Lloyds switch offer Feb 2024

danny13579

boingy said:

overspender22 said:

Has anyone tried and succeeded in getting the Lloyds offer more than once?

I am currently trying it on with the recent TSB offer though. I expect the incentive payment to fail but I'm getting double cashback for the card transactions so that's worth a few quid. All part of the game.

I am too, but they didn't give me the double cashback, just the £5 normal cashback so I've written off any chance of getting the incentive payment. ;( 

I got a Lloyds incentive in early 2020 and one in mid-2022. The first was just before the April 2020 cut off. I can't see there being any chance of a third so will probably keep the TSB for now and get the remaining £25 cashback and £30 from Top Cashback.

adamp87

WillPS said:

adamp87 said:

That 2020-2024 time gap is very long for a switch restriction. 

Yes, I expected it to nudge along by now too... my records show I had switch bonuses in both 2017 and 2020 from Halifax - pretty sure that would have been valid under the terms in 2020, not just a 'try it and see'...

I wonder if the next bank will have a longer time restriction too

MisterMotivated

WillPS said:

adamp87 said:

That 2020-2024 time gap is very long for a switch restriction. 

Yes, I expected it to nudge along by now too... my records show I had switch bonuses in both 2017 and 2020 from Halifax - pretty sure that would have been valid under the terms in 2020, not just a 'try it and see'...

According to my records, my last switch to Lloyds was in September 2020, and April 2020 was the cutoff date used then (though it's possible I noted this as the cutoff for a more recent offer for which I was ineligible).  The same month was used as the cutoff at the time of my last Halifax switch in March 2022.  It looks like they're trying to weed out the serial switchers by using this as a fixed date

boingy

MisterMotivated said:

WillPS said:

adamp87 said:

That 2020-2024 time gap is very long for a switch restriction. 

Yes, I expected it to nudge along by now too... my records show I had switch bonuses in both 2017 and 2020 from Halifax - pretty sure that would have been valid under the terms in 2020, not just a 'try it and see'...

According to my records, my last switch to Lloyds was in September 2020, and April 2020 was the cutoff date used then (though it's possible I noted this as the cutoff for a more recent offer for which I was ineligible).  The same month was used as the cutoff at the time of my last Halifax switch in March 2022.  It looks like they're trying to weed out the serial switchers by using this as a fixed date

They could easily weed out the serial switchers by making the lockout period a decade or more. Let's face it, if we didn't keep the account last time we're unlikely to keep it this time, except as a feeder for a rival bonus offer. They could also make us tick a box to declare that we hadn't previously had a bonus. I'll happily ride my luck with these offers but I wouldn't deliberately lie to them by ticking such a box. I think they are not hugely bothered about a few serial switchers. We're probably not a big part of their business. This forum is hardly representative of the wider banking masses. My golden year was 2023. This year I'll be lucky if I can snag one or two. It won't stop me trying though!

Bridlington1

Zanderman said:

PRAISETHESUN said:

Middle_of_the_Road said:

Does anyone know if you can have more than one Club Lloyds account?
I seem to remember last time I tried to switch into Lloyds, as I already have a C L account it wouldn't work.

You can only have 1 CL account. It's easy enough to downgrade your existing one to a Classic account to then open a new CL account to qualify for the offer. Alternatively, I *think* you can open a Silver/Platinum account in addition to a CL account. Just don't forget to downgrade it once you've been paid the incentive

Or you can have a second one if joint.

Though in practice I've found it is possible to have two (possibly more?) sole CL accounts simultaneously. After I was notified that I'd received a lifetime ban from LBG last year I decided to do some experimentation with their technical systems (I was curious and had nothing to lose). I found that if you have two classic accounts and no CL accounts and then upgrade one classic account into a CL account, the system doesn't immediately refresh itself so you can go and upgrade the second classic account into a CL account immediately afterwards, thereby enabling you to hold 2 sole CL accounts simultaneously.

I only had the two Lloyds current accounts with them at this point and they wouldn't let me open new current accounts so I couldn't test to see if it you could have any more CL accounts simultaneously but it could be possible in theory.

I'd certainly advise against doing this though, not least because of the risk of ending up with a lifetime ban yourself.

MisterMotivated

boingy said:

They could easily weed out the serial switchers by making the lockout period a decade or more. Let's face it, if we didn't keep the account last time we're unlikely to keep it this time, except as a feeder for a rival bonus offer

They could but AFAIK, the first switch bonus LBG offered was late in 2018 so going back a decade or more would be somewhat unnecessary.  And, whilst I fully agree that serial switchers are not a big part of their business, and are unlikely to keep the accounts, it would be completely feasible and frankly sensible for someone to say during one of their internal meetings: "Why don't we just keep the same eligibility cutoff date as before?  We might as well, as people who switched last time and then left are unlikely to become loyal customers this time round anyway".  It's true we don't represent a large proportion of their potential new customers, but keeping a fixed cutoff probably makes very little difference to them compared to a rolling one.

boingy said:

They could also make us tick a box to declare that we hadn't previously had a bonus. I'll happily ride my luck with these offers but I wouldn't deliberately lie to them by ticking such a box

"Tick box?  Oh, I just thought that was to agree to the T&C's.  Honest guv'nor"

Or how about "Oh yes, my mistake, I totally forgot I received a bonus last year, how silly of me"

WillPS

MisterMotivated said:

boingy said:

They could easily weed out the serial switchers by making the lockout period a decade or more. Let's face it, if we didn't keep the account last time we're unlikely to keep it this time, except as a feeder for a rival bonus offer

They could but AFAIK, the first switch bonus LBG offered was late in 2018 so going back a decade or more would be somewhat unnecessary.  And, whilst I fully agree that serial switchers are not a big part of their business, and are unlikely to keep the accounts, it would be completely feasible and frankly sensible for someone to say during one of their internal meetings: "Why don't we just keep the same eligibility cutoff date as before?  We might as well, as people who switched last time and then left are unlikely to become loyal customers this time round anyway".  It's true we don't represent a large proportion of their potential new customers, but keeping a fixed cutoff probably makes very little difference to them compared to a rolling one.

The first LBG switching bonus was well over a decade ago:
 https://www.moneysavingexpert.com/news/2010/06/halifax-fires-salvo-in-current-account-war/

The first Lloyds Bank switching bonus was in 2018.

MisterMotivated

Okay, I stand corrected in regard to the first ever LBG switch offer.  Anyway, I guess we'll see when the next offer is rolled out, if the cutoff date changes...

boingy

boingy said:

They could also make us tick a box to declare that we hadn't previously had a bonus. I'll happily ride my luck with these offers but I wouldn't deliberately lie to them by ticking such a box

"Tick box?  Oh, I just thought that was to agree to the T&C's.  Honest guv'nor"

Or how about "Oh yes, my mistake, I totally forgot I received a bonus last year, how silly of me"

Yeah, some folks would do that but most would not.

MisterMotivated

Most folks would not switch to a bank solely to claim the incentive before closing the account again