Can I switch to lloyd silver if I have a lloyds basic for the £200

edited 27 January at 8:44AM in Budgeting & bank accounts
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Greg89Greg89 Forumite
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edited 27 January at 8:44AM in Budgeting & bank accounts
I am on Halifax and thinking of switching to the lloyds silver account.

However I have lyolds basic account too and would this mean I do not get the £200 for switching? All my DD are in Halifax 
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  • flaneurs_lobsterflaneurs_lobster Forumite
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    Yes you can switch and get the bonus.

    Read the Lloyd's page about it here https://www.lloydsbank.com/current-accounts/switch.html
  • edited 26 January at 9:01AM
    Greg89Greg89 Forumite
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    edited 26 January at 9:01AM
    Thanks, I thought I wasn't eligible since I've got a lloyds basic account

  • Greg89Greg89 Forumite
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    Thanks.

    I'll eligible to apply while already having a basic account.

    What happens to the savings in the Halifax account and savings account? They get transferred over?
  • EarthBoyEarthBoy Forumite
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    Greg89 said:
    Thanks.

    I'll eligible to apply while already having a basic account.

    What happens to the savings in the Halifax account and savings account? They get transferred over?
    No. Only your current account is switched. Savings accounts stay where they are.
  • edited 25 January at 8:28PM
    Middle_of_the_RoadMiddle_of_the_Road Forumite
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    edited 25 January at 8:28PM
    EarthBoy said:
    Greg89 said:
    Thanks.

    I'll eligible to apply while already having a basic account.

    What happens to the savings in the Halifax account and savings account? They get transferred over?
    No. Only your current account is switched. Savings accounts stay where they are.
    When I switched my Lloyds account to Nationwide, it left me with no online banking access to the regular saver. I opened another Lloyds current account to regain access.

    If the Halifax system is the same, I would either open another basic current account before switching, or close the savings accounts first.
  • PRAISETHESUNPRAISETHESUN Forumite
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    To be clear, you need to do a few things:

    1) Upgrade your Lloyds basic account to one of the eligible Lloyds currents accounts (Silver/Platinum). Be aware these accounts have a substantial monthly fee. Also keep in mind that depending on the reason why you hold a basic current account, Lloyds may not let you upgrade. If you can't upgrade, then any switch WILL NOT result in being paid the £200 incentive.

    2) Once you have upgraded, you then need to switch in an external account using the Current Account Switch Service (CASS). Your replies suggest you are unfamiliar with how it works, so I'd suggest familiarising yourself: https://www.currentaccountswitch.co.uk/

    This will close your Halifax current account, but your other financial products will remain unchanged. Halifaxay restrict access, or close them if they require you to concurrently hold a current account - you'd need to separately check the terms of the savings account(s) you hold.

    3) Optional, but highly recommended - once paid the incentive, downgrade your Lloyds account to a fee-free Classic current account.

  • edited 26 January at 9:00AM
    Greg89Greg89 Forumite
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    edited 26 January at 9:00AM
    My DD are in Halifax.

    So Halifax current account to lloyds with holding a lyolds basic account.

    Will the money in the Halifax switch to club silver lloyds?
  • edited 26 January at 8:53AM
    flaneurs_lobsterflaneurs_lobster Forumite
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    edited 26 January at 8:53AM
    Greg89 said:
    My DD are in Halifax.

    So Halifax current account to lyolds with holding a lyolds basic account.

    Will the money in the Halifax switch to club silver lyolds?
    Please go back and read @PRAISETHESUN 's post slowly. Then read the guide to switching that they have linked to. Ask questions if any part of the process is not clear.

    And please spell Lloyds correctly. 
  • Greg89Greg89 Forumite
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    I was informed since Halifax is part of the Lloyds group I am not eligible for the £200 incentive.
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