New Lloyds Switch offer 2021

CRISPIANNE3

I have 4 Club Lloyds account and have been able to open up another one today. I am hoping the Halifax account will be acceptable as my donor account.

PRAISETHESUN

Based on my experience with the last Lloyds switch offer, existing customers can downgrade their existing CL account and open a new one for the incentive. Once the payment is made, you can "downgrade" the new CL to a Classic account, and then re-upgrade your old CL account again. Any CL-only products (eg. CC, regular savers, etc) are unaffected as the terms only require you to be a CL customer at the time you open the account, not for the duration of the your time holding them.

I don't really make use of the monthly rewards myself so I can't comment on that from personal experience, but from what I recall people saying last time was that unused movie tickets are cancelled immediately when you downgrade. You then get new ones with new validity. They might scrutinise it if you upgraded/downgraded to regularly get new tickets, but as a one-off I suspect there will be no issue.

PRAISETHESUN

Also switch terms for future reference from the link posted by the OP: https://www.lloydsbank.com/current-accounts/switch.html

£100 switching offer eligibility

To qualify for the £100 switching offer you must open and switch to a new:

• Club Lloyds Account
  

  (£3 monthly fee to maintain the account that’s refunded each month you pay in at least £1,500)

• Club Lloyds Platinum Account
  

  (£21 monthly fee to maintain the account. Plus £3 monthly fee that’s refunded each month you pay in at least £1,500)

To switch you must then use the Current Account Switching Service to transfer and close your existing current account held elsewhere.

You won’t qualify for the offer if:

• You are switching to an existing account or any other Lloyds Bank current account that isn’t named above
• You upgrade any existing account to one of the qualifying accounts
• You’ve received cashback for switching to us since April 2019, we’re sorry but you won’t get it again
• You start your switch after the 19th October 2021

noh

Just applied for a new club account, opened immediately as an existing customer and applied to switch a TSB account to it.
Only just switched a current account out of Lloyds in order to get the £125 from Nationwide.
I can't remember if I received the previous incentive will find out by the end of this month.

challisj

CRISPIANNE3 said:

I have 4 Club Lloyds account and have been able to open up another one today. I am hoping the Halifax account will be acceptable as my donor account.

How did you manage to get so many Club Lloyds accounts?  I thought we are allowed one sole and one Joint at a max. 

At the moment I only have one joint and am being stopped from opening a new sole so will try and call them to find out what is going on.  I bet they send me to branch!!

challisj

challisj said:

CRISPIANNE3 said:

I have 4 Club Lloyds account and have been able to open up another one today. I am hoping the Halifax account will be acceptable as my donor account.

How did you manage to get so many Club Lloyds accounts?  I thought we are allowed one sole and one Joint at a max. 

At the moment I only have one joint and am being stopped from opening a new sole so will try and call them to find out what is going on.  I bet they send me to branch!!

I had to call the Sales centre since online you are only allowed one Club Lloyds, either sole or joint and not both.  They can however open a new Club Lloyds in addition to an existing one to give you a max of 2. A 30 minute process on the phone with lots of script but at least they didn't send me to branch.

If others have managed to open more than 2 Club Lloyds please can you let us know on this forum?

soulsaver

Ed-1 said:

soulsaver said:

Ed-1 said:

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 nowt now, nor the standard RS.

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?

What happens when you apply for savings accounts (such as reg savers) through online banking as these don't go through credit checks?

Have you tried a branch/phone account application in case it's just a block on online applications?

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

I've been denied a couple of times, although I have them atm. 

I don't go to branch, none local and lockdown; last time was with my passport and was quite an icy reception.

And maybe incorrectly from your question, I'd assumed a phone application is the same as online, just that the CS is typing & reading out T&Cs? Might give it a go though. 

By denied do you mean the application is instantly rejected or it is opened and then closed?

Branch/phone applications go through a different system to online applications.

IIRC opened, funded, funds repatriated, closed, invited to call if I want to dispute, which I cba. 

CRISPIANNE3

challisj said:

CRISPIANNE3 said:

I have 4 Club Lloyds account and have been able to open up another one today. I am hoping the Halifax account will be acceptable as my donor account.

How did you manage to get so many Club Lloyds accounts?  I thought we are allowed one sole and one Joint at a max. 

At the moment I only have one joint and am being stopped from opening a new sole so will try and call them to find out what is going on.  I bet they send me to branch!!

TBH I really do not know. I just applied online. However have managed to close the account because I had received an incentive of £100 in Sept 2020.

ChocolateWombat

With this switch offer, is it acceptable to switch from Halifax?  I think they are part of the same group?  I looked back at the Halifax Acc I switched to in Aug ‘20 and see all the terms of the account and switch are the  same…ie £1500 in each month to avoid fee, no DDs required.

The Halifax one offers £5 per month reward.  That’s pretty good in lieu of paltry interest currently available.  So will lose that by switching out, but figure £100 upfront is better and maybe will return to Halifax at later point.

Thanks.

PRAISETHESUN

ChocolateWombat said:

With this switch offer, is it acceptable to switch from Halifax?  I think they are part of the same group?  I looked back at the Halifax Acc I switched to in Aug ‘20 and see all the terms of the account and switch are the  same…ie £1500 in each month to avoid fee, no DDs required.

The Halifax one offers £5 per month reward.  That’s pretty good in lieu of paltry interest currently available.  So will lose that by switching out, but figure £100 upfront is better and maybe will return to Halifax at later point.

Thanks.

There's nothing in the terms to exclude Halifax - it would be specified if it was. Personally I'd hang onto Halifax though if you can qualify for the reward as it pays out more in the (very) long-run but otherwise no issue with what you propose.