Lloyds switch offer Feb 2024

Tonski

Me and my partner switched our joint account to Lloyds in October 23 to get the switching bonus. Would I be able to do this switch on my personal account and get this bonus?

Katiehound

Tonski said:

Me and my partner switched our joint account to Lloyds in October 23 to get the switching bonus. Would I be able to do this switch on my personal account and get this bonus?

You won't qualify if:

• You’ve received cash back for switching to Lloyds Bank or Halifax Bank since April 2020

so clearly you received a switch bonus in 2023

For future reference it is financially better to switch 2 individual accounts then you get x 2 bonuses

WillPS

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

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

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

I notice you said, WE earned more than that. I doubt a single person could earn that amount from switching IN ONE YEAR.

I did say we, which was the truth; we share all our money and so anything we have is ours. It'd also be true that I earned that much through switch incentives in 2023, even excluding the joint account switching bonus from Nationwide which we got together.

In fact, I almost earned that amount from one single bank in 2023

Zopa_Trooper said:

Also the loyalty bonus you're comparing with nothing. It's like saying I earned x amount of pounds because I was in a 6% savings account against not having a savings account at all. The only thing you made was the difference between that and another bank account.

This would be true if you could only have one current account. There is no such rule. In fact, some banks (TSB, Halifax) are happy to give the same accountholder the same bonus multiple times.

Zopa_Trooper said:
I myself have three accounts. Santander for the 7% & 5.2% savings and cashback., CHASE for the 1% on spending (£862 earned on that so far) and the Co-Op which is the account ready for switching if ever I get another opportunity. I don't know how I personally stack up against other "savers" on here but I'm satisfied with my lot.

Cool, you do you, but it's not true to state that there is no benefit to loyalty available, as you did originally.

WillPS

Tonski said:

Me and my partner switched our joint account to Lloyds in October 23 to get the switching bonus. Would I be able to do this switch on my personal account and get this bonus?

No, but if you've an account to spare you might want to try it anyway. Worst case, you won't get a bonus. Best case, it might slip through. (You'd have no cause for complaint if it didn't work tho.)

Sorry, getting Halifax and Lloyds mixed up. You probably wouldn't get the bonus.

Lions_89

danny13579 said:

MisterMotivated said:

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

This is very true. A huge amount of people have been with the same bank for decades (often since childhood), getting paltry interest and would never dream of switching. People on here aren't really representative of the general population, many of whom detest change.

I know people that very strongly want to leave Barclays due to alleged funding involving current events, but they are afraid to switch.

Zopa_Trooper

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

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

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

I notice you said, WE earned more than that. I doubt a single person could earn that amount from switching IN ONE YEAR.

I did say we, which was the truth; we share all our money and so anything we have is ours. It'd also be true that I earned that much through switch incentives in 2023, even excluding the joint account switching bonus from Nationwide which we got together.

In fact, I almost earned that amount from one single bank in 2023

Zopa_Trooper said:

Also the loyalty bonus you're comparing with nothing. It's like saying I earned x amount of pounds because I was in a 6% savings account against not having a savings account at all. The only thing you made was the difference between that and another bank account.

This would be true if you could only have one current account. There is no such rule. In fact, some banks (TSB, Halifax) are happy to give the same accountholder the same bonus multiple times.

Zopa_Trooper said:
I myself have three accounts. Santander for the 7% & 5.2% savings and cashback., CHASE for the 1% on spending (£862 earned on that so far) and the Co-Op which is the account ready for switching if ever I get another opportunity. I don't know how I personally stack up against other "savers" on here but I'm satisfied with my lot.

Cool, you do you, but it's not true to state that there is no benefit to loyalty available, as you did originally.

So if we say the average switching bonus was £150 and you switched both yours and yours partners accounts (£300) you'd have to switch 9 times in one year between banks to get more than the £2860, not forgetting your staying "loyal" to one so that's 10 banks. I'm not saying I don't believe you, I'm saying I find it hard to believe.

Anyway, tell us all how you did and we can all make a small fortune. After all, that's what this sites all about.

WillPS

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

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

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

I notice you said, WE earned more than that. I doubt a single person could earn that amount from switching IN ONE YEAR.

I did say we, which was the truth; we share all our money and so anything we have is ours. It'd also be true that I earned that much through switch incentives in 2023, even excluding the joint account switching bonus from Nationwide which we got together.

In fact, I almost earned that amount from one single bank in 2023

Zopa_Trooper said:

Also the loyalty bonus you're comparing with nothing. It's like saying I earned x amount of pounds because I was in a 6% savings account against not having a savings account at all. The only thing you made was the difference between that and another bank account.

This would be true if you could only have one current account. There is no such rule. In fact, some banks (TSB, Halifax) are happy to give the same accountholder the same bonus multiple times.

