Lloyds Bank has launched a new current account aimed at wealthy customers. The Premier account comes with a range of perks it claims to be worth £100 month.
It is geared towards those who have an income, savings or investments of at least £100,000.
Alternatively, customers can get the account if they are able to fund it with £5,000 a month.
The monthly account fee of £15 will be refunded each month a customer meets the eligibility criteria.
Lloyds is on a drive to grow the number of wealthier customers it attracts by stepping up its perks, with rivals Barclays, HSBC and NatWest already offering deals for high-net wealth individuals.
Premium: Lloyds bank has launched a new current account aimed at the uber wealthy who have an income of £100,000
Jo Harris, of Lloyds, says: ‘Lloyds Premier is a strategically important milestone in our growth ambitions for affluent customers – a part of the market where we have historically been under-represented.’
The perks on offer range from cashback to access to medical services provided by Bupa.
How much the perks are actually worth depend on which benefits customers choose and how often they use them.
Lloyds Premier offers the same perks as a Club Lloyds account but with an extra layer.
Customers can get fee-free spending abroad on debit cards, six free cinema tickets or 12 months of Disney+ as with a Club Lloyds account.
But it also offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches.
The Bupa Family GP subscription service provides access to online GP and nurse consultations, online physiotherapy sessions and online mental health treatment sessions.
It also comes with 1 per cent cashback on debit card spending, capped at £10 each month.
Barclays Premier lets customers earn up to 15 per cent cashback on eligible card transactions with a Barclays Visa debit card linked to a Cashback Rewards account.
Customers need to earn at least £75,000 or have £100,000 savings or investments to qualify for the Barclays deal.
Customers can earn interest on balances kept in the Lloyds Premier current account.
Lloyds will pay 1.5 per cent on balances up to £3,999.99 and 3 per cent on balances between £4,000 and £5,000 – meaning customers stand to make £90 interest on £5,000 kept in the account.
Interest will only be paid if customers have two monthly direct debits set up from the account though.
Customers can earn a savings boost on Lloyds one-year fixed-rate bond which has a minimum deposit of £2,000 or more.
Also on offer is a 0.2 per cent discount on new homeowner mortgage rates and remortgage rates.
The account also offers ready made investment portfolios with no management fees in the first year of having the account.
HSBC’s Premier account offers boosted savings rates, preferential rates on loans and free worldwide travel insurance.
Earlier in the year, HSBC bumped up the eligibility requirements to get the account, namely earn £100,000 or have the same amount in savings or investments.
NatWest also has a premier account which, like Lloyds new account requires customers to have an annual income of £100,000
To qualify, you also need a mortgage, investment, life insurance or protection policy with the bank.
Customers can also qualify with the same sum in savings or investments, or a half a million pound NatWest mortgage.
In return, customers get worldwide family travel insurance, exclusive airport lounge service and a premium 24-hour helpline.
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