloyds off the hook? Not quite. The Financial Conduct Authority is still proceeding with a targeted redress scheme to compensate car buyers who were impacted by discretionary commission arrangements. This is where car dealers would earn a higher commission by charging a higher interest rate. But with an estimated compensation of £950 per customer, the £1.2bn that Lloyds has already put aside is expected to cover the bulk of its exposure. Time to consider buying? With the threat of a massive legal penalty now eliminated, investor sentiment has improved significantly. And the analyst team at Goldman Sachs subsequently upgraded its Lloyds share price forecast to 99p. That's around 23% higher than current levels. And if accurate, would grow the previous £5,000 investment even more to £6,550. Of course, forecasts need to be taken with a pinch of salt. Goldman's projection is based on Lloyds delivering 8% annual core revenue growth between 2024 and 2027. It also depends on management successfully delivering on its target of 13.5% return on tangible equity. The favourable banking environment certainly makes this possible, especially now that the legal risk has reduced drastically. However, that doesn't guarantee Lloyds shares will be a winning investment. The bank's performance is ultimately tied to the state of the British economy. A sudden or even gradual slowdown could reduce lending demand as well as send borrower default rates in the wrong direction. Lower interest rates should help spark demand, particularly for mortgages. But if there's an insufficient volume of new loans, Lloyds could struggle to offset the drop in expected interest income. In such a scenario, Lloyds will likely fall short of Goldman's growth expectations. The bottom line One of the biggest risk factors surrounding Lloyds appears to now be in the rearview mirror. It comes as a major relief to shareholders who are now able to focus more on the underlying fundamentals rather than the legal landscape. And with the shares trading at a relatively modest price-to-earnings ratio, continued performance could help elevate the share price further and support the 4.1% dividend yield. Lloyds shares are unlikely to skyrocket, so growth investors are probably better served considering stocks elsewhere. But for more conservative income-seeking individuals, Lloyds shares could now be worth mulling over. The post If someone had invested £5,000 in Lloyds shares a week ago, they would have made… appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Zaven Boyrazian has no position in any of the shares mentioned. The Motley Fool UK has recommended Lloyds Banking Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Yahoo
Lenders to seize control of Barclay family's troubled online shopping site
Lenders are preparing to seize control of the Barclay family's debt-laden online shopping site Very after a series of increasingly desperate attempts to keep major creditors at bay. American private equity giant Carlyle is expected to swoop on the company in the coming weeks through a complex debt-for-equity swap, bringing to an end more than 20 years of ownership at the hands of the Barclays brothers, former proprietors of the Telegraph. If Carlyle pulls off the move, it would mean the family would have surrendered control of the vast majority of its business empire in the space of just two years – as various creditors have caught up with them. The Telegraph was taken over by Lloyds in the summer of 2023 amid a long dispute with the Barclays over outstanding debts. The following year, their parcel delivery outfit Yodel narrowly avoided collapse after it was bought by rival operator Shift. The Barclay siblings – Aidan and Howard – have also recently parted with their prized super-yacht Lady Beatrice, named after their late mother – after reducing the asking price. Carlyle's anticipated takeover of Very Group, which has 4.5 million UK customers, comes amid growing expectations that a loan it has made to another Barclay-controlled entity will not be repaid on time, according to a source close to the discussions. It was described as one of 'several triggers' for Carlyle to move in. Another is a £280m loan that it made to Very Group last year, which expires at the beginning of November. This year it has borrowed a further £83m in two tranches from the private equity house. City sources believe Carlyle will seek to carve-up ownership of Very Group with IMI, the Abu Dhabi-based vehicle that ended up as a major lender to Very Group as part of a convoluted deal related to its brief ownership of the Telegraph newspaper titles. The United Arab Emirates investor is positioned to emerge from the protracted tussle with a 15pc stake in the newspaper's parent company. City sources believe the ownership change at Very Group will open the door to a long-mooted merger with arch-rival N Brown. Its