Over 2.2 million consumers have signed up to new subscription services since the Covid-19 lockdown began with over 1.3 million Lloyds Bank customers adding new subscriptions in March, quadrupling from 325,000 in February.
The popular trend continued into April with nearly 600,000 new subscription registrations, but dropped in May to pre-lockdown levels as many began to assess their finances as lockdown measures began to ease.
Monthly subscription services provide ease and convenience including TV and film streaming providers, audio book services and food boxes.
But it is often easy to forget that you pay for a subscription to a service you no longer use, or when a free trial ends.
To help customers keep on top of their spending, the Lloyds Bank new mobile feature provides a snapshot of debit card subscriptions to encourage regular and better money management that is simple, easy to use and free of charge. Customers can also benefit from real time push notifications that proactively keep them informed about subscription charges, including price increases and can also cancel within the app when they no longer want to use the subscription service or product.
Using the new function, personal current account customers can cancel their subscription in three easy clicks, all managed within the mobile banking app.
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