Banking News

Lloyds Bank has launched a switching offer that will see new customers earn £100 in cashback when they switch to a Club Lloyds or Club Lloyds Platinum account.

To be eligible for the £100 cashback, customers must switch to one of the Lloyds Bank accounts using the Current Account Switching Service*. Once the switch has been successful, customers will receive the £100 directly into their new bank account within 10 days.

The Club Lloyds requires at least £1,500 to be deposited into the account each month, if the deposit is not made then a £3 monthly fee is charged. The Club Lloyds Platinum charges £3 per month, which is waived if a minimum of £1,500 is deposited into the account each month, plus £21 per month.

Both accounts come with a number of benefits including:

• Credit interest of 0.6% AER variable on balances up to £3,999 and 1.5% AER on the part of any balance from £4,000 to £5,000.
• An annual lifestyle benefit with a choice between 12 digital movie rentals from Rakuten TV, six cinema tickets with Odeon, annual subscriptions to popular magazines or a Gourmet Society membership.
• Access to exclusive rates and cashback offers on savings and mortgages.
• Up to 15% cashback with Everyday Offers on a range of selected high street names.

Commenting on the launch of the switching offer, Martin Turner, head of personal current accounts at 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."

Consumers looking for a new current account or credit card will be able to see what finance experts agree are the best deals with the announcement of the Moneyfacts 2022 personal current accounts and personal credit cards star ratings.

M&S closed all its current accounts last week and with Tesco Bank set to follow at the end of November, thousands of consumers could find themselves without a bank account.

On Tuesday 31 August, M&S closed its current accounts, including its popular M&S current account, M&S Premium current account and M&S Premium current account with insurances. Meanwhile, Tesco Bank has announced that it will be closing all its current accounts on 30 November 2021.

Nationwide Building Society is set to launch a cashback incentive that will see customers earn up to £125 when they switch to one of its bank accounts from Wednesday.

Existing Nationwide customers can earn £125 when they switch to a new current account, meanwhile non-Nationwide customers can earn £100 by switching to eligible Nationwide accounts.

To qualify for the incentive*, non-Nationwide customers must switch using the Current Account Switch Service and a minimum of two active Direct Debits must be set up on the new account. Meanwhile, existing customers must use Nationwide’s Internet Bank to switch a current account they hold with another provider to an existing account they already hold with the building society or open a new account to switch to using the Nationwide’s website, internet bank or mobile banking app. The swich must be completed within 30 days of it being requested.