Major bank launches £185 switching deal paid within 10 days - are you eligible?
This makes it one of the biggest up front cash bungs for switching as banks battle it out to reel in new custom.
New customers will be able to get the cash if they move their current account to any of the Club Lloyds current accounts or a Lloyds Premier account through the Current Account Switch Service (Cass) between today and 28 July.
They must also transfer three active direct debits as part of the bank switch. Direct debits set up after the switch has been started and other types of automated payments, such as standing orders and recurring card payments, do not count towards the switching deal.
Customers who have received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account will not be eligible for the cash.
Neither will customers switching from a Halifax or Bank of Scotland current account.
Money will be paid within 10 days of the switch completing. Customers can complete a switch through online banking or on the Lloyds Bank mobile app.
The Club Lloyds accounts come with a range of perks in exchange for a monthly fee.
Currently, Club Lloyds customers pay a £5 monthly fee for the basic Club Lloyds account.
The monthly fee is waived if you deposit £2,000 or more into the account each month, however.
It means that most customers would need to have their salary paid into the Club Lloyds account to hit the threshold, and have the £5 monthly fee waived.
If they do not meet the £2,000 threshold, customers could end up paying an extra £60 a year for the account when the £5 monthly fee kicks in.
The Club Lloyds Silver and Platinum accounts come with more sizable monthly costs, of £22.50 and £11.50 respectively, which cannot be waived by depositing £2,000 a month in the account.
The Lloyds Premier account, which launched in May, is aimed at wealthy customers.
The Premier account comes with a range of perks it claims to be worth £100 month.
It is geared towards those who have an income, savings or investments of at least £100,000.
Alternatively, customers can get the account if they are able to fund it with £5,000 a month.
There is a monthly account fee of £15 which will be refunded each month a customer meets the eligibility criteria.
What perks do the accounts offer?
The Club Lloyds perks include a 12-month subscription to Disney+, or a choice of six Vue or Odeon cinema tickets, a magazine subscription, or a digital Coffee Club and Gourmet Society membership.
A 12-month subscription to the Disney+ standard plan with ads is worth £4.99 a month, or £59.88 per year.
Meanwhile, a Vue cinema ticket typically costs between £5.99 to £10.99 depending on time and location. This could equate to up to £65.94 of savings.
There is also the possibility of earning up to £90 in in-credit interest each year.
Lloyds pays 1.5 per cent on anything up to £4,000 and then pays 3 per cent on balances between £4,000 and £5,000.
The fee-free spending abroad also applies to Club Lloyds accounts.
A customer considering one of these accounts would need to consider whether they would make good use of the benefits on offer with these accounts to justify the higher fees.
Rachel Springall, personal finance expert at Moneyfacts compare says: 'The suite of current accounts from Lloyds Bank are tailored for varying needs, but the Club Lloyds is seen as its most affordable option for those who want some additional benefits.'
The Lloyds Premier account offers the same perks as a Club Lloyds account but with an extra layer.
Customers can get fee-free spending abroad on debit cards, six free cinema tickets or 12 months of Disney+ as with a Club Lloyds account.
But it also offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches.
The Bupa Family GP subscription service provides access to online GP and nurse consultations, online physiotherapy sessions and online mental health treatment sessions.
It also comes with 1 per cent cashback on debit card spending, capped at £10 each month.
Lloyds will pay 1.5 per cent on balances up to £3,999.99 and 3 per cent on balances between £4,000 and £5,000 - meaning customers stand to make £90 interest on £5,000 kept in the account.
Interest will only be paid if customers have two monthly direct debits set up from the account though.
Customers can earn a savings boost on Lloyds one-year fixed-rate bond which has a minimum deposit of £2,000 or more.
Also on offer is a 0.2 per cent discount on new homeowner mortgage rates and remortgage rates.
