Lloyds is offering its customers access to an exclusive fixed energy deal priced at £1,697 annually for 24 months through E.ON Next. The offer, available from now via the Bill Switcher section within the Rewards Hub on the Lloyds app until October 12, is designed to give customers greater certainty over their household energy costs.
Energy price cap rise
From October 1, the energy price cap increases, pushing the average annual bill for a typical household with both gas and electricity, paying by Direct Debit, to £1,723, with forecasts indicating the January price cap could reach £2,065. Individual bills will fluctuate based on actual energy consumption.
Additionally, the first 1,000 eligible customers who apply for the energy package will receive an Amazon voucher. The voucher will be valued at £25 for customers switching both gas and electricity, and £10 for those switching just one fuel type, reports the Mirror.
Lloyds response
Chris Butt, Head of Rewards Partnerships at Lloyds, said: "As colder weather approaches, many households will be looking for ways to keep their energy bills down. This exclusive tariff offers customers more certainty over what they will pay towards their bills."
"Customers can also make their money go further with Lloyds Rewards, which offers a host of offers, cashback, and a range of activities to earn rewards. They can also use the Bill Switcher service, which makes it easy to compare household bills and find a better deal."
The deal does not cap the maximum amount of money you can be charged. Instead, it reduces and locks the price you pay per unit of energy (kilowatt-hour). If you use less energy, your bill goes down. If you leave the heating on all day and consume a lot of energy, your bill will still go up.
What is Bill Switcher?
In partnership with ApTap, Lloyds developed Bill Switcher, a complimentary service within the Rewards hub of the Lloyds app, enabling customers to determine whether they could reduce costs on their broadband, mobile phone or energy bills. Since Bill Switcher's introduction, Lloyds reports it has assisted customers in saving over £359,000 through energy and broadband packages.
Customers can use it to compare suppliers, view alternative packages and transfer to a different provider should they discover a more suitable option. The service can be accessed within the tools section of the Rewards Hub.
What is Lloyds Rewards?
Lloyds characterises its Lloyds Rewards as a dedicated area within the Lloyds app where customers can explore cashback promotions and benefits available to them. This includes up to 15% cashback when you purchase from selected retailers using an eligible Lloyds debit or credit card.
Customers activate a promotion within the app, then shop normally either in-store or online. The Rewards area also features prize draws and straightforward challenges. Lloyds is presently operating a Super Prize Draw, distributing thousands of pounds in cash prizes, including a £1 million jackpot in November. Customers can view the prize draws open to them and, subject to the draw, enter with a single tap or complete a simple task to secure an entry. Challenges can be undertaken to unlock additional rewards.
