Lloyds Switch Mar 24

lmad19

Hello, we have recently done a current account switch to Lloyds. It was suggested on MSE as one of the best switches at the time (19th March 2024). We now can’t find anything on MSE about the Lloyds Switch, and they have said we are not eligible because of the type of account we signed up for. However, we don’t recall MSE stating that it had to be a specific account and would just like to clarify. 

eskbanker

It's what Lloyds say rather than what MSE say that counts!  Which account did you open?

Ed-1

lmad19 said:

Hello, we have recently done a current account switch to Lloyds. It was suggested on MSE as one of the best switches at the time (19th March 2024). We now can’t find anything on MSE about the Lloyds Switch, and they have said we are not eligible because of the type of account we signed up for. However, we don’t recall MSE stating that it had to be a specific account and would just like to clarify. 

Regardless of what MSE stated, it's what Lloyds stated in their offer terms that matters.

These were the offer terms:
https://web.archive.org/web/20240213161950/https://www.lloydsbank.com/current-accounts/switch.html

Get £175 when you switch to a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum Account

Transfer everything safely and securely in 7 working days with the Current Account Switch Service

Get £175 in 10 working days when you switch to a qualifying Current Account and close your bank account held with another bank.

Switching offer explained

To qualify for the £175 switching offer you must:

• Open one of the qualifying accounts below
• Use the Current Account Switch Service to transfer a minimum of 2 active direct debits and close your existing account held with another bank

Qualifying accounts

• Club Lloyds Account (£3 monthly fee that’s waived each month you put in at least £2,000)
• Club Lloyds Silver Account (£10 monthly fee. Plus Club Lloyds £3 monthly fee that’s waived each month you put in at least £2,000)
• Club Lloyds Platinum Account (£21 monthly fee. Plus Club Lloyds £3 monthly fee that’s waived each month you put in at least £2,000)

You won't qualify for the offer if:

• You are switching to any other Lloyds Bank current account that isn’t named above
• You switch into an existing account
• You’ve received cash back for switching to Lloyds Bank or Halifax Bank since April 2020
• You start your switch after 28th March 2024.

TERMS

• To qualify for the £175 switching offer (“the offer”) you must switch to a new Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account using the ‘Current Account Switch Service’ to switch from a bank account held with another bank. The following conditions apply:

  • Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank to a new Club Lloyds Account (a £3 monthly account fee applies), a new Club Lloyds Platinum Account (£21 and £3 monthly account fees apply) or a new Club Lloyds Silver Account (£10 and £3 monthly account fees apply) (‘Qualifying Account’). The ‘Current Account Switch Service’ will close your old account with the other bank; and
  • Your switch must include the transfer of a minimum of 2 active direct debits from your old account being switched to Lloyds as part of the offer. Direct debits set up after your switch has been started and other types of automated payments, such as standing orders and recurring card payments, won’t count towards the offer; and
  • Start your switch from your old bank account using the ‘Current Account Switch Service’ to a Club Lloyds Account, Club Lloyds Platinum Account or Club Lloyds Silver Account between 13/02/2024 and 28/03/2024.

  You can’t take part in the offer if:

  • You switch to any account other than a Club Lloyds Account, Club Lloyds Platinum Account, or Club Lloyds Silver Account.
  • You switch to any existing Lloyds bank account, or you change your existing Lloyds Bank Current Account to a Club Lloyds Account, Club Lloyds Silver Account or Club Lloyds Platinum Account.
  • You’ve received a switching offer since April 2020 for switching to any Lloyds or Halifax Bank account.
  • You are switching to a joint account and one of the parties to the joint account has already received a switching offer since April 2020.
  • The bank you are switching from does not participate in the ‘Current Account Switch Service’. To find out more visit www.currentaccountswitch.co.uk
  • You are an employee of Lloyds Banking Group, or if an employee is on any bank account held in joint names.
    

WillPS

MSE always specified Club Lloyds too, FWIW.:
Here's an email for reference: https://www.moneysavingexpert.com/tips/2024/02/20/
Here's an archived copy of the relevant MSE webpage: http://web.archive.org/web/20240319174240/https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#lloydsswitch

If you signed up for a non-CL account then I'm afraid you'll have to take it on the chin @lmad19 - hopefully Lloyds/Halifax will return with another offer soon and if you were potentially eligible this time you likely will be next time too, given their offers have never so far excluded existing customers, just those who've had a switch bonus in the last 4ish years.

Milarky

Yes, by applying for the WRONG account the OP remains potentially eligible for the next account - I would be looking to switch that away from Lloyds now and hope to come back later.