Lloyds switch offer Feb 2024

GreenScepter

FIREmenow said:

There's a minimum of £2 for the Club Lloyds Direct Debits

Is there? I'm looking at the T&Cs and I can't see any minimum amounts for the direct debit. I hope not since I've started the process and used 50 Pence Direct Debit and a £1 PayPal top-up, so I might be screwed!

Bridlington1

FIREmenow said:

@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. There's a minimum of £2 for the Club Lloyds Direct Debits so make sure it's at least that much. One 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!

Unless I'm missing something I can't see anything in the terms suggesting a £2 minimum DD amount. All I can see is:

Your switch must include the transfer of a minimum of 2 active direct debits from your old account being switched to Lloyds as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer;

FIREmenow

@GreenScepter and @Bridlington1

Apologies, that is for the NatWest/RBS switch offer below that I'm also looking at. Will edit my previous comment. 

jemj83

I am interested in switching my 1st direct account to Lloyds. I have a regular saver (due to mature on 28th March), last payment into it was deposited on 28th Feb. I have already opened a 1st direct normal savings account out for it to be paid to.

Does anybody know if I would be able to switch my current account to Lloyds, and it not to affect the above?

Thank you 😊

FIREmenow

Hi, I also have those three accounts with First Direct. If you transfer away before the maturity, it looks like your other accounts will be closed as they require a current account to pay money in and out.
If you switch and close the regular saver before the maturity date, you will only get the basic savings rate of interest up to that date, which i think is 2%.
See screen shot below.

The Lloyds switch deal last day is also 28 March, so if you start the switch on that last day it could be fine, but before that would be risky. You could check with FD.

If you've been putting the maximum in the regular saver the maturity interest is ~£135, but 2% for about 11 months is ~£33 so you're risking £100 to do it earlier, but you could have £135 plus the £175 bonus if you do it on the last day.

Do you have another current account you could switch instead to avoid the risk?

I really like first direct and their banking app, and I have a regular saver until May so I'm switching a current account with a different bank.

FD additional terms for different accounts, see paragraph on switching for 1st Account before regular saver matures next bottom of page 37.

jemj83

Thank you.

I do have another (2 donor Chase) accounts but I don't currently have direct debit linked to them. Although with the First Direct I do.

I have recently switched a Chase to Natwest and received the bonus. And am in the process of an RBS switch (through Chase) so don't know if a third Chase switch, once direct debits set up, would be too much 🤷‍♀️.

I will have a think but thanks for your response

susieryturner

I had a Halifax switch offer in 2022 has anyone succeeded in getting the Lloyds one if they have had the Halifax bonus recently? I’ve seen the natwest/rbs/ulster thread where people seem to getting bonus from one when they have had one already from one of the banks in the group just not sure if that’s worked for anyone in the Lloyds/halifax group??

locky123

Hi, is it still possible to downgrade Club Lloyds to a Classic account and then open a new Club Lloyds and switch, in order to get incentive?

Bridlington1

locky123 said:

Hi, is it still possible to downgrade Club Lloyds to a Classic account and then open a new Club Lloyds and switch, in order to get incentive?

Yes it is.

locky123

Bridlington1 said:

locky123 said:

Hi, is it still possible to downgrade Club Lloyds to a Classic account and then open a new Club Lloyds and switch, in order to get incentive?

Yes it is.

Or can I keep my current Club Lloyds and open new Silver account, then downgrade Silver after receiving incentive. Can't find clear info on how many accounts are allowed.