New Lloyds Bank £200 Switch Offer - January 2023

AmityNeon

battenburg88 said:

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.

Their Expresscash account as well as their Basic Account are the closest available equivalents to the Cardcash account, and the only feature they lack is overdrafts. I see no reason why the accounts would be excluded from the CASS on the basis of their status alone.

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

WillPS

They are certainly current accounts: Bank accounts no longer on sale | Halifax

No reason you can't CASS from them.

battenburg88

Thanks all! 

AmityNeon said:

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

I don't know - would I need to look at my credit report to find out? Its the first bank account I ever had (one with a passbook!) that was gradually upgraded by Halifax and now just sits alongside another account I have with them because I didn't need or want to close it. So, its certainly my longest standing bank account with any provider.

Is it better to maintain my longstanding bank accounts even if that means having credit check where I've applied for a new account just for the purpose of switching (and then presumably the check for the switch itself)? I'm not about to apply for a mortgage or anything, but I have opened a couple of bank accounts just recently in the hunt for deals and rates etc.

AmityNeon

battenburg88 said:

AmityNeon said:

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

I don't know - would I need to look at my credit report to find out? Its the first bank account I ever had (one with a passbook!) that was gradually upgraded by Halifax and now just sits alongside another account I have with them because I didn't need or want to close it. So, its certainly my longest standing bank account with any provider.

Is it better to maintain my longstanding bank accounts even if that means having credit check where I've applied for a new account just for the purpose of switching (and then presumably the check for the switch itself)? I'm not about to apply for a mortgage or anything, but I have opened a couple of bank accounts just recently in the hunt for deals and rates etc.

Yes you would need to check your credit report to find out, and you can check all three for free (TransUnion, Equifax, Experian).

A longstanding account's opening date is fixed and never disappears, whereas search history drops off after a year. Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

pecunianonolet

AmityNeon said:

 Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Do we know who else is only doing a hard search for the first account and no further hard searches after? TSB did do a hard search for me opening a second current account. We have now Halifax, who else? 

k_man

pecunianonolet said:

AmityNeon said:

 Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Do we know who else is only doing a hard search for the first account and no further hard searches after? TSB did do a hard search for me opening a second current account. We have now Halifax, who else? 

Other LBG banks are the same (Lloyds and BoS).

flaneurs_lobster

k_man said:

pecunianonolet said:

AmityNeon said:

 Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Do we know who else is only doing a hard search for the first account and no further hard searches after? TSB did do a hard search for me opening a second current account. We have now Halifax, who else? 

Other LBG banks are the same (Lloyds and BoS).

Confirmed, opened a Classic Lloyds current account this am, addition to an existing Club Lloyds. No hard search. Took less than 5 minutes.

battenburg88

AmityNeon said:

battenburg88 said:

AmityNeon said:

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

I don't know - would I need to look at my credit report to find out? Its the first bank account I ever had (one with a passbook!) that was gradually upgraded by Halifax and now just sits alongside another account I have with them because I didn't need or want to close it. So, its certainly my longest standing bank account with any provider.

Is it better to maintain my longstanding bank accounts even if that means having credit check where I've applied for a new account just for the purpose of switching (and then presumably the check for the switch itself)? I'm not about to apply for a mortgage or anything, but I have opened a couple of bank accounts just recently in the hunt for deals and rates etc.

Yes you would need to check your credit report to find out, and you can check all three for free (TransUnion, Equifax, Experian).

A longstanding account's opening date is fixed and never disappears, whereas search history drops off after a year. Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Ah, interesting. I hadn't thought of just opening another current account with a bank that I already use. Infact, I don't think I realised this was an option. I may well then just ask to open a second current account with Halifax (leaving my Cardcash account and existing current account as is) and then just close this new one.

Cheers!

Katiehound

battenburg88 said:

AmityNeon said:

battenburg88 said:

AmityNeon said:

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

I don't know - would I need to look at my credit report to find out? Its the first bank account I ever had (one with a passbook!) that was gradually upgraded by Halifax and now just sits alongside another account I have with them because I didn't need or want to close it. So, its certainly my longest standing bank account with any provider.

Is it better to maintain my longstanding bank accounts even if that means having credit check where I've applied for a new account just for the purpose of switching (and then presumably the check for the switch itself)? I'm not about to apply for a mortgage or anything, but I have opened a couple of bank accounts just recently in the hunt for deals and rates etc.

Yes you would need to check your credit report to find out, and you can check all three for free (TransUnion, Equifax, Experian).

A longstanding account's opening date is fixed and never disappears, whereas search history drops off after a year. Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Ah, interesting. I hadn't thought of just opening another current account with a bank that I already use. Infact, I don't think I realised this was an option. I may well then just ask to open a second current account with Halifax (leaving my Cardcash account and existing current account as is) and then just close this new one.

Cheers!

I really hope you don't mean that! 
No, the idea is to switch the new account to get a 'welcome handshake'!

battenburg88

Katiehound said:

battenburg88 said:

AmityNeon said:

battenburg88 said:

AmityNeon said:

Does the Cardcash account appear on your credit report? If it does, you may want to keep the account (as it's very old) and open a new standard account to switch instead.

I don't know - would I need to look at my credit report to find out? Its the first bank account I ever had (one with a passbook!) that was gradually upgraded by Halifax and now just sits alongside another account I have with them because I didn't need or want to close it. So, its certainly my longest standing bank account with any provider.

Is it better to maintain my longstanding bank accounts even if that means having credit check where I've applied for a new account just for the purpose of switching (and then presumably the check for the switch itself)? I'm not about to apply for a mortgage or anything, but I have opened a couple of bank accounts just recently in the hunt for deals and rates etc.

Yes you would need to check your credit report to find out, and you can check all three for free (TransUnion, Equifax, Experian).

A longstanding account's opening date is fixed and never disappears, whereas search history drops off after a year. Halifax won't hard search you when you apply for additional current accounts, so they're convenient for quickly setting up new accounts for switching (you also get to see the full 16-digit card number in the app before the card arrives in the post).

Ah, interesting. I hadn't thought of just opening another current account with a bank that I already use. Infact, I don't think I realised this was an option. I may well then just ask to open a second current account with Halifax (leaving my Cardcash account and existing current account as is) and then just close this new one.

Cheers!

I really hope you don't mean that! 
No, the idea is to switch the new account to get a 'welcome handshake'!

I hope my previous post is just badly phrased...

I intend to open a second current account with Halifax giving me 1) an old Cardcash account, 2) an old current account and 3) a new additional current account. I would then switch 3) the new current account to Lloyds to make use of their switching offer.

That would then leave me my longstanding Halifax accounts - 1) and 2) - but also allow me to make use of the switching offer and hopefully without having to consider a new bank having to do a credit check.

Does that sound correct or am I completely missing something?!