Lyft hopes free banking and cheap repairs will lure drivers away from Uber

The company has introduced no-fee bank accounts and discounted repairs for drivers.

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Mariella Moon
March 28, 2019 5:45 AM
TIMOTHY A. CLARY via Getty Images
TIMOTHY A. CLARY via Getty Images

Lyft has introduced free banking and deeply discounted repair services for drivers, perhaps in an effort to persuade the best of them to choose its company over Uber's. The ride-hailing service has officially launched Lyft Driver Services, and it includes access to free bank accounts and debit cards called Lyft Direct.

Drivers won't have to pay any banking-related fees, and their cards will allow them to instantly access their earnings after each ride -- something that could help prevent them from going into debt. They can also earn between 1 and 4 percent of cashback on their cards for groceries, gas and food even if they don't have stellar credit scores.

The new Lyft shop for repairs might also make the service more appealing than competitors, seeing as it offers up to 50 percent discounts on maintenance and repairs. Lyft says the shops are designed to operate twice as fast, so drivers can be back on the road as soon as possible. And since its drivers often live outside city centers, the company will also make a mobile service available on demand.

In addition to Driver Services, Lyft has also revealed that it's expanding its Express Drive partner locations across the US. The move will connect interested individuals who don't have vehicles fit for ridesharing with affordable rentals.

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