Lloyds switch offer Feb 2024

Zopa_Trooper

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

WillPS

Getting warmer with the Co-op.

boingy

Zopa_Trooper said:

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

They did the Co-op refer a friend thing multiple times. Simples.

pafpcg

WillPS said:

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.

To be eligible for the Lloyds offer:

"Use the Current Account Switch Service to transfer a minimum of 2 active direct debits and close your existing account held with another bank"

flaneurs_lobster

Zopa_Trooper said:

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

I did 9 (bonus-generating) switches between 10/22 and 03/23, my total was £1775. What I think you may have overlooked that has contributed to your scepticism is that it is possible to run several switches in parallel by starting with accounts set up just for the purpose. 

Middle_of_the_Road

Zopa_Trooper said:

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

£3,000 is entirely believable for two people. I did all those I mentioned above, all more or less consecutively.
There were others I couldn't easily do, but were available Lloyds/Halifax, and TSB was £125 plus £50 for remaining with them I believe.
I'm now waiting for the recent Co-op switch payment. So I've done 8 switches for £1,500 quite easily.

Some offers you could get a joint switch and two sole account payments, if you really wanted to work the system.

WillPS

pafpcg said:

WillPS said:

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.

To be eligible for the Lloyds offer:

"Use the Current Account Switch Service to transfer a minimum of 2 active direct debits and close your existing account held with another bank"

Ooof, that's a new addition for this LBG switch, Halifax used to have that stipulation but dropped it many years ago. Have amended my post, thanks for the correction.

Zopa_Trooper

boingy said:

Zopa_Trooper said:

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

They did the Co-op refer a friend thing multiple times. Simples.

I did that myself, three REFERALS. I didn't realise we included them as switching as I didn't SWITCH those three, I referred. Silly me.

WillPS

Zopa_Trooper said:

boingy said:

Zopa_Trooper said:

Middle_of_the_Road said:

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

The Co-op was £125 and Barclays £175. They were the two I did l recently and that's where I got my average of £150. Not that it makes any difference, you'd still be looking at switching to ALL of them and waiting until you received the bonus. Nearly £3000 bonus from switching in one year, even for two people? You'd have to have been eligible and do all those switches you've mentioned, not ruled out of any and had to wait for the bonus to be paid on each. I think it highly unlikely. 

They did the Co-op refer a friend thing multiple times. Simples.

I did that myself, three REFERALS. I didn't realise we included them as switching as I didn't SWITCH those three, I referred. Silly me.

You mean you benefitted from a switch bonus as a referrer but sure, I'll grant you a differentiation there. In return, will you acknowledge that there are ongoing loyalty benefits from several banks which can be had without procluding one's ability to benefit from switching bonuses (and referral payments)?

superdayold

so who has made the application for Lloyds? and can you tell me if you had to activate the switch at the time of applying, or was there an option to do it later? thank you