Lloyds switch offer Feb 2024

boingy

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 two could just shake hands and agree that making money from bank incentives is fun and easy. Now, you'll have to excuse me but I need to pop over to the Middle East to sort out a minor disagreement there.... 

superdayold

also, to keep using the disney+ subscription for the full allowance, would you need to keep the account for that whole time? thank you

boingy

superdayold said:

also, to keep using the disney+ subscription for the full allowance, would you need to keep the account for that whole time? thank you

Yes. They cancel it if you close the account.

overspender22

Switch failed text from Lloyds. Because old bank have out of date details for me. Will they honour the switch offer if I ring the number for the switch team and give them a different bank account to switch?

WillPS

overspender22 said:

Switch failed text from Lloyds. Because old bank have out of date details for me. Will they honour the switch offer if I ring the number for the switch team and give them a different bank account to switch?

I would expect so but clarify this when you ring, get them to make a note on your account in case of a complaint later on.

surferstar

I’ve setup two direct debits on a burner Chase account (they let you add a second bank account in a few clicks). They’re showing on the account now but as ‘pending’, I’m guessing as no payments have been taken yet. 

As they’re setup and showing will they count as ‘active’ so I can now setup the Lloyds account and process the switch? And if paid the switch bonus within 10 working days can I then close the Lloyds account? I haven’t read any issue doing this nor see a reason to keep it open. Besides paying in and instantly transferring out £2k a month to waive the £3 fee and get a Disney subscription? Correct?

WillPS

surferstar said:

I’ve setup two direct debits on a burner Chase account (they let you add a second bank account in a few clicks). They’re showing on the account now but as ‘pending’, I’m guessing as no payments have been taken yet. 

As they’re setup and showing will they count as ‘active’ so I can now setup the Lloyds account and process the switch?

I'd personally wait for them to actually payout before setting up the switch, or if the deal is running out of time then set the switch to complete to happen far in the future when they've actually paid out. The terms indicate you've got until March 28th as things stand.

surferstar said:

And if paid the switch bonus within 10 working days can I then close the Lloyds account?

So long as you've met all the terms - yes. With previous LBG switches the incentive has often been paid *before* the switch actually happens, so it's always advisable to wait for it to actually finish.

surferstar said:

 I haven’t read any issue doing this nor see a reason to keep it open. Besides paying in and instantly transferring out £2k a month to waive the £3 fee and get a Disney subscription? Correct?

Disney +/cinema tickets/magazine sub for £3, waived if £2k is paid in.

£50 interest free overdraft

Club Lloyds Regular Saver @ 6.25% - max £400pm

P3

Will this work?

Currntky I have 2 CA with Llyods. One normal, one club lloyds. I want to switch club Lloyd to natwest. 

Then upgrade normal Llyods CA to club lloyds. And switch. 

Middle_of_the_Road

P3 said:

Will this work?

Currntky I have 2 CA with Llyods. One normal, one club lloyds. I want to switch club Lloyd to natwest. 

Then upgrade normal Llyods CA to club lloyds. And switch. 

Yes, you don't need to upgrade to switch the  classic Lloyds account 

P3

If I already have club lloyds. I can't downgrade then upgrade then switch for the bonus?

It has to be brand new open club lloyds account?