LONDON (CU)_Since the beginning of the pandemic in March 2020, many people have been reluctant to change their bank account provider owing to the uncertainty associated with the financial sector amid the global health crisis. However, now as things begin to return to normal, several banks and other financial service providers across the United Kingdom have set out to on a mission to lure in new customers with a host of incentives.
Accordingly, a few days ago, Lloyds Bank joined the rest of its competitors to join the efforts, by announcing an offer of £100 to all new customers who would switch to its Club Lloyds current account. The retail and commercial bank said over the weekend that the offer is only available for customers who shift to one of the bank’s two paid-for accounts through the official current account switching service. The first is the Club Lloyds Platinum account, charging £21 a month for a range of benefits, including worldwide travel insurance, while the second id the Club Lloyds current account, which costs £3 a month. These accounts pay an interest of 0.6 per cent on a balance of up to £4,000, while sums between £4,000 and £5,000 will enjoy a rate of 1.5 per cent.
According to Lloyds, the £100 will be directly paid into the new account within 10 days after the switch is being completed. Apart from the cash incentives, account holders will also be offered a choice of 12 digital movie rentals from Rakuten TV, an annual subscription to a popular magazine or six cinema tickets with Odeon or Vue.
Last month, HSBC UK announced a cash bribe of £140 for individuals switching to its Advance account through the Current Account Switch Service, followed by the Nationwide Building Society, whose cash incentive stands at £125. Other financial service providers offering rewards for account shifters include Virgin Money, which introduced a £150 gift card for Virgin Experience Days for those who switch to its current account since late June.