New Lloyds Bank £200 Switch Offer - January 2023

GlasgowExpat2

Well that was easy 

Calpol4life

Why doesn’t Martin Lewis mention this offer on telly just now?

pecunianonolet

Initiated the switch on Saturday morning, straight after I got my Metro Bank card through the door (not even bothered to get the card activated nor did I set up MetroBank online banking or funded the account). Around 2 hours later I got a text that the Switching Team received the request and that they will contact me soon about next steps.

Got text message this morning "We confirm your switch will complete 31/01/2923. Please contact 03456 025 293 if you have any questions. From the Lloyds Switching Team". 

24Tweezers

My switch completed yesterday.  The £200 incentive was credited a few days back.  All very easy and hassle free.  The account I switched from didn't have any DD's or SO's, just a credit balance.  Thank you OP for your initial post, without which I'd not be aware of this particular offer.

gingercordial

gingercordial said:

Those of you doing Lloyds switches, did you get any confirmation early on in the process?

I opened my new account on Thursday 19th, including plugging in the details of the switch from Nationwide and choosing a switch date of either 30th or 31st (can't recall) but whilst I had a flurry of emails about the account opening none referenced the switch.  Since then I have heard nothing from either Lloyds or Nationwide.  I am sure with previous switches I'd had at least some kind of update text from one or other of the banks by now.

I know I should be patient and see what later in the week brings, but if everybody else is getting confirmations from Lloyds immediately or within a day or two that would imply mine has not gone through so I should do it again in case they pull the offer.

Well, further to this, the £200 incentive has appeared in my Lloyds account today, less than a week from application.  Still no actual communication from either bank on whether the switch itself is happening (I haven't had a chance to ring and ask).  I assume it is, but I'll be very amused if it doesn't and I just get the money anyway...  

Chaoscontrol

My switch completed today. I already moved out the incentive received 3 days ago.

Cinema tickets (Club benefit) can only be redeemed 1 month after opening (my case 15/02). When is the £10 monthly fee charged? Is it 1st of the month? Or 30d from account opening? If I downgraded the account now before the month, will I get charged the fee? Not sure if I should wait and get charged for the tickets, or just downgrade now. 

AmityNeon

Chaoscontrol said:

My switch completed today. I already moved out the incentive received 3 days ago.

Cinema tickets (Club benefit) can only be redeemed 1 month after opening (my case 15/02). When is the £10 monthly fee charged? Is it 1st of the month? Or 30d from account opening? If I downgraded the account now before the month, will I get charged the fee? Not sure if I should wait and get charged for the tickets, or just downgrade now. 

You can downgrade to the standard Club Lloyds account and keep the lifestyle benefit for free. You should only get charged for the Silver/Platinum features (e.g. insurance) on a pro-rata basis, i.e. for however many days you've held the account during January. Account fees are deducted on the second working day of the month.

Chaoscontrol

AmityNeon said:

Chaoscontrol said:

My switch completed today. I already moved out the incentive received 3 days ago.

Cinema tickets (Club benefit) can only be redeemed 1 month after opening (my case 15/02). When is the £10 monthly fee charged? Is it 1st of the month? Or 30d from account opening? If I downgraded the account now before the month, will I get charged the fee? Not sure if I should wait and get charged for the tickets, or just downgrade now. 

You can downgrade to the standard Club Lloyds account and keep the lifestyle benefit for free. You should only get charged for the Silver/Platinum features (e.g. insurance) on a pro-rata basis, i.e. for however many days you've held the account during January. Account fees are deducted on the second working day of the month.

Ohh! Hadn't thought of this! Epic! Many thanks. 

And if I downgrade from Club to standard current account on Feb, I can keep the tickets, right?

AmityNeon

Chaoscontrol said:

AmityNeon said:

Chaoscontrol said:

My switch completed today. I already moved out the incentive received 3 days ago.

Cinema tickets (Club benefit) can only be redeemed 1 month after opening (my case 15/02). When is the £10 monthly fee charged? Is it 1st of the month? Or 30d from account opening? If I downgraded the account now before the month, will I get charged the fee? Not sure if I should wait and get charged for the tickets, or just downgrade now. 

You can downgrade to the standard Club Lloyds account and keep the lifestyle benefit for free. You should only get charged for the Silver/Platinum features (e.g. insurance) on a pro-rata basis, i.e. for however many days you've held the account during January. Account fees are deducted on the second working day of the month.

Ohh! Hadn't thought of this! Epic! Many thanks. 

And if I downgrade from Club to standard current account on Feb, I can keep the tickets, right?

No, the tickets will be voided as soon as you cease to have a Club account. The Club account is free to hold though provided you deposit the required monthly minimum (£1500 increasing to £2000 from 1 April), which is easy to fulfil. I have two Club accounts exactly for this purpose and haven't paid to go to the cinema in years.

Chaoscontrol

AmityNeon said:

No, the tickets will be voided as soon as you cease to have a Club account. The Club account is free to hold though provided you deposit the required monthly minimum (£1500 increasing to £2000 from 1 April), which is easy to fulfil. I have two Club accounts exactly for this purpose and haven't paid to go to the cinema in years.

Cool, will do that. How do you setup the Standing Orders for this?
Day 1 SO from your CA to Lloyds 1, Day 2 SO from Lloyds 1 to Lloyds 2, Day 3 SO from Lloyds 2 back to your CA? There's no way to do it in a single day, right? Or you risk them running at diff times and missing the funds.