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

mn92

eskbanker said:

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"!

indeed! I made it look more complex than what it is

Aidanmc

Did everyone who took up the offer receive the incentive ok? Within 3 working days from switch completing?

adindas

So good to apply and at the same time request switching at the same time on April 4, 2022.
After three working days (hopefully), after receiving the incentive request to downgrade it or just close it to avoid incurring monthly fee??
Is there any obvious mistake with this plan??

Aidanmc

adindas said:

So good to apply and at the same time request switching at the same time on April 4, 2022.
After three working days (hopefully), after receiving the incentive request to downgrade it or just close it to avoid incurring monthly fee??
Is there any obvious mistake with this plan??

You may need to pay part fee for the time you had the account before downgrading.

First fee will be taken probably on 1st April

RN61

adindas said:

So good to apply and at the same time request switching at the same time on April 4, 2022.
After three working days (hopefully), after receiving the incentive request to downgrade it or just close it to avoid incurring monthly fee??
Is there any obvious mistake with this plan??

They pay really quickly, before the switch took place in my case! I tried to downgrade, but **no option to downgrade to a free account** in the app or online. So forget that idea.

Me and wife moved all the cash out leaving enough for one months fee just in case, and switching Lloyds accounts out to Virgin and Natwest before end of March. 

Aidanmc

RN61 said:

adindas said:

So good to apply and at the same time request switching at the same time on April 4, 2022.
After three working days (hopefully), after receiving the incentive request to downgrade it or just close it to avoid incurring monthly fee??
Is there any obvious mistake with this plan??

They pay really quickly, before the switch took place in my case! I tried to downgrade, but **no option to downgrade to a free account** in the app or online. So forget that idea.

Me and wife moved all the cash out leaving enough for one months fee just in case, and switching Lloyds accounts out to Virgin and Natwest before end of March. 

Are you sure you can't downgrade in online banking??

On left hand column select 'bank accounts' then 'change account type'.

Classic (with no fees) seems to be available

cx6

you can downgrade using the app but not on desktop banking

Alex9384

Aidanmc said:

You may need to pay part fee for the time you had the account before downgrading.

I've never heard about this.

I downgraded my Halifax Ultimate Reward a couple days after receiving switch incentive and I wasn't charged any fee.

JustAnotherSaver

Hmm that's nice after missing out on santander. 

May have to look in to this tonight. Even if I get charged a first payment I'll still be in the plus after the cashback.

Then this can you can't you downgrade - I can just close the account and erase all doubt. 

Aidanmc

Alex9384 said:

Aidanmc said:

You may need to pay part fee for the time you had the account before downgrading.

I've never heard about this.

I downgraded my Halifax Ultimate Reward a couple days after receiving switch incentive and I wasn't charged any fee.

Yeah, i believe they can.

This is the last paragraph from Banking Charges in personal banking t&c's

"If you open, change or close an account or service that has a regular fee attached to it, such as a monthly maintaining the account fee, part way through your billing period, you’ll only pay for the time you’ve actually had it. If you open a Club Lloyds account part way through a monthly billing period, you will not be charged a Club Lloyds maintaining the account fee for that monthly billing period"