The account also offers ready made investment portfolios with no management fees in the first year of having the account.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
12 minutes ago
- Reuters
UK hedge fund Marshall Wace posted mixed returns for July, source says
LONDON, Aug 4 (Reuters) - British hedge fund Marshall Wace returned mixed results in two of its funds in July, a source close to the matter told Reuters on Monday. Co-founded by British financier Paul Marshall, the $76.9 billion firm returned 1.6% in July culminating in a 6.1% performance for 2025 so far in its Eureka Fund, the source said. The hedge fund's Market Neutral Tops fund returned -0.22% for July and is up 10.99% year to date the source added. Systematic stock trading hedge funds, like Marshall Wace, are up roughly 10% for 2025 so far, said Goldman Sachs on Monday.
The Independent
14 minutes ago
- The Independent
Why has Kemi Badenoch fallen out with Liz Truss?
Dearie me, they're at it again. Former Tory leader Liz Truss and current Tory leader Kemi Badenoch are involved in another nasty spat, mainly about the infamous mini-Budget introduced by then Prime Minister Truss in September 2022. Badenoch has invoked that calamitous – and deeply Conservative – fiscal event in an otherwise routine attack on the government. Truss, ever ready to defend her record, because no one else will, has hit back and told Badenoch she's wrong and needs to do some more thinking, a particularly hurtful jibe when Badenoch thinks herself one of the brainier kids in the Westminster playground. Amusing and mildly diverting as it may be, this minor row also tells us some much bigger things about the Tory dilemma. What did Badenoch say? That Labour is even more incompetent than Truss was: 'For all their mocking of Liz Truss, Keir Starmer and Rachel Reeves have not learnt the lessons of the mini-Budget and are making even bigger mistakes. They continue to borrow more and more, unable and unwilling to make the spending cuts needed to balance the books.' Is that new? Not really. Only a few weeks ago, the shadow chancellor, Mel Stride, evicted from ministerial office by Liz Truss when she formed her short-lived government, laid into the mini-Budget and apologised for it. Badenoch, meanwhile, has said she doesn't know whether Truss is still in the Conservative Party, and implied she doesn't really care either way. She's long let it be known she'd prefer Truss to just go quiet for a while. Badenoch has also been disobliging about the Sunak administration 'talking right but acting left'. But Sunak, like Johnson, May and Cameron, has, so far, preferred to ignore the present controversies and policy shifts, such as Badenoch's 'net-zero sceptic' stance. What's the Truss defence? The usual – her supposedly brilliant plan to turbocharge the British economy was thwarted by a terrible econo-bureaucratic blob and those, to the visionary Truss, idiots at the Bank of England. But increasingly she is having to adapt her line because of attacks from her own party (if she is indeed still in it), which means slagging off the administrations that came before her – Cameron, May, Johnson – and after, Sunak and now Badenoch's performance as leader of the opposition: 'It is disappointing that instead of serious thinking like this, Kemi Badenoch is instead repeating spurious narratives. I suspect she is doing this to divert from the real failures of 14 years of Conservative government in which her supporters are particularly implicated.' Er... weren't they both members of these dreadful governments? Yes. Truss continuously from 2012 to her ousting in 2022, and Badenoch from 2019 to 2024. Indeed, it was Truss who promoted Badenoch to the cabinet as international trade secretary. Neither showed much dissent, publicly or privately. Why are they scrapping? Neither wants to take responsibility for their own failures as a party leader, and that can inevitably lead to blame throwing for their disastrous showing at the election, and subsequently. But all politicians in all parties who find themselves thrashed by the voters are faced with this excruciating dilemma as they enter the wilderness of life in opposition: Do they denounce the record and policies of the government they were apparently happy to be a part of? Or do they defend their record instead? Do they agree with the voters' verdict or not? And if they want to, or have to, admit 'mistakes', are they going to be big or smaller ones? How to play it? By ear – there are no hard rules. Back in the 1970s, Margaret Thatcher, as leader of the opposition, did well out of renouncing most of what the Heath government had done because it ended in such chaos, and Thatcher was (like Badenoch today) a relatively junior cabinet member who could claim some innocence. In due course, because public opinion had shifted during the Blair years, David Cameron found that he'd have to criticise Thatcher herself, so he declared that 'there is such a thing as society' and told his fractious party to 'stop banging on about Europe'. Ed Miliband, after Labour's defeat in 2010, never seemed able to make up his mind about whether the Brown administration (in which he served) had failed, and, if so, how and why. Try as he might, Nick Clegg could never grovel sufficiently for what he did on tuition fees in the coalition government, and the Lib Dems were so punished at the 2015 general election that they were left with eight MPs compared to the 56 elected in 2010. At the moment, the Conservative-led government of 2010 to 2024 has few friends and many critics, the most vociferous being some of its leading lights. In this respect, the party is behaving more like Labour traditionally does after a defeat. Thus, after the 1974-79 Labour government fell from power, it was attacked by the Bennites on the Labour left for being too right-wing, and by the social democrats on the right for being too left-wing. Eventually, the long passage of time made arguments about pay policy, union power and unilateralism irrelevant. One day, when people have forgotten who Truss and Badenoch were, they may be ready to give the Tories a hearing. But, with Farage on their right flank, with no qualms about slagging off the last government, the Conservatives may not have the luxury of time to settle their differences and focus their attacks on him.
