New Lloyds Bank £200 Switch Offer - January 2023

pecunianonolet

PRAISETHESUN said:

pecunianonolet said:

Got my reward yesterday but the switch from my Metro Bank donor account only completes fully on the 31st Jan. Can I downgrade already or is it better to wait until the switch has fully completed and downgrade after not to risk anything with Lloyds? 

Already opened another current account with Lloyds to use for the switch to Santander. Opening a third Lloyds current account straight after opening the second one has been declined. Was hoping to downgrade the Silver to to a Club Lloyds account and keep it for the cinema tickets and use the two other ones for the Santander and First direct switch. However, only being able to open one more I am in need for a First Direct switch donor account. 

Any recommendations? 

Personally I'd wait just in case there's any issues - it's only a few days until the switch completes. I'd also advise against trying to open so many accounts with Lloyds so quickly, especially if you're just going to switch them away. Perhaps consider opening a second Everyday current account with Santander, or a second account with any other bank you already hold an account with, and using that as a donor instead? Alternatively you could just wait out the clock for the Santander offer to pay out - past FD offers have usually stuck around for a while.

Thanks for the advise and makes sense to wait for a few days. I was hoping to use Lloyds current accounts as they don't involve further hard searches. Santander and FD would be another 2. I opened quite a few credit cards in the last 8-12 weeks for stoozing so I guess they see it as a problem that I have a overall combined credit limit of 55k, of which around 25k is stoozing debt. Maybe I need another donor account from Starling or Monzo as I think they only do soft searches. 

Katiehound

orange-juice said:

Incentive received on the 24th and switch completed today. 

Instantly downgraded to the Classic account on the app, partly because there’s no fees, plus the 4.5% regular saver.

Tempted to go for the Club Lloyds, but wasn’t sure about meeting the minimum pay in before month end, to avoid the fee.

Such an attractive loss leader, makes you think.. 👀

You could always upgrade to Club Lloyds in a couple of months. remember the £2 k pay in (from April) doesn't have to be in a lump sum could be the same £500 going in and out 4 times
you would only be spending £3 of your welcome bonus!
A bit of interest and a freebie of cinema tickets or a glossy magazine. Access to Club Lloyds regular saver
But you need 2 x DDs going out every month...

pecunianonolet

Katiehound said:

orange-juice said:

Incentive received on the 24th and switch completed today. 

Instantly downgraded to the Classic account on the app, partly because there’s no fees, plus the 4.5% regular saver.

Tempted to go for the Club Lloyds, but wasn’t sure about meeting the minimum pay in before month end, to avoid the fee.

Such an attractive loss leader, makes you think.. 👀

You could always upgrade to Club Lloyds in a couple of months. remember the £2 k pay in (from April) doesn't have to be in a lump sum could be the same £500 going in and out 4 times
you would only be spending £3 of your welcome bonus!
A bit of interest and a freebie of cinema tickets or a glossy magazine. Access to Club Lloyds regular saver
But you need 2 x DDs going out every month...

The DD requirement can be easily sorted via Paypal Friends & Family. Alternatively, the new Skipton tracker account allows funding by DD so you can set them up and move straight back out via Skipton app. Skipton allows up to two nominated bank accounts for withdrawals. 

ForumUser7

Katiehound said:

orange-juice said:

Incentive received on the 24th and switch completed today. 

Instantly downgraded to the Classic account on the app, partly because there’s no fees, plus the 4.5% regular saver.

Tempted to go for the Club Lloyds, but wasn’t sure about meeting the minimum pay in before month end, to avoid the fee.

Such an attractive loss leader, makes you think.. 👀

You could always upgrade to Club Lloyds in a couple of months. remember the £2 k pay in (from April) doesn't have to be in a lump sum could be the same £500 going in and out 4 times
you would only be spending £3 of your welcome bonus!
A bit of interest and a freebie of cinema tickets or a glossy magazine. Access to Club Lloyds regular saver
But you need 2 x DDs going out every month...

@katiehound - are they changing the eligibility requirements for the CLRS? I know 2x DDs are needed for the credit interest on the current account, but I didn't think it was required for the CLRS

Expotter

ForumUser7 said:

Katiehound said:

orange-juice said:

Incentive received on the 24th and switch completed today. 

Instantly downgraded to the Classic account on the app, partly because there’s no fees, plus the 4.5% regular saver.

Tempted to go for the Club Lloyds, but wasn’t sure about meeting the minimum pay in before month end, to avoid the fee.

Such an attractive loss leader, makes you think.. 👀

You could always upgrade to Club Lloyds in a couple of months. remember the £2 k pay in (from April) doesn't have to be in a lump sum could be the same £500 going in and out 4 times
you would only be spending £3 of your welcome bonus!
A bit of interest and a freebie of cinema tickets or a glossy magazine. Access to Club Lloyds regular saver
But you need 2 x DDs going out every month...

@katiehound - are they changing the eligibility requirements for the CLRS? I know 2x DDs are needed for the credit interest on the current account, but I didn't think it was required for the CLRS

You're right, the 2 DD are only required to receive the interest, not for the Club Lloyds regular saver

Open a Club Lloyds Monthly Saver

You can open this account if you:

• are 18 or over
• are a UK resident
• are a Club Lloyds customer
• have not opened one of these accounts in the last 12 months.

Katiehound

I would have checked the t &cs but I do get the interest (no, I know it's not a lot!) & the lifestyle benefit.
You can access both the Club RS & L.RS
Club RS- 5.25%
monthly L saver- 4.50%

Milarky

I checked yesterday (26th) My switch completed on 25th and the reward was credited on 23rd anyway. Now how soon can I downgrade this account to a free one per the terms of the switch [anyone?]

Thanks in advance

battenburg88

Have hit a bit of a sticking point with my switch. I was going to switch to the Lloyds Silver account and then downgrade straightaway. I already have a travel insurance policy and breakdown cover with other providers, so when I get to the question of do I have these then my answer is 'yes'. Despite them saying that they will only make a recommendation about whether this is or isn't the right account (i.e. won't tell me what to do), they then tell me that I can't open the account because I won't make use of the benefits. End of account opening process!

I know than an answer to this is to just tell them that I don't have the other insurance products, but something doesn't sit right with me for a formal application like this. Is there any other way around this? I couldn't see an obvious way to just tell them they could exclude those things from my account so I assume that isn't an option.

A few years ago I temporarily tried to upgrade one of my bank accounts so that I could use the travel insurance for a trip, with the intention of downgrading again once I was back. I hit a similar problem - although they absolutely couldn't tell me what to do, they wouldn't let me judge for myself whether I was happy to upgrade and not make use of the packaged phone insurance or whatever. Very frustrating. 

 

northwalesd

Milarky said:

I checked yesterday (26th) My switch completed on 25th and the reward was credited on 23rd anyway. Now how soon can I downgrade this account to a free one per the terms of the switch [anyone?]

Thanks in advance

Any time you like.

redux

battenburg88 said:

Have hit a bit of a sticking point with my switch. I was going to switch to the Lloyds Silver account and then downgrade straightaway. I already have a travel insurance policy and breakdown cover with other providers, so when I get to the question of do I have these then my answer is 'yes'. Despite them saying that they will only make a recommendation about whether this is or isn't the right account (i.e. won't tell me what to do), they then tell me that I can't open the account because I won't make use of the benefits. End of account opening process!

Not much point in me trying to persuade my mum to apply - outside the age range for the travel insurance, no car, borrows one of my old Nokia phones about 5 days a year.