Zopa_Trooper said:
I myself have three accounts. Santander for the 7% & 5.2% savings and cashback., CHASE for the 1% on spending (£862 earned on that so far) and the Co-Op which is the account ready for switching if ever I get another opportunity. I don't know how I personally stack up against other "savers" on here but I'm satisfied with my lot.

Cool, you do you, but it's not true to state that there is no benefit to loyalty available, as you did originally.

So if we say the average switching bonus was £150 and you switched both yours and yours partners accounts (£300) you'd have to switch 9 times in one year between banks to get more than the £2860, not forgetting your staying "loyal" to one so that's 10 banks. I'm not saying I don't believe you, I'm saying I find it hard to believe.

Anyway, tell us all how you did and we can all make a small fortune. After all, that's what this sites all about.

The offers I partook in were all detailed on this very board, and are all NLA, so it wouldn't be much use to people who come across this thread. I will say that your disbelief is based upon assumptions which do not universally apply tho. It matters not.

The point is that I reject your statement that there's no loyalty reward to be had and I reject your subsequent suggestion that you can't have those rewards and thousands of pounds worth of switching bonuses, because I/we can and have.

superdayold

Can I ask, do you need to do the switch at time of opening the account?

Step 1 is

"Complete an application for any of our Current accounts and choose ‘Yes’ to Switch"

Can you then, wait to confirm your direct debit is set up before continuing to step 2?

WillPS

superdayold said:

Can I ask, do you need to do the switch at time of opening the account?

Step 1 is

"Complete an application for any of our Current accounts and choose ‘Yes’ to Switch"

Can you then, wait to confirm your direct debit is set up before continuing to step 2?

It's not clear, but I personally wouldn't risk it in this instance. Previously they've offered switches to both new and existing customers - but on this one it is specifically only for new accounts. Either wait until you're ready or apply now with a switch date in the future.

There's no Direct Debit requirement with this switch FYI. Ignore, I'm mistaken

Middle_of_the_Road

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

WillPS said:

Zopa_Trooper said:

MisterMotivated said:

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

Surely the question should be, why wouldn't you? Okay I know there is the odd exception, Santander maybe but the majority of banks offer nothing for staying "Loyal" to them. 

Really?

Halifax offer £5/month cold hard cash (on up to 3 accounts per person!)
Natwest and RBS offer £3/month net rewards, which can be converted to cash (+ same for a joint)
Lloyds offer Disney+, cinema tickets or a magazine sub (+ same for a joint)

Combined with Santander 123 Lite, my wife and I make £48/month between us on these (+2 magazine subs and Disney+)

And there's others we don't always do -
TSB offer £5/month for 6 months and/or £2/month ongoing
Chase offer 1% back on debit card spend
Co-op offer up to £2.20/month cashback

I've made £2,860 through switching. Take me a long time at the rates you quote to get that sort of money sticking with one bank.

It's not either/or I don't keep records dating back to when I started the hobby a decade ago but we earned more than that from switching bonuses *last year*, as well as ~£600 from month-to-month 'loyalty rewards'.

Edit: oh and a few hundred in credit card rewards.

I notice you said, WE earned more than that. I doubt a single person could earn that amount from switching IN ONE YEAR.

I did say we, which was the truth; we share all our money and so anything we have is ours. It'd also be true that I earned that much through switch incentives in 2023, even excluding the joint account switching bonus from Nationwide which we got together.

In fact, I almost earned that amount from one single bank in 2023

Zopa_Trooper said:

Also the loyalty bonus you're comparing with nothing. It's like saying I earned x amount of pounds because I was in a 6% savings account against not having a savings account at all. The only thing you made was the difference between that and another bank account.

This would be true if you could only have one current account. There is no such rule. In fact, some banks (TSB, Halifax) are happy to give the same accountholder the same bonus multiple times.

Zopa_Trooper said:
I myself have three accounts. Santander for the 7% & 5.2% savings and cashback., CHASE for the 1% on spending (£862 earned on that so far) and the Co-Op which is the account ready for switching if ever I get another opportunity. I don't know how I personally stack up against other "savers" on here but I'm satisfied with my lot.

Cool, you do you, but it's not true to state that there is no benefit to loyalty available, as you did originally.

So if we say the average switching bonus was £150 and you switched both yours and yours partners accounts (£300) you'd have to switch 9 times in one year between banks to get more than the £2860, not forgetting your staying "loyal" to one so that's 10 banks. I'm not saying I don't believe you, I'm saying I find it hard to believe.

Anyway, tell us all how you did and we can all make a small fortune. After all, that's what this sites all about.

That would have been the lowest of the bank switching offers.
Most switching bonuses last year were £200
Santander
Nationwide
Natwest
RBS
Ulster

£175
First direct
Barclays