How 'new' can a direct debit be for switching?

13thlegion

Apologies because I feel like this question has come up before but I cannot find a solid answer using the search function.

I am looking to start switching accounts for the incentives. I have set up a second chase current account to be the one switched. I have moved my direct debits to pay my 2 mobile phone bills (sim only myself and my daughter) from this new account. They show in the Chase app as being set up. A payment has not yet been made from the Chase current account via either direct debit.

In your experience are these 2 direct debits valid for qualifying for switching incentives? Or do I have to wait until a payment has been made?

My urgency is the cut off date for the Lloyds offer is before the next payment date on either one.

WillPS

13thlegion said:

In your experience are these 2 direct debits valid for qualifying for switching incentives? Or do I have to wait until a payment has been made?

My urgency is the cut off date for the Lloyds offer is before the next payment date on either one.

Should be fine. Ideally you want a payment to go through on both the old account (so you can 'prove' it was there pre-switch, if neccessary for a complaint), but normally a setup but yet-to-pay DD is fine as it'll transfer with the switch.

Lloyds will honour the switch offer so long as you apply to switch by the 28th. The switch itself can begin up to 30 days after the date of application. If I were you I'd get a switch booked now for as far away in the future to be absolutely certain.

(Some switches also require the DD to be active at or by a certain date after the switch too, in which case a payment after switch is the safest way to prove it, but I don't think Lloyds is one of these)

13thlegion

WillPS said:

13thlegion said:

In your experience are these 2 direct debits valid for qualifying for switching incentives? Or do I have to wait until a payment has been made?

My urgency is the cut off date for the Lloyds offer is before the next payment date on either one.

Should be fine. Ideally you want a payment to go through on both the old account (so you can 'prove' it was there pre-switch, if neccessary for a complaint), but normally a setup but yet-to-pay DD is fine as it'll transfer with the switch.

Lloyds will honour the switch offer so long as you apply to switch by the 28th. The switch itself can begin up to 30 days after the date of application. If I were you I'd get a switch booked now for as far away in the future to be absolutely certain.

(Some switches also require the DD to be active at or by a certain date after the switch too, in which case a payment after switch is the safest way to prove it, but I don't think Lloyds is one of these)

Thank you that is really helpful.

I wasn't aware there was a difference between booking a switch and it happening.

badger09

13thlegion said:

WillPS said:

13thlegion said:

In your experience are these 2 direct debits valid for qualifying for switching incentives? Or do I have to wait until a payment has been made?

My urgency is the cut off date for the Lloyds offer is before the next payment date on either one.

Should be fine. Ideally you want a payment to go through on both the old account (so you can 'prove' it was there pre-switch, if neccessary for a complaint), but normally a setup but yet-to-pay DD is fine as it'll transfer with the switch.

Lloyds will honour the switch offer so long as you apply to switch by the 28th. The switch itself can begin up to 30 days after the date of application. If I were you I'd get a switch booked now for as far away in the future to be absolutely certain.

(Some switches also require the DD to be active at or by a certain date after the switch too, in which case a payment after switch is the safest way to prove it, but I don't think Lloyds is one of these)

Thank you that is really helpful.

I wasn't aware there was a difference between booking a switch and it happening.

When you apply for the switch you are normally shown the earliest date it can happen, but also given the option to select a later date. Just make sure you comply with the switch incentive T&Cs re that date. 

13thlegion

This is exactly what happened. I have selected a later date and received confirmation that the switch has begun so that should meet the criteria.