Lloyds £200 switch offer 2/10/24-10/12/24

Middle_of_the_Road

WillPS said:

trickydicky14 said:

WillPS said:

trickydicky14 said:

Bridlington1 said:

Middle_of_the_Road said:

Bridlington1 said:

Good evening,

Lloyds are due to launch a £200 switching offer from tomorrow.

• Available to new and existing customers who switch into a Club Lloyds account, Club Lloyds Platinum account, or Club Lloyds Silver account.
• 3 direct debits must be switched with the old account
• Customers who have received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020 are not eligible for this offer
  

Full Ts&Cs should be released tomorrow.

https://www.thisismoney.co.uk/money/saving/article-13907559/Lloyds-Bank-launches-current-account-switching-deal-200-paid-THREE-DAYS.html

For direct debit ideas see:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

That's great news. They usually don't pay for switching into an existing account. This makes it a pain as you're not allowed to open any club Lloyds account if you already hold one of any type. 

Thanks for posting, especially as I realise you won't be eligible. 

Edit:
Having followed the link, not sure you can switch into an existing Club Lloyds account.

Not sure what this statement below means-

"Existing Lloyds customers who have a different Lloyds current account to these three accounts can qualify for the bonus to receive the £200."

The switching offer is now live, as you suspected:

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. 

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

The OP shall shortly be updated to reflect this along with a link to the full Ts&Cs and archived Ts&Cs for future reference.

So are we saying, I can't switch into an existing Club Lloyds account I hold? If this is the case, what was all this talk saying it was open to existing customers.

You're not disqualified becuase you hold a Club Lloyds account, but you would have to open a new Club Lloyds account to qualify (which might mean you have to downgrade your existing Club Lloyds account in order to be eligible to open a new Club Lloyds account).

It's also possible to be an existing customer with no Club Lloyds account.

The thing is, what would happen to my Club Lloyds regular saver if I down grade my account. It's a pain but could I close the RS, down grad, open new Club Lloyds account, re apply for RS.

The answer is : nothing.

You can't apply for Club Lloyds linked products unless you have a Club Lloyds current account, but if you close or downgrade nothing happens to existing ones. Presumably you'll only be without a Club Lloyds account for a short period, so in reality there won't be an impact, aside from losing Club Lloyds rewards for a month or two.

Downgrade your existing Club Lloyds to Classic, then apply for a new Club Lloyds. You might need to wait overnight before the system will let you open a new Club Lloyds after downgrading your existing one.

This is all very well, and no doubt possible, but I doubt it's what Lloyds want to happen. They have been known to take a dislike to people gaming the system.

I have a current account with all three banks in the group, none of which are funded, except to transfer to the regular savers. I never use the debit cards either.

I could probably get away with opening another club Lloyds account and switch the downgraded account thereafter, but wouldn't want to lose four good regular savers if they decide they don't want me as a customer any longer.

PRAISETHESUN

For what it's worth, I've downgraded accounts for Lloyds switch offers in the past and had exactly zero problems with my associated CL savings accounts. The only requirement is to have a CL account at the time the savings accounts are opened, not for the lifetime of the product.

You do lose your lifestyle benefits though, and they are slow to set up again on the new account, but it works and hasn't caused me any lasting issues.

PRAISETHESUN

dertinbay said:

anybody any experience with them regarding strictness of getting a bonus a 2nd time round?

Fairly strict from me experience, at least within each individual brand. I've tried for past Lloyds incentives in the past knowing I should be ineligible, and they've sent letters after the fact explaining that I wasn't eligible and the reason why. Unsure how well they check between brands though (eg. disqualified for a Loyds switch based on a past Halifax switch)

WillPS

Middle_of_the_Road said:

WillPS said:

trickydicky14 said:

WillPS said:

trickydicky14 said:

Bridlington1 said:

Middle_of_the_Road said:

Bridlington1 said:

Good evening,

Lloyds are due to launch a £200 switching offer from tomorrow.

• Available to new and existing customers who switch into a Club Lloyds account, Club Lloyds Platinum account, or Club Lloyds Silver account.
• 3 direct debits must be switched with the old account
• Customers who have received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020 are not eligible for this offer
  

Full Ts&Cs should be released tomorrow.

https://www.thisismoney.co.uk/money/saving/article-13907559/Lloyds-Bank-launches-current-account-switching-deal-200-paid-THREE-DAYS.html

For direct debit ideas see:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

That's great news. They usually don't pay for switching into an existing account. This makes it a pain as you're not allowed to open any club Lloyds account if you already hold one of any type. 

Thanks for posting, especially as I realise you won't be eligible. 

Edit:
Having followed the link, not sure you can switch into an existing Club Lloyds account.

Not sure what this statement below means-

"Existing Lloyds customers who have a different Lloyds current account to these three accounts can qualify for the bonus to receive the £200."

The switching offer is now live, as you suspected:

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. 

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

The OP shall shortly be updated to reflect this along with a link to the full Ts&Cs and archived Ts&Cs for future reference.

So are we saying, I can't switch into an existing Club Lloyds account I hold? If this is the case, what was all this talk saying it was open to existing customers.

You're not disqualified becuase you hold a Club Lloyds account, but you would have to open a new Club Lloyds account to qualify (which might mean you have to downgrade your existing Club Lloyds account in order to be eligible to open a new Club Lloyds account).

