£150 Lloyds Bank - *NEW* Switch campaign + 0% Overdraft for 3 months

mn92

Hey guys,

Just noticed that Lloyds Bank has launched a new switching campaign today!!! £150...not bad at all
Also something really interesting is that when you switch you get 0% for 3 months on your overdraft!

https://www.lloydsbank.com/current-accounts/switch.html





https://www.lloydsbank.com/current-accounts/switch.html

Zanderman

Clearer version of the terms, including details of the monthly account fee of £21 - £24:

£150 switching offer eligibility

To qualify for the £150 switching offer you must open and switch to a new:

• Lloyds Platinum Account
  (£21 monthly fee to maintain the account)

• 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.
• You start your switch after the 21st March 2022.

Zanderman

Or, in a longer version:

• £150 Switching offer Terms & Conditionsexpandable section

  To qualify for the £150 switching offer (“the offer”) you must open a new Lloyds Platinum Account or Club Lloyds Platinum Account and use the ‘Current Account Switch Service’ to switch into it from a bank account held with another bank. The following conditions apply: 

  • Apply for a new Lloyds Platinum Account (£21 monthly maintaining the account fee applies) or new Club Lloyds Platinum Account (£21 and £3 monthly maintaining the account fees apply) (‘Qualifying Account’); and 
  • Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to the Qualifying Account which will close your old account with the other bank; and 
  • Open your Qualifying Account between 22/02/22 and 21/03/22 and start the switch service by 21/03/22. 

   You are not eligible for the offer if: 

  • You open and switch to any account other than a new Lloyds Platinum Account or new Club Lloyds Platinum Account. 
  • You switch to any existing Lloyds account.  
  • You change your existing Lloyds bank account to a Lloyds Platinum Account or Club Lloyds Platinum Account and switch to that account.  
  • Since April 2019 you’ve received a switching offer for switching to a Club Lloyds Account or Club Lloyds Platinum Account.  
  • You are switching to a joint account and one of the parties to the joint account has already received a switching incentive since April 2019. 
  • The bank you are switching from does not participate in the Current Account Switch Service. To find out more visit www.currentaccountswitch.co.uk

  1.The offer applies to applications received in branch, online or by phone from 22/02/22 until 21/03/22. The offer is subject to change and can be withdrawn without notice at any time. 

  2.The offer does not automatically guarantee an arranged overdraft and any application for an arranged overdraft facility will be subject to status. If your Qualifying Account has an arranged overdraft, you will not pay any daily arranged overdraft interest for 3 months provided you stay within your arranged overdraft limit and do not increase or otherwise alter the arranged overdraft limit agreed. 

  3.After 3 months, or if you change your account, you will be charged daily arranged overdraft interest applicable to the account you hold if you use your arranged overdraft. Please see the ‘Personal Banking Terms and Conditions and Banking Charges’ leaflet for full details on arranged overdraft interest. You will have been given this when you opened your account, but if you would like another one, please ask in branch or look at www.lloydsbank.com/current-accounts.html

  4.Only one offer is available per customer. Joint accounts will only be eligible for one payment.  

  5.The offer will be paid directly into your account within 3 working days of your switch completing and will appear as a cash credit.  

  6.The offer is not available to employees of Lloyds Banking Group, or if the employee is named on any bank account held in joint names. 

RN61

Tempted. I think it's quite easy to downgrade the account to avoid the fee once the Bonus has been paid. Anyone know if you can do that in the app? 

PRAISETHESUN

Looks like I'll miss out on this one by a few months, last incentive was in Oct 2019. But at least I should be eligible for the next one hopefully.

There also doesn't appear to be any requirement to maintain the Platinum account, so you should be able to downgrade to a Classic/Club Lloyds current account after the incentive has been paid. I suspect you'll probably get charged a pro-rata of the first month's fee, but it's still more than worth it for the incentive.

cx6

Just applied - platinum account appears instantly on the app - switch application completed - needed to input the new platinum account details so had to look on app for those.- instant SMS text received from 'switching team'

mn92

Also something really interesting is that when you switch you get 0% for 3 months on your overdraft! Really good especially if you use your overdraft and pay interest elsewhere!

WillPS

mn92 said:

Also something really interesting is that when you switch you get 0% for 3 months on your overdraft! Really good especially if you use your overdraft and pay interest elsewhere!

£21/month fee, so probably (hopefully...) not too much potential for a genuine saving.

Aidanmc

When is the Platinum account monthly fee normally taken?

mn92

Aidanmc said:

When is the Platinum account monthly fee normally taken?

Usually 1st of each month unless it falls on a bank holiday or a weekend. In that case it's being taken on the next working day

eskbanker

mn92 said:

Aidanmc said:

When is the Platinum account monthly fee normally taken?

Usually 1st of each month unless it falls on a bank holiday or a weekend. In that case it's being taken on the next working day

Or to put it more concisely, "the first working day of the month"!