Lloyds Bank £100 switching offer ends 9 Nov 2020

GTR_King

Ooh I am totally new to Lloyds bank

Update went to branch account now open yay

colsten

AlwaysLearnin said:

fabsaver said:

My £100 has been paid today, for a switch due to complete later this week 

Here too 😁

And here.

Ed-1

colsten said:

AlwaysLearnin said:

fabsaver said:

My £100 has been paid today, for a switch due to complete later this week 

Here too 😁

And here.

Surprised you didn't do it last year.

ColdIron

fabsaver said:

My £100 has been paid today, for a switch due to complete later this week 

Mine was supposed to complete this Friday, £100 today, happy days

etienneg

So it seems you can open a donor account and switch that to an existing Lloyds Club account to get the switching bonus. No need for any SOs or DDs or balance on the donor account. Lloyds get absolutely no new business from this, just the hassle of administering the (pointless) switch, but pay you £100. Why do they do it?

CRISPIANNE3

Checked my newly opened 5th Club card account and the incentive arrived in the account yesterday. Switch was due to complete on the 21 September.

Shedman

etienneg said:

So it seems you can open a donor account and switch that to an existing Lloyds Club account to get the switching bonus. No need for any SOs or DDs or balance on the donor account. Lloyds get absolutely no new business from this, just the hassle of administering the (pointless) switch, but pay you £100. Why do they do it?

Who cares..so long as banks keep doing it. Happy to have it if they want to give away free cash.

fabsaver

etienneg said:

So it seems you can open a donor account and switch that to an existing Lloyds Club account to get the switching bonus. No need for any SOs or DDs or balance on the donor account. Lloyds get absolutely no new business from this, just the hassle of administering the (pointless) switch, but pay you £100. Why do they do it?

I suspect it is all about manipulating the numbers.

Switching dashboard reports are produced quarterly. The latest switching dashboard report shows that in the early part of 2020 Lloyds had almost twice as many switches out compared to switches in. That looks bad on Lloyds, so they want to encourage more switches in to even up the numbers and present themselves in a better light.

They could introduce a market beating current account, with benefits so good that everyone will want to switch to them. Alternatively they could give £100 to anyone who is willing to switch any old (or even new) dormant account, including  existing customers. Both methods will achieve the same result as far as the switching data is concerned.

Anyone who has any scruples about accepting this money then no need. Think of it as helping the banks    

coldjim

if i already have a club lloyds account, can i make a new one?

xylophone

if i already have a club lloyds account, can i make a new one?

Did you note what Crispianne3 said in the post above.....?