Lloyds banking on ‘cashback’ scheme to woo customers

The initiative will see 1,000 Lloyds Bank current account customers every week having the cost of a purchase picked at random, with up to £500 refunded. Lloyds said that, from the end of November, its “everyday offers” scheme will allow customers to start earning up to 15 per cent cashback on their spending with retailers including Ocado, Coast and Homebase, with more stores set to be confirmed in the coming weeks.

Once customers activate the offer within Lloyds Bank online or mobile banking, they will get cashback by spending on their credit or debit card. The money will be paid into their account the next month.

Customers who have registered for the scheme will also be eligible to receive bonus cashback as part of a new initiative called “it’s on us”.

One thousand purchases a week will be selected at random and repaid up to the value of £500. Customers will be told about the reward within a few days of making the transaction and they will receive the money back the following month.

Lloyds said there will be some exclusions to “it’s on us”, including gambling and adult sites, and customers will need to have made a debit or credit card transaction in the past six months in order to be eligible.