Lloyds switch offer £200 questions.

flaneurs_lobster

pantaiema said:

I understand there is not any DDs requirement for switching incentive is that correct?
If you have upgraded Lloyds classics to become silver account  when is the best time to downgrade it to minimise the monthly fee while still be eligible to get the switching incentive?

No DDs required. Needs to be a Silver account to pay the switching bonus into.

Gary.S

Is there any penalty for switching away from Lloyds once the 200 has been paid?

Middle_of_the_Road

Gary.S said:

Is there any penalty for switching away from Lloyds once the 200 has been paid?

There is no minimum time you have to stay with Lloyds, once you have the bonus. I have stayed and used the account and regular saver for the time being. Nothing says you have to though.

dealyboy

Middle_of_the_Road said:

Gary.S said:

Is there any penalty for switching away from Lloyds once the 200 has been paid?

There is no minimum time you have to stay with Lloyds, once you have the bonus. I have stayed and used the account and regular saver for the time being. Nothing says you have to though.

... just to mention you will have switched to a fee paying account (deducted on 2nd of month in arrears) so may want to consider downgrading to the fee free Classic for the monthly saver.

ChewyyBacca

DJDools said:

Is it too late to open a Starling or Monzo bank a/c today and open and initiate a switch to Lloyds to get this offer?

You need to wait for the Starling/ Monzo debit card to arrive 

PowerSavingMode

ChewyyBacca said:

DJDools said:

Is it too late to open a Starling or Monzo bank a/c today and open and initiate a switch to Lloyds to get this offer?

You need to wait for the Starling/ Monzo debit card to arrive 

Thank you. I'm new to this and thought I'd read somewhere that with those banks the debit card number would be given straightway so could be used immediately.

PowerSavingMode

[Deleted User] said:

DJDools said:

Is it too late to open a Starling or Monzo bank a/c today and open and initiate a switch to Lloyds to get this offer?

What do the Lloyds website and the offer’s T&Cs (which I’m sure you’ve read) say?

Thanks for your 'help'. 

morph42

Hi - as the last day for this offer is today was thinking of switching a burner account to Lloyds Silver. I already have a similar account with the same insurances that I intend to keep. Only problem is that during the application process if I state that I already have the same insurance and intend to keep them it cancels the application. Do I need to declare the existing account with the same insurances or not? thanks

PloughmansLunch

morph42 said:

Hi - as the last day for this offer is today was thinking of switching a burner account to Lloyds Silver. I already have a similar account with the same insurances that I intend to keep. Only problem is that during the application process if I state that I already have the same insurance and intend to keep them it cancels the application. Do I need to declare the existing account with the same insurances or not? thanks

I think that's more to cover them in the case of mis-sold bank account benefit claims. I already had AA membership etc. Just plough on in wilful ignorance as you'll be most likely be downgrading very shortly anyway due to already having those benefits elsewhere.

flaneurs_lobster

PloughmansLunch said:

morph42 said:

Hi - as the last day for this offer is today was thinking of switching a burner account to Lloyds Silver. I already have a similar account with the same insurances that I intend to keep. Only problem is that during the application process if I state that I already have the same insurance and intend to keep them it cancels the application. Do I need to declare the existing account with the same insurances or not? thanks

I think that's more to cover them in the case of mis-sold bank account benefit claims. I already had AA membership etc. Just plough on in wilful ignorance as you'll be most likely be downgrading very shortly anyway due to already having those benefits elsewhere.

Just try not to make any claims while you are "double-covered", can make payout very messy and can bump up premiums at renewal.