r/britishproblems • u/Hawksteinman West Midlands • 1d ago
Lloyds doing a £1 million giveaway but the more money you have the more likely you are to win
They're giving away £1 million. You get a free entry just by having an account. Then another automatic entry for every £10k in eligible accounts. So those more likely to win are those who don't even need it.
I have -£1k, I need it more than the guy with £100k, but they get 11 entries to my 1. Make it make sense.
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u/Roku-Hanmar Yorkshire 1d ago
It incentivises you to keep money in Lloyds accounts. Sure, you don’t have 10k, but there’s someone with 10k in a HSBC account who might be persuaded to move it
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u/Careless_Squirrel728 1d ago
I might do this - I only have a Lloyds account as it makes it easy to overpay my mortgage via the app but I do have a lot of savings with the hsbc
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u/Happytallperson 1d ago
This is the premise of Premium Bonds in National Savings & Investments
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u/beefygravy 1d ago
The more money you put in a savings account, the more interest you get back. Wtf???
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u/PrimalHIT 1d ago
Lol.. imagine being able to buy stuff because you have more money than someone else... its mental.
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u/PrimalHIT 1d ago
True but they are capped at around £53k from memory.
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u/Jlst 1d ago
£50k.
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u/PrimalHIT 1d ago
Around £1.4m people have the full allowance in there.. My wife and I used to have the full allowance each but then we started investing in property.
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u/ARandomGuy_OnTheWeb 1d ago
Simply put, the bank isn't a charity, they're trying to reward customers that help keep their business running.
A bank needs money to reloan out to other people and they get that from people's savings.
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u/Beer-Milkshakes 1d ago
From the dividends presenting people's savings on the stock exchange to be precise.
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u/dontbelikeyou 1d ago
Would you say a bank's main goal is to give away free money or to convince people to give them money? Once you answer this question it makes a lot of sense.
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u/barnfodder 1d ago
Banking has absolutely nothing to do with need or deserve.
That's how it makes sense.
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u/kona1160 1d ago
I think you are mistaking a bank for a charity brother...
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u/I_ALWAYS_UPVOTE_CATS 1d ago
Same as every lottery or prize draw ever. If you can afford more entries, you have a greater chance of winning.
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u/TheWatersOfMars 1d ago
the more money you have the more likely you are to win
Life lesson right here.
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u/Current_Risk_7987 1d ago
It's a bank not a charity, they don't care who needs it most just who has the most cash sitting with them
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u/abfgern_ 1d ago
It's not a charitable giveaway, they want you to put your money in their accounts so they can use it, it's an incentive.
"People with more money in their accounts earn more interest! Unfair!!"
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u/Affectionate_You_858 1d ago
Theyre a business that want more customers who keep large amounts with them. They're not a charity to help the less fortunate
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u/Throbbie-Williams 1d ago
Welcome to almost every competition ever...
You buy more entries, you have more chance of winning.
Having more money in your account is buying more entries (as you're a more valuable customer if you have more money)
There, i made it make sense.
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u/ward2k 1d ago
I mean yeah? They're not doing it for no reason, it's a promotion. The more they have in their accounts, the more likely they are to win which encourages people to put more in their accounts
Plenty of places do it like this. Food places will have something like 'every £10 spent is another entry into a prize draw' or something like that.
It's an incentive to use whatever service it is they have, not a charity
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u/El_Bastardo_Grande 1d ago
You're more likely to utilise that money to improve your life, the rich person is more likely to stick it in savings or investments.
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u/Debenham 1d ago
Lol it's not charity OP. Banks don't give a fuck about the customers who barely have two penny's to run together, they want the millions so they can take a slice of the interest!
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u/Bubbly-Weakness-4788 1d ago
Probably trying to get all the people who recently left as they took Halifax over. Me being one of them.
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u/Quietuus Vectis 9h ago
Nationwide just sends me free money every year. I don’t understand why anyone wouldn’t choose a building society personally.
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u/Hawksteinman West Midlands 9h ago
I chose Lloyds because my parents used it and also it had the best student benefits. I haven't bothered to change or get another one
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u/Flashy-Rabbit6435 1d ago
It makes as much sense as Lloyds REDUCING savings rates, LAST WEEK, by half a percent for NO rational reason and against a backdrop of rising/not falling rates...
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u/iriepuff 1d ago
> I have -£1k, I need it more than the guy with £100k, but they get 11 entries to my 1. Make it make sense.
The bank is a business first and foremost, and people who keep the most money with them are their best customers. Once you stop thinking about it from what ' I need' , it makes perfect sense
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u/Chancevexed 1d ago
Lloyds interest rates are absolute dog shit. I keep my ISAs in investment banks (Shawbrook, Close Brothers, Paragon, etc). No one with money is holding more than a grand in Lloyds.
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u/illarionds 1d ago
Make it make sense?
It's an incentive to keep your money with them, they're not doing it out of the goodness of their black little corporate hearts.
I wouldn't bother yourself overly. Your chances of winning, out of everyone with a Lloyd's account, probably don't even compare favourably to the national lottery.
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u/mad-un 1d ago
That's exactly how premium bonds work, the more you have the higher chance of winning. It's an incentive to keep more money there.
Having 100 people with £1,000 in their accounts is far more expensive for them to service than having 1 person with £100,000 in their account, so try to keep the people with the highest value to them. It makes sense
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u/docmagoo2 1d ago
As a Halifax customer for years, my issue with Lloyd’s is I can’t use the Halifax app any longer. Yet if I need to approve an online payment it tells me to open the Halifax app which then tells me to use the Lloyds app
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u/kazmcc 1d ago
Interesting. Wouldn't it be better for the economy, and therefore Lloyds bank, for a lower income person to win? If you won, you could invest so much money in your local econony. You could buy a new house. Get a new kitchen. Pay a local builder. Maybe £1M would make having a baby feasible!
But if you already had £100k, having £1.1M would it change things? You'd probably have already done up the kitchen. Put it in a trust and not spend it?
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u/SpaceMonkeyAttack 1d ago
Wouldn't it be better for the economy, and therefore Lloyds bank
For the economy, yes. For Lloyds, no not really. That million will be dispersed into the wider economy like a cup of ink in a lake. When Lloyds pull a few gallons of water out of that lake, it will be a bit more inky than it would otherwise, but they've still lost more ink than they've gotten back.
It's just not a good return on investment to give away money.
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u/Games_sans_frontiers 1d ago
What world are we living in now when having a bank account and savings is an entry into a lottery to win a million pounds 😅🤣
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u/hanchaisun 11h ago
Yet you probably spend £20 on the lottery twice weekly for the same chance of winning £1,000,000
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u/Hawksteinman West Midlands 11h ago
Only time I bought a lottery ticket in my life was 2 months ago for my birthday with aome birthday money I got
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