£125 Lloyds Switch Offer 1 October to 12 November 2019

Psyduck1980

I applied on Thursday last week and the incentive bonus was paid yesterday. My switch is scheduled for 21/10/19. I'll be setting up a regular saver in due course too.

PRAISETHESUN

NedS wrote: »

Hi,

I have an unused HSBC Basic Account (for customers who don't qualify for a standard account) which I opened when I was unemployed:

https://www.hsbc.co.uk/current-accounts/products/basic-bank-account/

Would this qualify to be used to switch to Club Lloyds to get the switching bonus? The account has zero balance and no direct debits or standing orders.


For the £1500/month pay in to avoid the fee, can you just move money around between accounts to achieve this or is that not acceptable?

Basic accounts are eligible for switching as they are proper current accounts, just with all credit facilities stripped away. I'd recommend putting in a token balance (£1), just to make sure you can see when the switch actually happens. The CL offer doesn't require any DDs, etc so it should be fine to switch as is. The £1500 pay in is only to avoid the monthly fee, but you can always downgrade the CL account to a Classic account after the switch incentive if you don't intend to use it to avoid this.

badger09

badger09 wrote: »

Thanks Herbalus. Now to brave the vagaries of the Lloyds website:p



Assuming all goes to plan, I'll leave mine a week or so until I get my head around the repercussions:o.

Decided to downgrade existing Club and apply for new one at same time on 10th. All fine.

Switching one of my BoS accounts in, completes 21st. £125 credited yesterday:)

Ed-1

badger09 wrote: »

As it has no DDs or SOs (not needed for the incentive) and presumably no regular payments in, I would add some money to it before initiating the switch, otherwise, what exactly are you asking them to switch?:cool:

I've always thought setting up payments/putting money in just to "give them something to switch" is overkill. It may be that you just want to have the redirect facility to your new account.

PRAISETHESUN

Ed-1 wrote: »

I've always thought setting up payments/putting money in just to "give them something to switch" is overkill. It may be that you just want to have the redirect facility to your new account.

I find it more useful as a way of visualising when the switch has actually successfully completed, and if there are any issues that need to be followed up. Otherwise I agree, I think the redirection facility by itself is enough of a reason to warrant making use of CASS.

JuicyJesus

Ed-1 wrote: »

I've always thought setting up payments/putting money in just to "give them something to switch" is overkill. It may be that you just want to have the redirect facility to your new account.

I left a fiver in my Nationwide account to be transferred across as early confirmation of the switch completing OK. I definitely don't see the point of setting up DDs on a donor account, that to me just sounds like it'll cause more admin than it's worth.

schiff

JuicyJesus wrote: »

Switch went through today, however bit of a concern... I have two Direct Debits set up to pay Barclaycard (one full payment and one minimum for a 0%) and both show with the name "DIRECT DEBIT REJ". Has anyone else (or anyone switching to Halifax who use the same systems) had this?

I've got the same wording but I paid off my Barclaycard in full three weeks ago, so it's less important for me.

I decided to install the app, just for interest really following all the praise it gets, and I've found that there are differences between it and the online version, in what is listed and what is not.

Online is clearer and accurate. If you are accessing things via the app it may be a good idea to check online?

My switch completed today.

schiff

Brewer20 wrote: »

Yes you need the activation code (send by post) to access your account. Mine came today (Wed) and I applied/opened my account late Sunday, so came in the post within 3 working days of account opening, which was pretty quick.
It seemed once I had activated the account the £125 incentive was paid later today, so again all good.

This was in reply to a problem I had a week or so back. I was subsequently surprised that I didn't get an activation code nor did any message mention it, but in spite of that, everything went well.

I have discovered the reason today - had I set out to set up online access online they would have needed to confirm it was me - hence the activation code requirement. But as I opened the account in branch they could see that I was me, so no activation code was needed.

From that I would assume that only people with no ID already with the group would have needed an activation code, had they started to set up online access online.

IvanDP

Excuse my ignorance, but is it possible to open an account with one of my existing banks and then immediately use it to do the switch?

Can you tell I'm still a bit new to all this lol

badger09

Ed-1 wrote: »

I've always thought setting up payments/putting money in just to "give them something to switch" is overkill. It may be that you just want to have the redirect facility to your new account.

I don't.

I didn't suggest setting up payments.

However, if there are no payments in or out and no balance on the account, how do you know the switch has completed successfully?

That may not be important if all you're doing is tidying up unused accounts, but could be crucial if you're doing it for an incentive:cool: