New Lloyds Switch offer 2021

soulsaver

soulsaver said:

I have 'history' with Lloyds for serial account opening/switching out, while I was 'wringing' the Santander switch bonanza a couple of years ago.

To the extent they actually blocked a switch and froze an account, awkwardly insisting I attended branch with my passport to release funds.... although they left several other of my acs open, including one I've held for decades.

They have denied me regular savers on-and-off since  - although I have a Club RS (ending) and a monthly saver currently. 

I suspect that if I downgrade my club ac they won't let me open a new Club and I'll lose out on the account and the switch incentive. 

But Club Lloyds RS rate is worth only 1% now and the standard mthly RS 0.1 IIRC
Edit 22/09/21 - now only shows 0.1% for renewal?
Edit 23/09/21 - now if I go through the savings and investement options it shows 1% so I've opened it; apparently successfully.

In truth, it's not a massive risk, although I take advantage of the magazine and the 0.78% interest. However getting near enough to that rate  elsewhere will be easy enough.

Sooo, when I complete my switch out to Nationwide with my 'spare' Lloyds Classic , I'll maybe give it a go.  

Any thoughts?

Up date - I downgraded to a classic, failed to achieve the switch without a (maybe fruitless) visit to a branch which is no longer local.
However it did let me upgrade my main oldest lloyds ac to Club, so I'm at least back to where I started, getting the 0.78% and the lifestyle stuff... and (see above) the 1% fixed Club RS

soulsaver

Ed-1 said:

soulsaver said:

Do you mean you tried to open a new Club Lloyds and switch into that? Why did you need a branch visit?

Yes. It declined a Club application on line ('Your profile doesn't etc.' ) so next day I tried your suggestion & phoned. The only good news is it went through to the opening team quickly.

After 40 minutes answering the application questions and listening to T&Cs  - waiting, waiting... then girly said hold on, got a query - waiting, waiting ..then 'sorry you need to visit branch with ID'.

When pushed on the 'This ac will open with a special visit to branch in pandemic for an at risk individual?', she assured me it would.

But when asked for the application reference to quote at branch she waffled about not needing it. Nor an appointment.

That 'no reference needed' doesn't fit with my past experience, so I decided not to waste more time on it at least for now, and am considering a complaint instead.

Ed-1

soulsaver said:

Ed-1 said:

soulsaver said:

Do you mean you tried to open a new Club Lloyds and switch into that? Why did you need a branch visit?

Yes. It declined a Club application on line ('Your profile doesn't etc.' ) so next day I tried your suggestion & phoned. The only good news is it went through to the opening team quickly.

After 40 minutes answering the application questions and listening to T&Cs  - waiting, waiting... then girly said hold on, got a query - waiting, waiting ..then 'sorry you need to visit branch with ID'.

When pushed on the 'This ac will open with a special visit to branch in pandemic for an at risk individual?', she assured me it would.

But when asked for the application reference to quote at branch she waffled about not needing it. Nor an appointment.

That 'no reference needed' doesn't fit with my past experience, so I decided not to waste more time on it at least for now, and am considering a complaint instead.

It sounds like the application was approved but they wanted you to visit a branch to 'fulfil' the application (that's the final stage where the account gets opened).

I've applied by phone before and then gone in to branch for another appointment to open something else a few hours after the phone call and the branch staff could see my earlier phone application 'awaiting fulfilment' (i.e. the account was waiting to be opened). So they printed off a sheet to sign and fulfilled that application before they could do the next one.

The branch staff should be able to see your phone application awaiting fulfilment. It'd be safer to book an appointment, mind, to do it. But it's very straight forward.

It's different to having to provide an application reference number to verify your ID for an online application. That's a separate process.

Sensory

Ringo90 said:

Zanderman said:

Everyone's experiences and views on bank systems will vary so if you get views they might not be valid for you.
But if you're unsure you want to switch your main account to Lloyds then don't. 
Switch another one. 
And if you haven't got another one (it's always a good idea to have accounts with more than one bank in case of technical downtime etc) then open one (easy to do another within Nationwide) and switch that. 

That's true and many times I've found myself setting my mind on something even though I was advised not to. But I still like to hear comments.
Even with Nationwide, I switched because the reviews on customer service, app and online account were all great. I only found after my switch that they lack a lot of features I had got used to, even though I can't say anything about the customer service.
So, based on the experience I have just told you about my switch, would you recommend Lloyds? How is the mobile/internet banking?

P.S. I've already got a main account, a credit card Amex, a Revolut for foreign transactions... so I can only switch my main account and I don't want to add a 4th one.

Barclays and Lloyds/Halifax have the highest rated apps with the most features out of all the high street banks.

https://www.moneysavingexpert.com/banking/digital-banking/

Why don’t you want to add an additional account? Spare accounts are useful for taking advantage of switch offers as well as being able to access member-only linked accounts. Your main account can stay where it is, where you like it (Barclays). I have 12 current accounts plus Revolut, so I don’t have to make decisions choosing between what features to have… have them all!

Ringo90

Sensory said:

Barclays and Lloyds/Halifax have the highest rated apps with the most features out of all the high street banks.

https://www.moneysavingexpert.com/banking/digital-banking/

Why don’t you want to add an additional account? Spare accounts are useful for taking advantage of switch offers as well as being able to access member-only linked accounts. Your main account can stay where it is, where you like it (Barclays). I have 12 current accounts plus Revolut, so I don’t have to make decisions choosing between what features to have… have them all!

Thanks for the advice and for the list!! Indeed Lloyds seems among the best, while Nationwide is quite basic.
12?! Ahaha, I don't think I can handle them, 3 is enough, plus I still have an Italian account from when I lived in Italy.
Also, I believe this offer with Lloyds is for switchers only

Sensory

Ringo90 said:

Sensory said:

Barclays and Lloyds/Halifax have the highest rated apps with the most features out of all the high street banks.

https://www.moneysavingexpert.com/banking/digital-banking/

Why don’t you want to add an additional account? Spare accounts are useful for taking advantage of switch offers as well as being able to access member-only linked accounts. Your main account can stay where it is, where you like it (Barclays). I have 12 current accounts plus Revolut, so I don’t have to make decisions choosing between what features to have… have them all!

Thanks for the advice and for the list!! Indeed Lloyds seems among the best, while Nationwide is quite basic.
12?! Ahaha, I don't think I can handle them, 3 is enough, plus I still have an Italian account from when I lived in Italy.
Also, I believe this offer with Lloyds is for switchers only

I opened a new account with Halifax, switched it to Nationwide, then switched that same account to Lloyds, despite being an existing member of all three institutions for many years.

It's better for your credit if you keep older accounts open, as lenders like long stable histories. My oldest account is over 20 years old, even though it's not my main account and just sits there.

mole_man

I downgraded my Club Lloyds to a Classic account. Opened a new Club Lloyds on the 16/09 and have received the £100 switch bonus on the 21/09! Very impressed with the speed of it, seeing as my switch completion date is not until the 27/09!

Zanderman

Ringo90 said:

Sensory said:

Barclays and Lloyds/Halifax have the highest rated apps with the most features out of all the high street banks.

https://www.moneysavingexpert.com/banking/digital-banking/

Why don’t you want to add an additional account? Spare accounts are useful for taking advantage of switch offers as well as being able to access member-only linked accounts. Your main account can stay where it is, where you like it (Barclays). I have 12 current accounts plus Revolut, so I don’t have to make decisions choosing between what features to have… have them all!

Thanks for the advice and for the list!! Indeed Lloyds seems among the best, while Nationwide is quite basic.
12?! Ahaha, I don't think I can handle them, 3 is enough, plus I still have an Italian account from when I lived in Italy.
Also, I believe this offer with Lloyds is for switchers only

4 accounts seems easy to me!  I've got far more than that. 

And you don't have keep the Lloyds account for long.  You could just close it.  Or keep it as a dormant account - just downgrade it to a classic account so there are no fees/pay-in needs.

And as others have said keeping an account longterm with one provider is considered good for credit history, and leaving nationwide would re-set that clock.

I can't see any problem with keeping your old nwide account where it is, opening a new nwide account, switching that to a new lloyds club account for the incentive (if done in time for this offer) and downgrading to classic lloyds and then just leaving that untouched.  

Or, if you find you prefer lloyds making that your main account and leaving the original nwide account untouched. 

But, as I said before, everyone's needs are different, so your mileage may well differ entirely!

gozaimasu

I downgraded, opened a new one and the switch completed yesterday. No bonus incentive paid at all. Looks like I'll have to chase. Just my luck.

Ed-1

gozaimasu said:

I downgraded, opened a new one and the switch completed yesterday. No bonus incentive paid at all. Looks like I'll have to chase. Just my luck.

Have you had a previous incentive from Lloyds?