Since the launch of the Current Account Switch Service, banks are doing more to try and tempt consumers to switch – or stay put. As a result the packages on offer are becoming increasingly competitive with the rise of cashback offers being particularly notable, and Lloyds has become the latest bank to offer cashback incentives to its current account holders.
Under the Everyday Offers scheme, current account holders who are signed up to online banking have the chance to earn up to 15% cashback at selected retailers. The offers will be available for a limited time to ensure they remain relevant – customers will need to activate the offer within online banking, and after that they'll automatically earn cashback by spending on their credit or debit card at the specific retailer. Any cashback earned will be paid into their current account at the end of the following month.
So far, everything from grocery shopping to clothes and even restaurant trips can result in rewards. Retailers confirmed include Morrisons, Homebase, New Look, Domino's Pizza, Gourmet Burger Kitchen, The Body Shop, O2 and Ocado, with more set to be confirmed over the coming weeks.
Another part of the scheme, called It's On Us, will see Lloyds Bank reward thousands of customers every month by repaying a purchase they've made on their card, up to a value of £500. Lloyds will randomly select 1,000 purchases a week that will be repaid, which could be anything from a cup of coffee to their weekly shop or even a holiday – customers will be notified if they've been randomly chosen a few days after making the transaction, with the full purchase price being paid back into their account at the end of the following month.
Anyone with a Lloyds Bank current account who's registered for online banking (and who has a credit or debit card) can take part, with cashback able to be earned as soon as they enrol and activate their desired rewards.
Lloyds is just the latest bank to offer a rewards scheme – use our handy comparison tool to see what other banks have available
Compare cashback credit cards to earn as you shop
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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