It's also possible to be an existing customer with no Club Lloyds account.

The thing is, what would happen to my Club Lloyds regular saver if I down grade my account. It's a pain but could I close the RS, down grad, open new Club Lloyds account, re apply for RS.

The answer is : nothing.

You can't apply for Club Lloyds linked products unless you have a Club Lloyds current account, but if you close or downgrade nothing happens to existing ones. Presumably you'll only be without a Club Lloyds account for a short period, so in reality there won't be an impact, aside from losing Club Lloyds rewards for a month or two.

Downgrade your existing Club Lloyds to Classic, then apply for a new Club Lloyds. You might need to wait overnight before the system will let you open a new Club Lloyds after downgrading your existing one.

This is all very well, and no doubt possible, but I doubt it's what Lloyds want to happen. They have been known to take a dislike to people gaming the system.

Literally never heard of a closure/permaban suspected because of this, and have seen dozens of reports of doing things along these lines. 

I downgraded and then upgraded a joint account last year to reset one of the benefits (in order to get 12 months of Disney+ Premium just after they announced they'd dropped it to 'Standard with Ads').

What LBG have been known to object to is multiple applications for products in a short space of time. But so long as your account shifting behaviour is limited to 1 downgrade and 1 new account for a period, I very much doubt you'll have issues.

YMMV of course.

NorwichMan

They say you can't switch into an existing account and must open a new qualifying account. But they also say you don't need to start the switch at the same time as opening the account as long as you request the switch by 10th Dec. So if I open a qualifying account now, and start the switch in early December (after I have moved around some direct debits and waited for November payments to be taken from the donor account) then this should work, and the Lloyds account will not count as an "existing account"? I'm a bit unsure on the definition of "new account" - I think they might mean accounts opened since 2 October, but it's not clear.

Maybe just easier to wait, open the new account and request the switch at the same time in early December. Hopefully they won't pull the offer before then.

binaryuniverse

I might as well give it a go. I've got a Halifax account sitting around as a donor. I can't see anything in the T&Cs that says it can't be a switch from the same group.
I have bonuses from both Halifax and Lloyds since 2020, but I might get lucky.

WillPS

binaryuniverse said:

I might as well give it a go. I've got a Halifax account sitting around as a donor. I can't see anything in the T&Cs that says it can't be a switch from the same group.
I have bonuses from both Halifax and Lloyds since 2020, but I might get lucky.

Let us know if it works out, I'd be very surprised if it did tho.

WillPS

NorwichMan said:

They say you can't switch into an existing account and must open a new qualifying account. But they also say you don't need to start the switch at the same time as opening the account as long as you request the switch by 10th Dec. So if I open a qualifying account now, and start the switch in early December (after I have moved around some direct debits and waited for November payments to be taken from the donor account) then this should work, and the Lloyds account will not count as an "existing account"? I'm a bit unsure on the definition of "new account" - I think they might mean accounts opened since 2 October, but it's not clear.

Maybe just easier to wait, open the new account and request the switch at the same time in early December. Hopefully they won't pull the offer before then.

I can't see any definition which would prevent what you're suggesting from working, but to be sure and make things easier I would personally wait until I was ready to switch before applying for the account and switching all at once.

s71hj

WillPS said:

NorwichMan said:

They say you can't switch into an existing account and must open a new qualifying account. But they also say you don't need to start the switch at the same time as opening the account as long as you request the switch by 10th Dec. So if I open a qualifying account now, and start the switch in early December (after I have moved around some direct debits and waited for November payments to be taken from the donor account) then this should work, and the Lloyds account will not count as an "existing account"? I'm a bit unsure on the definition of "new account" - I think they might mean accounts opened since 2 October, but it's not clear.

Maybe just easier to wait, open the new account and request the switch at the same time in early December. Hopefully they won't pull the offer before then.

I can't see any definition which would prevent what you're suggesting from working, but to be sure and make things easier I would personally wait until I was ready to switch before applying for the account and switching all at once.

I'd quite like to open the Lloyds account anyway for the Rewards and regular saver. Given this offer it would seem to make sense to try and take advantage of this and get £200. Does anybody have any ideas about the easiest way to set up a donor account and dummy direct debits? Thanks.

PRAISETHESUN

s71hj said:

WillPS said:

NorwichMan said:

They say you can't switch into an existing account and must open a new qualifying account. But they also say you don't need to start the switch at the same time as opening the account as long as you request the switch by 10th Dec. So if I open a qualifying account now, and start the switch in early December (after I have moved around some direct debits and waited for November payments to be taken from the donor account) then this should work, and the Lloyds account will not count as an "existing account"? I'm a bit unsure on the definition of "new account" - I think they might mean accounts opened since 2 October, but it's not clear.

Maybe just easier to wait, open the new account and request the switch at the same time in early December. Hopefully they won't pull the offer before then.

I can't see any definition which would prevent what you're suggesting from working, but to be sure and make things easier I would personally wait until I was ready to switch before applying for the account and switching all at once.

I'd quite like to open the Lloyds account anyway for the Rewards and regular saver. Given this offer it would seem to make sense to try and take advantage of this and get £200. Does anybody have any ideas about the easiest way to set up a donor account and dummy direct debits? Thanks.

Chase bank  or a second current account with your main bank for donor accounts, and see the thread linked in the OP for ideas for DDs