Telegraph
15 minutes ago
- Telegraph
Bank ‘must cut rates six times' over next year to boost ailing economy
Andrew Bailey must slash interest rates six times over the next year to bolster flagging growth, economists have warned. The Bank of England Governor and his colleagues on the Monetary Policy Committee (MPC) are expected to cut borrowing costs from 4.25pc to 4pc this Thursday. But a growing cohort of economists predict Bank officials will be forced to go much further over the next 12 months. Six cuts would take the base rate to 2.75pc next year – the lowest level since late 2022. Peder Beck-Friis, an economist at Pimco, an investment company, said higher taxes, slower growth and the weakening jobs market will all push the Bank to cut rates further next year. 'While inflation has been surprisingly firm, we see good reasons to expect a slowdown. Regulatory price hikes, including in employment taxes, have pushed prices up, but wage growth is softening and the labour market is weakening,' he said. Companies are passing the £25bn increase in employers' National Insurance contributions on to customers, but 'once this tax shock fades, we expect inflation to ease, as seen in other developed countries'. 'We expect the Bank to accelerate rate cuts later this year, with the policy rate settling near 2.75pc next year,' he said. Michel Nies, from Citi, predicts rate cuts in August and November before an acceleration from December in the wake of 'very likely tax increases in the autumn Budget', taking the base rate to 2.75pc. He cites the weakening jobs market as the critical factor. The economy has lost 178,000 employees on payroll over the past year. Businesses in particular are taking a beating: 'The divergence between public and private sector employment growth continues to widen with the former still masking a sustained contraction in the latter,' Mr Nies said. Bruna Skarica, at Morgan Stanley, also expects cuts to 2.75pc because unemployment has risen to 4.7pc, the highest rate in four years. 'The build-up of slack in the labour market ... can only result in pay and price disinflation over time,' she said. 'The laws of economic gravity can be delayed, but not denied.' These economists remain in the minority, and even this week's anticipated rate cut will not be entirely uncontroversial. Policymakers are cutting interest rates even though inflation, at 3.6pc and rising, is well above its 2pc target. However, monetary policy takes as long as two years to feed through to consumer prices, meaning this week's rate decision will only fully pass through to inflation in mid-2027 - and will have little effect on the rise in living costs this year. Jack Meaning, a former Bank of England economist now at Barclays, forecasts a three-way split on the MPC. He anticipates that two policymakers will vote to hold rates, two for a double cut to 3.75pc, and the majority of five backing a move to 4pc. 'Despite these divergent views on both sides, we think the centre of the committee, and ultimately the decisive bloc, will continue on a gradual and careful quarterly rate cutting path, until it reaches 3.5pc in February 2026,' he said. The most recent three-way split came in May, when external MPC members Swati Dhingra and Alan Taylor voted for a half percentage point rate cut to 4pc.
