Lloyds switch offer Feb 2024

csw5780

Switch due to complete tomorrow; bonus received today!

RagingPolo

I switched over to Lloyds no problem. The switch should have completed on the 22nd. Just tried to do the NatWest switch now and they're immediately terminating it saying that it looks like I have a switch ongoing still. Anyone else had this happen? And any tips?

Zerforax

I don't have a current account that I want to close at the moment. Could I open a new account somewhere now and then switch to Lloyds to still take advantage?

Nasqueron

Zerforax said:

I don't have a current account that I want to close at the moment. Could I open a new account somewhere now and then switch to Lloyds to still take advantage?

It depends if you benefited from a previous switch offer in the time period though some switches do let you do it via upgrading an existing account

Zerforax

Nasqueron said:

Zerforax said:

I don't have a current account that I want to close at the moment. Could I open a new account somewhere now and then switch to Lloyds to still take advantage?

It depends if you benefited from a previous switch offer in the time period though some switches do let you do it via upgrading an existing account

No I haven't done any switch offers before.

I was thinking of opening like a Natwest current account, moving 2 direct debits to that account. Then doing the Lloyds current account switch to get the £175 and Disney+ offer.

WillPS

Yes, you can open 'donor' or 'burner' accounts and then quickly switch them. It might annoy the bank you switch from though; LBG (Lloyds, Halifax, BOS) are known to permaban customers who do it a lot.

I've never used them myself, but from what I read Chase is a good bank to spin up burner/donors with as you can have several, there are no hard searches for additional accounts and they don't need a debit card number to go through. You do need to make sure you keep at least one account with them open though, as they won't allow you to reapply after switching out your last account with them.

Zerforax

WillPS said:

Yes, you can open 'donor' or 'burner' accounts and then quickly switch them. It might annoy the bank you switch from though; LBG (Lloyds, Halifax, BOS) are known to permaban customers who do it a lot.

I've never used them myself, but from what I read Chase is a good bank to spin up burner/donors with as you can have several, there are no hard searches for additional accounts and they don't need a debit card number to go through. You do need to make sure you keep at least one account with them open though, as they won't allow you to reapply after switching out your last account with them.

Oh that is helpful to know! I do already have a Chase account.

Took me 30 seconds to open a 2nd Chase account. I was planning to move Netflix and Giffgaff which are paid monthly but it looks like those are set up as automatic monthly debit card payments rather than direct debits? Or are they treated as the same?

northwalesd

Zerforax said:

WillPS said:

Yes, you can open 'donor' or 'burner' accounts and then quickly switch them. It might annoy the bank you switch from though; LBG (Lloyds, Halifax, BOS) are known to permaban customers who do it a lot.

I've never used them myself, but from what I read Chase is a good bank to spin up burner/donors with as you can have several, there are no hard searches for additional accounts and they don't need a debit card number to go through. You do need to make sure you keep at least one account with them open though, as they won't allow you to reapply after switching out your last account with them.

Oh that is helpful to know! I do already have a Chase account.

Took me 30 seconds to open a 2nd Chase account. I was planning to move Netflix and Giffgaff which are paid monthly but it looks like those are set up as automatic monthly debit card payments rather than direct debits? Or are they treated as the same?

No, they are not treated the same and won't satisfy the switch incentive criteria.

FIREmenow

@zerforax you can also set up a PayPal direct debit to your burner current account ( by adding the account details i.e. sort code and account number not the debit card details). Then if you buy something small through PayPal you can get it to pull it through from your bank account as a direct debit. If you have more than one PayPal account or friend/family with one, you can send them money and they can send it back, so it's cost neutral. PayPal account can have direct debits to multiple current accounts.

Plum is also a good extra direct debit as you are 'paying' yourself and then sweep it all back into your current account and cycle the same money again. I think, you can only link one bank account to Plum by direct debit, but I've just got it and haven't figured it out yet. Plum is not a bank though so do your research - fine for me as it has a tiny amount of money in it.

If you search online for beermoneyuk, there's a whole collective of people who spend a lot of time doing this and helping new switchers. They also track which banks get mad at regular switching!

Edited: £2 minimum on direct debits is for NatWest/RBS Reward account benefits, which also has a switch deal.

Zerforax

Thanks both. I switched my TV Licence direct debit. Will probably change swimming lesson direct debit too.

I tried to change O2 direct debit over the phone and they were useless! Wanted me to pay the current bill (due on 15 March but they want it 2 weeks early) then the direct debit would be active on 15 April.. ridiculous.