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

NorwichMan

Does anyone know, when opening a Club Lloyds current account and requesting a switch as part of the opening process, can you specify a specific future switch date, and if so how far into the future they allow?

PinstripePhantom

dertinbay said:

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

I've had switch bonuses from Lloyds in October 2019, May 2022 and June 2023. I definitely wasn't eligible for the bonus on the last one if not the previous one as well.

I've only had one miss with Lloyds Banking Group with Halifax who didn't pay bonus in March 2023, this was the first time I'd noticed they introduced a group wide ineligibility and I'd had a bonus from Lloyds in May 2022, but I've had bonuses from Halifax in November 2017 and August 2020.

Conversely my wife's not had any misses from either bank having received the following bonuses; Halifax November 2017, Lloyds October 2019, Lloyds May 2022, Halifax August 2022 and Halifax March 2023. The last one she definitely was more ineligible for it than I was but she got it and I didn't so I think it depends on the circumstances... we've moved house quite a bit so different address and I try to use a new email address each time and a different mobile number if possible so I'd suggest giving it ago as there's nothing to lose other than a short term hit your credit score from the hard search.

PinstripePhantom

NorwichMan said:

Does anyone know, when opening a Club Lloyds current account and requesting a switch as part of the opening process, can you specify a specific future switch date, and if so how far into the future they allow?

I've only encountered one bank that didn't let you choose a future date and that was Barclays. Every other bank t's usually 28 to 31 days in the future.

35har1old

WillPS said:

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.

How do you downgrade?

NorwichMan

PinstripePhantom said:

NorwichMan said:

Does anyone know, when opening a Club Lloyds current account and requesting a switch as part of the opening process, can you specify a specific future switch date, and if so how far into the future they allow?

I've only encountered one bank that didn't let you choose a future date and that was Barclays. Every other bank t's usually 28 to 31 days in the future.

Santander also didn't give me a choice when I opened and switched to them.

WillPS

35har1old said:

WillPS said:

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.

How do you downgrade?

From app - login -> apply -> 'upgrade your account' -> select relevant account -> change to Classic.

Similar journey for online banking I presume.

WindfallWendy

s71hj said:

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.

I've set up a couple of current accounts to manage my charity donations. I put £200 in each year and set up 2 or 3 £5 monthly donations and hey presto - a transferable eligible account.

It did occur to me when I set up my most recent charity donation that you could just set up an *annual* DD for £5 and it would still be a DD on the account (much like my annual car tax DD is an eligible DD on my day to day current account).

Bridlington1

WindfallWendy said:

s71hj said:

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.

I've set up a couple of current accounts to manage my charity donations. I put £200 in each year and set up 2 or 3 £5 monthly donations and hey presto - a transferable eligible account.

It did occur to me when I set up my most recent charity donation that you could just set up an *annual* DD for £5 and it would still be a DD on the account (much like my annual car tax DD is an eligible DD on my day to day current account).

One thing I will say about charity DDs though is that the charity pays more in fees when collecting smaller monthly donations than a larger annual one.

I could donate to the RBL £2/mth if I wanted to but I'd rather just give then £24 in one go around Remembrance Day so they're not paying as much in admin fees and can get a few pence more without it costing me any extra.

Rose_Crow

Seems like I'm turning into a serial switcher! I have a basic Lloyds account, but never had a switching bonus from them, so going to give this one a go. Just waiting for my 3 new DDs to settle in my donor TSB account: 30 Pence, Trading 212 and Moneybox, then I'll open a a new Lloyds account and start the switch. Easiest money every

quicksilverfox

just curious how to set up a trading 212 DD? I have plum,moneybox and paypal but could be useful for another switch.