Halifax allow you to switch from Lloyds and still gain switch incentive ?

Z4K1R

Just completed a switch to Halifax from Lloyds to take advantage of the £100 switch offer. At first I didn't think it would go through since Lloyds and HBOS are both owned by the Lloyds Banking Group. I thought they would surely realise it was counter-intuitive to pay out for something they technically already owned. It's like a delivery company paying you for them to move your items to a new home

LBG must be losing quite a lot of money (due to people like me that are switching from Lloyds). I wonder why Halifax neglect to simply add a line in their terms excluding Lloyds accounts from the switch. Seems highly illogical from the point of view of the bank to allow it

I'm not complaining though, pocketed an easy £100 , just seemed a little strange that’s all.

System

Z4K1R wrote: »

Just completed a switch to Halifax from Lloyds to take advantage of the £100 switch offer. At first I didn't think it would go through since Lloyds and HBOS are both owned by the Lloyds Banking Group. I thought they would surely realise it was counter-intuitive to pay out for something they technically already owned. It's like a delivery company paying you for them to move your items to a new home

LBG must be losing quite a lot of money (due to people like me that are switching from Lloyds). I wonder why Halifax neglect to simply add a line in their terms excluding Lloyds accounts from the switch. Seems highly illogical from the point of view of the bank to allow it

I'm not complaining though, pocketed an easy £100 , just seemed a little strange that’s all.

Lloyds Bank is a separate (bank) from Bank of Scotland.
You've never had an account with HBOS.

pinkdalek

Z4K1R wrote: »

LBG must be losing quite a lot of money (due to people like me that are switching from Lloyds). .

You honestly think that banks make their profit and lose it by their everyday customers closing and opening new accounts and getting £100?

PeacefulWaters

Perhaps it's worth them paying £100 to retain customers within LBG.

It's certainly worth them paying it to keep competition regulators away.