New Lloyds Bank £200 Switch Offer - January 2023

pecunianonolet

Just to clarify, can I open a Classic Current account (never banked with them before), once open upgrade it to a Silver account, get the incentive and once paid downgrade to either classic or Club Lloyds again. Probably get charged a 10er for the few day in the month I am Silver.

Would I be able to do everything by te end of January or better to wait until 1st Feb so all happens within the same month and I not get charged for Jan and Feb should things take me over into the next month? Need a donor account so who is uncomplicated in opening a current account and to switch it away straight after I opened it? 

FreedomBringsPeace

"The £3 fee is waived for each month you pay in at least £1,500 into your account. From 1 April 2023 you’ll need to pay in £2,000 or more" 

24Tweezers

Happy to say my £200 incentive has also been credited, some five days before my actual switch date!  Thanks to the OP for posting the find in the first place!

flaneurs_lobster

pecunianonolet said:

Just to clarify, can I open a Classic Current account (never banked with them before), once open upgrade it to a Silver account, get the incentive and once paid downgrade to either classic or Club Lloyds again. Probably get charged a 10er for the few day in the month I am Silver.

Would I be able to do everything by te end of January or better to wait until 1st Feb so all happens within the same month and I not get charged for Jan and Feb should things take me over into the next month? Need a donor account so who is uncomplicated in opening a current account and to switch it away straight after I opened it? 

No need to open a Classic, apply for a Silver account and request a switch at the same time. Get your doner account open first.

Easiest banks to set up a current account just to swap include Metro, Monzo and Starling. Also consider getting another current account with your main bank.

Waiting until Feb 1 to start the Lloyds application seems a good plan. Risk is Lloyds withdrawing the offer (unlikely).

overspender22

I’d never qualified for a ‘proper’ current account with Lloyds or Halifax, only basic ones. But my credit file improved and now I have taken advantage of the Lloyds offer (& money received), and have a full Halifax current account too. 

I’m wondering does Halifax usually come out with a similar switch offer soon after lloyds? Or do they not do it like that? 

pfpf

overspender22 said:

I’m wondering does Halifax usually come out with a similar switch offer soon after lloyds? Or do they not do it like that? 

Halifax offer ended last month so it may be a while before the next, but there's bound to be one.

MACKEM99

Might be a silly question but can the switch be from TSB?

k_man

MACKEM99 said:

Might be a silly question but can the switch be from TSB?

TSB are no longer linked to Lloyds, so no reason why not.

battenburg88

Does anyone know if there are accounts which don't count as a 'current account' and therefore wouldn't be eligible? I have a very old Halifax Cardcash account which I could close to make use of this offer. It isn't an account that's available anymore and I think it was aimed at/for teenagers so maybe didn't have all the features that a 'normal' current account would.

I can't see anywhere obvious that I couldn't use this one to switch, but I'm not sure if banks have criteria for what actually constitutes a current account.

flaneurs_lobster

When you check the details of this account online or in the app does the description include "Current"?

I'd also guess that if you were able to set up DDs/SOs and the account has a debit card then it's a current account. 

Give it a go, if CASS doesn't accept it then use something else.