New Lloyds Bank £200 Switch Offer - January 2023

piker57

We do the transfers by Standing Order on the same day. 

We get a text message saying not enough funds to make the outgoing payment, but deposit before 14:30 and they will try again before close of business.  Never fails to work & no charges. 

Halifax Rewards account (Halifax is of course also a Lloyds subsidiary) works in exactly the same way.

Chaoscontrol

piker57 said:

We do the transfers by Standing Order on the same day. 

We get a text message saying not enough funds to make the outgoing payment, but deposit before 14:30 and they will try again before close of business.  Never fails to work & no charges. 

Halifax Rewards account (Halifax is of course also a Lloyds subsidiary) works in exactly the same way.

But are you doing a single jump? I mean, you can rely on that because only 1 Lloyds account is waiting for the money. So it will try at the end of the day when it surely has received it and no problem. But if a 2nd one is waiting for the same, the 2nd one will try at the end of the day, which is when the other is actually doing the transfer. Won't it miss then?

Checked the Halifax rewards, but doesn't seem worth it. Just 1 cinema ticket or £5, and forces you to keep £5k or spend £500 in debit card. Works if you actually use the account, but not if you just want to trick it. 

AmityNeon

Most banks have grace periods whereby they allow until the end of the day (cutoff times vary) for any overdraft to be repaid before interest is incurred, and they'll also retry a payment if it failed earlier in the morning. This allows automated inflows and outflows falling on the same day, but at different hours/minutes after midnight, to balance each other without manual intervention or staggered scheduling. It's far more convenient and lenient than it used to be.

Chaoscontrol

AmityNeon said:

Most banks have grace periods whereby they allow until the end of the day (cutoff times vary) for any overdraft to be repaid before interest is incurred, and they'll also retry a payment if it failed earlier in the morning. This allows automated inflows and outflows falling on the same day, but at different hours/minutes after midnight, to balance each other without manual intervention or staggered scheduling. It's far more convenient and lenient than it used to be.

Ok then, will try and set up the triple SO on the same day and see what happens. Worst that can happen is that that last SO won't be executed due to missing funds, and probably retried next day. 

flaneurs_lobster

Chaoscontrol said:

Checked the Halifax rewards, but doesn't seem worth it. Just 1 cinema ticket or £5, and forces you to keep £5k or spend £500 in debit card. Works if you actually use the account, but not if you just want to trick it. 

Takes five minutes, £1500 in, £500 debit card payment to Revolut (or similar), £1000 out.

piker57

Agree. We actually make deposits to our accounts at Skipton & Yorkshire Building Societies by using the Debit Card. It shows as a Deb transaction & we’ve been paid the £5 Rewards without any problems. Both BS accounts are easy access so we can withdraw the money if needed without notice.

anna42hmr

well that was a quick process, the debit card for metro account received today so activated it straight off, just done the application for the lloyds account and requested switch as part of the application (for the earliest switch completion date of 3 february and had an immediate text from the switch team acknowledging it and saying they will contact soon to let me know the next steps.   

pecunianonolet

anna42hmr said:

well that was a quick process, the debit card for metro account received today so activated it straight off, just done the application for the lloyds account and requested switch as part of the application (for the earliest switch completion date of 3 february and had an immediate text from the switch team acknowledging it and saying they will contact soon to let me know the next steps.   

And in 2-3 days if all goes well you'll get a text saying "We confirm your switch will complete 03/02/2023. Please contact 03456 025 293 if you have any questions. From the Lloyds Switching Team"

willgraham

i must be the only odd one out here, i signed up last friday 21 and i've not heard back since 
No emails, text, mail or calls ?

i did get a reply in regards to the phone insurance, car insurance and travel insurance
but the actual application of the account zilch and thats the last i heard from them

anyone else here  waiting for a response
has anyone actually got decline

flaneurs_lobster

willgraham said:

anyone else here  waiting for a response
has anyone actually got decline

Since you have received the bumf about the insurance products I assume that you have successfully opened the Lloyds account.

When you mention receiving a decline, do you mean a failed switch or non-payment of a switch bonus?

Did you get a switch completion date? If the doner account is still open after this date then the switch has failed. 

If the switch completes OK then you either receive the bonus or not, I don't think that there is a notification that the bonus will not be paid.