Lloyds Bank has announced the end of the previous £15 monthly fee for its Premier current account. Customers will still have to pay £5,000 a month or hold £100,000 in qualifying savings or investments with Lloyds to maintain their account, but the £15 monthly fee, which was paid back if customers met these requirements, no longer applies.
Premier account benefits
Lloyds' Premier account includes 1% cashback on most debit card purchases (up to £10 a month) and an annual Lifestyle Benefit. Customers can choose from 12 months of Disney+, cinema tickets, a year of Coffee Club and Gourmet Society membership, or an annual magazine subscription.
Account holders also get a Bupa Digital Family GP and Wellbeing subscription, exclusive savings and mortgage deals, financial coaching, and support 24 hours a day, seven days a week, the bank says. It notes that terms, conditions, limits, and eligibility criteria apply.
£200 switcher offer
Eligible customers can get a £200 reward for switching their main bank account to Premier. The offer is available to those opening a new Club Lloyds, Club Lloyds Silver, Club Lloyds Platinum or Lloyds Premier account and doing a full switch through the Current Account Switch Service. Customers must also transfer at least three active Direct Debits, the bank says.
Vivek Khattri, personal current accounts and overdrafts director at Lloyds, said: “We’ve removed the monthly fee to make the account simpler. With a wide range of exclusive rewards and benefits, plus our £200 switcher offer, Lloyds Premier offers even more value.”
Lloyds Banking Group changes
Lloyds is one of a number of brands owned by Lloyds Banking Group, which also includes Halifax and Bank of Scotland. Halifax is currently being absorbed into Lloyds to form a single larger brand. Halifax branches that remain after a pre-announced round of closures are set to be rebranded as Lloyds Bank locations or served by nearby Lloyds branches.