smaller competitor was taken private last year by members of the Alliance family, which are the controlling shareholders. Carlyle's decision to call in its debts – first reported by Sky News – is likely to spark a fierce battle between other lenders to recover their loans. Very Group's parent company, Shop Direct Holdings Limited, has amassed a debt pile totalling £2.8bn, according to its most recently filed accounts. Owners have repeatedly sought to stave off looming repayments with new borrowings. Outstanding loans include a £1.8bn securitisation facility provided by a consortium of UK banks, which enables Very Group to provide customers finance to buy everything from clothes and footwear to furniture and gifts. It also owes £600m to a wealthy Mayfair-based parrot-fancier following a recent rescue refinancing. In April, the company turned to Arini, a hedge fund founded by 34-year-old Hamza Lemssouguer, for a package of high-cost loans that enabled it to pay off a £575m bond due for repayment this month. Lemssouguer breeds endangered parrots at his farm in Surrey. The annual cost of servicing Shop Direct's spiralling debts was £237m at the last count. The jump in finance costs was 'the primary driver' for a widening of losses at Very Group to £63.2m in the year ending 30th December 2023, it said. A spokesman for the Barclay family declined to comment. Carlyle also declined to comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
3 days ago
- Yahoo
The Lloyds share price is up nearly 200% over 5 years! What about the next 5 years?
The Lloyds (LSE:LLOY) share price has climbed nearly 200% over the past five years. Admittedly the starting point was the pandemic. However, for investors, this rebound is a testament to how strongly the company and the sector overall have recovered after a long and difficult period for UK banks. The question now is whether this momentum can be maintained into the next five years. This depends on why Lloyds shares have recovered so sharply, what's moving the shares today, and the challenges and opportunities ahead. Things just got better Lloyds's recent resurgence is mainly down to stronger earnings, reduced credit risk, and a re-rating of UK banks by investors. The company has consistently delivered improved earnings, with its latest underlying figures showing more solid growth in net interest income and cost discipline. Unlike the dark predictions made during the post-pandemic period and the height of the cost-of-living crisis, bad loan charges have remained under control, mainly because mass defaults among consumers and businesses have not materialised. With defaults in check, investors have been able to focus on the bank's stable cash flows and attractive dividend. Meanwhile, the entire UK banking sector has been re-rated. Investors are now more willing to pay higher price-to-earnings ratios as fears over financial stability and the impact of Brexit have faded. Fresh momentum A big catalyst recently has been some much-needed legal clarity around the car finance mis-selling scandal. This case had cast a shadow over Lloyds and its rivals. The Supreme Court sided mostly with the lenders, reducing the threat of massive compensation payouts. Lloyds has already set aside over a billion pounds for possible claims, but the judgement removed a lot of the market's uncertainty. That's given brokers and shareholders reason to become more optimistic about the stock's outlook. It's not going up another 200% Looking ahead, however, things could get a litter trickier. Bank shares like Lloyds tend to move in step with the economy, and the UK's economic outlook is mixed at best. Growth is poor and the confidence in our economic leaders is deteriorating. However, interest rates remain supportive. Lloyds's huge deposit base and simple lending model should help margins stay resilient for a while. The bank has also benefitted as it unwinds the financial hedges put in place in the era of ultra-low rates. While risks remain, Lloyds's foray into being a residential landlord, via its Lloyds Living brand, is a bold new venture. It comes with its own uncertainties and will take years to prove itself. However, it's certainly worth keeping an eye on. It already has a portfolio of over 6,000 homes. So, after such a dramatic recovery, Lloyds shares may not see another 200% rise soon. However, legal clouds have lifted, earnings are strong, and there are some new growth drivers. I believe it's worth considering as a long-term investment. I'm continuing to hold my shares, with the expectation of modest gains. The post The Lloyds share price is up nearly 200% over 5 years! What about the next 5 years? appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Fox has positions in Lloyds Banking Group Plc. The Motley Fool UK has recommended Lloyds Banking Group Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
