Overview
- Lloyds confirmed it monitors how customers use Premier accounts and will get in touch if activity shows the account does not meet its qualifying rules.
- Applicants must state they will pay in at least £5,000 each month or hold £100,000 in Lloyds savings or investments to qualify for Premier.
- Money expert Martin Lewis told a BBC podcast that trying to cycle £1,000 five times to mimic a £5,000 monthly deposit would likely be spotted and challenged.
- The bank is offering £500 for switching to Premier and £200 for switching to Club Lloyds, with accounts needing to be opened by April 30 to qualify.
- For Club Lloyds, the rules include paying in £2,000 a month, moving three active direct debits, and spending £100 on the debit card within 35 days, with the £5 monthly fee refunded when the deposit rule is met.