Lloyds Bank £100 switching offer ends 9 Nov 2020

sbr40

I currently have a Halifax Reward account which is my main account, I don't really want to switch this one so I'm thinking of setting up a seperate basic Halifax account online and then switching that to the Club Lloyds. Now Credit Karma shows that I've opened 2 new accounts in the last 6 months (I opened a Nationwide Flex current account for the 5% interest a few months ago). It advises me that if I open any more accounts at this time it will impact my credit score (currenly 650 out of 710). Is this something to be concerned about? The only concern I have with it is the potential effect on any future mortgage applications (not planning to move or remortgage for a while yet).

I was thinking of possibly opening a new cashback credit card as well as they also advise me my credit limit isn't high enough

Eco_Miser

If you're not going to be borrowing in the next 6 months to a year, the effect on your credit score will have gone before you apply; not that the lender takes any notice of the credit score (if they even see it).

Ellie78

To everyone who's recently applied to open a new Lloyds account for this switch offer... how long did you have to wait for a decision?   I applied online on 1st October, had an email instantly saying "we're processing your application" but then heard nothing since.   Don't fancy spending forever on hold trying to get through on the phone.

Tharweb

Ellie78 said:

To everyone who's recently applied to open a new Lloyds account for this switch offer... how long did you have to wait for a decision?   I applied online on 1st October, had an email instantly saying "we're processing your application" but then heard nothing since.   Don't fancy spending forever on hold trying to get through on the phone.

I was told I had been accepted and got the account number instantly. The switch was confirmed on the next working day. 

Eco_Miser

Ellie78 said:

To everyone who's recently applied to open a new Lloyds account for this switch offer... how long did you have to wait for a decision?   I applied online on 1st October, had an email instantly saying "we're processing your application" but then heard nothing since.   Don't fancy spending forever on hold trying to get through on the phone.

Applied and got acknowledgement on Friday, got rejection on Monday. Tried again with different account and got confirmation next day.  These were switches into existing account.

Try phoning dead on 9 am, just as the switching team phone lines open.

HappilySociable

Thanks for this. My account has just opened and I have received the £100 bonus already deposited in my account. Also have a £450 interest free overdraft for 3 months and a free annual pass to Gourmet Club. Going to keep the account for at least the next 3 months before considering any other switches. 

keiran

Well I chanced another switch  (a while ago) into my existing Club Lloyds (in which I'd already received an incentive a few months ago) and I haven't received another incentive.
Maybe a sheepish complaint/query may work...?

Zanderman

keiran said:

Well I chanced another switch  (a while ago) into my existing Club Lloyds (in which I'd already received an incentive a few months ago) and I haven't received another incentive.
Maybe a sheepish complaint/query may work...?

There's no point in complaining if you didn't fulfill the criteria.
If you had a recent switch incentive already then you aren't eligible, anyone who's had one since April 2018 isn't going to get it again this time.

Query by all means.  I did.  I wasn't sure when my last incentive was, so I did try again this time.  No incentive, and no comms about it either.  So I did query it but they apparently wrote to me on 22nd September pointing out I was ineligible because I had had one after April 2018.    

The only gripe possible for me is that I never got that letter!  And that it took a 25 minute phone call, mostly on hold, to find that out.

Tharweb

Did anyone switch to a Club Lloyds account without the 2 DD's, but find they received interest on the account balance, like I did? 

I received, albeit a small amount, of interest, in the first two months, so decided to maximize on this and paid £5000 into the account last month. So far this month, I haven't received any interest, I'm just wondering if they they've realised their error. 

SpanishBlue

I have no DDs and got 2p interest for the 1st month and 1p the 2nd.

I'm guessing they pay it for the 1st couple of months regardless to give people enough time to set up DDs?

I haven't decided yet on what to spend my unexpected 3p windfall!