Lloyds Bank £175 switching offer 28th May 2024

steven141

https://www.lloydsbank.com/current-accounts/switch.html

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 fee may apply), a new Club Lloyds Platinum Account (£21 monthly fee applies/*£22.50 from 1st July 2024, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£10 monthly fee applies/* £11.50 from 1st July 2024, plus £3 Club Lloyds fee may 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 3 active direct debits from your old account being switched to Lloyd’s 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 28th May 2024 and 30th July 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 or Club Lloyds Platinum Account.
• You’ve received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland 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.

• The offer applies to applications received in branch, online or by phone from 28th May 2024 to 30th July 2024. The offer is subject to change and can be withdrawn without notice at any time.
• The offer does not automatically guarantee an arranged overdraft and any application for an arranged overdraft facility will be subject to status. If your Qualifying Account has an arranged overdraft, you won’t pay any daily arranged overdraft interest for 3 months provided you stay within your arranged overdraft limit and do not increase or otherwise change the arranged overdraft limit agreed.
• After 3 months, or if you change your account, you’ll be charged daily arranged overdraft interest applicable to the account you hold if you use your arranged overdraft. Please see the Personal Banking Terms and Conditions and Banking Charges leaflet for full details on arranged overdraft interest. You’ll have been given this when you opened your account, but if you would like another one, please ask in branch or look at www.lloydsbank.com/current-accounts/overdrafts
• Only one offer is available per customer. Joint accounts will only be paid one payment.
• The offer will be paid directly into your account within three working days of your switch completing and will appear as a cash credit. 

When will I receive the £175? 

The offer will be paid directly into your account within 10 working days of you starting your switch and will appear as a cash credit.

As an existing Lloyds customer can I qualify for the £175 offer? 

Yes, as long as you open a new qualifying account named in the terms and conditions and you haven’t received a switching incentive from us, Bank of Scotland or Halifax since April 2020. You must complete your switch using the Current Account Switch Service to switch a bank account held elsewhere with at least 3 active direct debits.

Do I need to open a new account if I already have a Lloyds bank account? 

Yes, to qualify for the switch incentive you need to open a new qualifying account named in the terms and conditions and switch a bank account held elsewhere.

Can I change my existing account to one of the qualifying accounts and still receive the offer? 

No, you must open a new qualifying account and start the switch. You can do this by signing in to Internet Banking or using the Mobile Banking app.

To qualify for the offer do I need to complete the switch at the time of opening my new bank account? 

No, as long as you start your switch by the 30th July 2024, you can complete your switch through Internet Banking or on our mobile app.

What types of payments qualify as direct debits?

Your switch must include the transfer of a minimum of 3 active direct debits from your old account. Direct debits set up after you’ve started your switch as well as automated payments, such as standing orders and recurring card payments won’t count towards the offer.

WillPS

Interesting that Bank of Scotland has been added to the group-wide exclusion, despite the fact they haven't run a switch offer (to the best of my knowledge) under Lloyds' ownership.

Bank of Scotland switch incentive incoming?

steven141

WillPS said:

Interesting that Bank of Scotland has been added to the group-wide exclusion, despite the fact they haven't run a switch offer (to the best of my knowledge) under Lloyds' ownership.

Bank of Scotland switch incentive incoming?

I was thinking the same. Hopefully they do offer an incentive. It’s like they want everyone on Lloyds Bank rather than Bank of Scotland and they would rebrand it if they could get away with it. The offers that Bank of Scotland offer are not as good as Lloyds Bank usually. It would be nice if they brought out a Club Lloyds equivalent and of course a cash back incentive. 

PRAISETHESUN

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

steven141

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

I noticed that as well and I’m sure that they have deliberately done that so that they can catch out serial switchers and I guess rightly so, they will want people to move their main banking account to them. 

WillPS

steven141 said:

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

I noticed that as well and I’m sure that they have deliberately done that so that they can catch out serial switchers and I guess rightly so, they will want people to move their main banking account to them. 

It'd take more than that to put off a seasoned switcher the static 2020 group-wide cut off date is far more of an issue

steven141

WillPS said:

steven141 said:

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

I noticed that as well and I’m sure that they have deliberately done that so that they can catch out serial switchers and I guess rightly so, they will want people to move their main banking account to them. 

It'd take more than that to put off a seasoned switcher the static 2020 group-wide cut off date is far more of an issue

That’s true sadly I’m ineligible for the bonus due to receiving one since then. 

allegro120

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

3x DD is not a problem for me. I have curensea, moneybox and plum sitting there doing nothing and ready to be used. Its April 2020 group cut that might be the problem. Unfortunately I haven’t kept my switching record so not sure if I’m qualified. I’m definitely clear with BoS and Lloyds, but might not be with Halifax.  I’ll do the switch anyway and see what happens.

PRAISETHESUN

allegro120 said:

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

3x DD is not a problem for me. I have curensea, moneybox and plum sitting there doing nothing and ready to be used. Its April 2020 group cut that might be the problem. Unfortunately I haven’t kept my switching record so not sure if I’m qualified. I’m definitely clear with BoS and Lloyds, but might not be with Halifax.  I’ll do the switch anyway and see what happens.

Would be interested to hear how it goes. I know that Lloyds is good at tracking previous Lloyds switches (I got a letter from Lloyds last time I tried to tell me I wasn't eligible because of a past switch) but unsure how good Lloyds/Halifax/BoS are at communicating between themselves.

jbrassy

One thing I haven't seen mentioned is that it may be worth getting this account if you're going to be buying a house or remortgaging soon.

I'm ineligible for this offer, but I recently opened a Club Lloyds account because customers with these accounts are offered special deals on Lloyds mortgages. I got a 0.2% discount on my 2 year fixed rate mortgage by opening an account (and I get free Disney+ as a bonus) which was the best mortgage available at the time. 

I'm not saying Lloyds are definitely going to have the best deals in future, but it is certainly something worth bearing in mind if you're applying for a new mortgage soon.

Poquito

allegro120 said:

PRAISETHESUN said:

I wonder how many people will get caught out by the 3x DD requirement? First time I've seen that one

3x DD is not a problem for me. I have curensea, moneybox and plum sitting there doing nothing and ready to be used. Its April 2020 group cut that might be the problem. Unfortunately I haven’t kept my switching record so not sure if I’m qualified. I’m definitely clear with BoS and Lloyds, but might not be with Halifax.  I’ll do the switch anyway and see what happens.

Yes I was trying to work out my last Halifax switching date also. I just searched my email to see when they sent the Welcome email, not eligible. I’m still going to give it a go and see what happens. Fingers crossed they’re as good as NatWest Group at cross referencing! 😉