Which banks never have switch offers

tryin

colsten wrote: »

where have you seen those reports? What sort of trouble did Lloyds make?

https://forums.moneysavingexpert.com/discussion/6053914/125-lloyds-switch-offer-1-october-to-12-november-2019&page=16#313

JuicyJesus

tryin wrote: »

https://forums.moneysavingexpert.com/discussion/6053914/125-lloyds-switch-offer-1-october-to-12-november-2019&page=16#313

Lloyds, being a bank that does give you a sort code and account number almost immediately after an online application, are likely to be fully aware of this behaviour and are going to take a dim view of it because it ultimately does cost them money to set up accounts, print cards, send letters etc for an account which will never actually be used for any real purpose.

Personally if I was going to open an account strictly to be a donor (I wouldn't, but that's by the by) it absolutely wouldn't be with a bank which I could feasibly use for any real purpose for this precise reason.

abz88

penners324 wrote: »

Why do you need to keep opening donor accounts? Can't you switch one of the accounts you've already got a switch incentive from?

It would depend upon what accounts OP has. If he has Barclay's, COOP, Santander 123, NatWest/Rbs, Halifax then they will be getting ongoing rewards. They might also have linked Regular Savers or decent interest rates (TSB, Nationwide for first year). There's no point given the account up if a new donor account can be used.

colsten

tryin wrote: »

https://forums.moneysavingexpert.com/discussion/6053914/125-lloyds-switch-offer-1-october-to-12-november-2019&page=16#313

That's a 28-page thread about their recent switch offer. Which post(s) are relevant?

JuicyJesus

colsten wrote: »

That's a 28-page thread about their recent switch offer. Which post(s) are relevant?

Whilst they haven't closed down my main account, and a couple of previous Vantage, now classic after the rate drop, they 'declined' a Club monthly saver & froze the £400 initial funding;
froze a switching donor classic account that was a couple of weeks old, and blocked the progress of the initiated switch (to Santander);
'declined' a 3 day old recent Club Lloyds and blocked already initiated switch in
(ex Tesco).

All declines were after initial acceptance & funding and no notice given.

They 'froze' the funds in each of these accounts so I couldn't transfer them out until I presented my passport in branch.

The relevant bit is that he'd opened a "donor" account, and they noticed and froze the account and blocked the switch.

He later says that he had opened and switched two such accounts in quick succession.

colsten

JuicyJesus wrote: »

The relevant bit is that he'd opened a "donor" account, and they noticed and froze the account and blocked the switch.

He later says that he had opened and switched two such accounts in quick succession.

Thanks for digging that out. This is one amongst dozens (/hundreds / thousands?) of switchers, and I for one am not drawing any conclusions from it. Other than, perhaps, somebody tried some silly things and got caught.

I remember one poster who extensively posted warnings about Lloyds closing your accounts not just at Lloyds but also at Halifax and BoS if you had too many Vantage accounts, and if you just used them for savings. At the time, I had 3 Lloyds Vantage, 3 BoS Vantage and several Halifax accounts, purely for savings and rewards, with money going between them on a monthly basis. I also know for a fact that others had at least the same number of accounts. I and these others chose to ignore the warning posts, and none of our accounts got closed by Lloyds/BoS/Halifax - I closed/switched mine after they were no longer of value to me. I have since switched accounts into Lloyds, too, albeit not for their switch offer as I didn't qualify for that one, and I still to the very day have accounts at Lloyds, BoS and Halifax.

In other words, I don't think anyone who is sensible with their accounts should be concerned about "reports about Lloyds making trouble".

JuicyJesus

colsten wrote: »

In other words, I don't think anyone who is sensible with their accounts should be concerned about "reports about Lloyds making trouble".

I think we're talking at cross purposes here. Lloyds have clearly factored in the possibility of people having multiple accounts to earn interest, but I wouldn't consider opening accounts just to then switch them out "sensible" and neither, it seems, do Lloyds. In a discussion about opening accounts just to then switch them out, it seems relevant.

Katiehound

penners324 wrote: »

Why do you need to keep opening donor accounts? Can't you switch one of the accounts you've already got a switch incentive from?

Well, you might do that (and I have done x 3) However you might reach an account that is beneficial to keep until a bonus payment, or extra rewards, or access to RS. That particular a/c went- Halifax (reward reduced) to Yorks to NatWest (I had no household DDs spare) to Barclays- where it is earning double rewards for a year!

I think quite a few Tesco current a/cs got switched once their interest rate dropped.

tryin

Do Metro bank require you to speak to someone via webcam when applying for new account?

trient

No they don't. They aren't a challenger bank in that sense. They're just a (wannabe) highstreet bank with better (tho fewer) branches.
If you can I'd suggest you apply in branch, that way you get your debit card on the spot and can initiate the switch straight away. Otherwise you need to wait for the card and pin to arrive by post (card is required/recommended for most switches).