Lloyds 0% overdraft

PRAISETHESUN

I recently switched a dummy Chase account to Lloyds to try and capitalise on their switch offer. I didn't have any success there as I'm not eligible for the incentive (which I knew going in but thought I'd try anyway) but they have sent me a letter to say that my overdraft is now fee-free (ie. 0%) for the next 3 months.

Just wondering if anyone knows whether there's any reason why I couldn't just repeat this process every 2-3 months to perpetually keep my overdraft at 0%? Does anyone have experience trying this?

pecunianonolet

Some important info is missing e.g. amount offered and account type you have and if it really is only in relation to your switch.

Not sure how long this is in existence with Lloyds or if this is newly introduced as a follow up to Nationwide offering £50 interest free. Lloyds may have followed with a soft launch offering the same now.

PRAISETHESUN

It's a Club Lloyds current account and my arranged OD is approximately £1500. I've attached the relevant part of the letter. It doesn't to refer to the £50 buffer, but rather says the entirety of my OD is interest free. I might experiment with this and report back down the line with how things go 

pecunianonolet

PRAISETHESUN said:

It's a Club Lloyds current account and my arranged OD is approximately £1500. I've attached the relevant part of the letter. It doesn't to refer to the £50 buffer, but rather says the entirety of my OD is interest free. I might experiment with this and report back down the line with how things go 

Certainly interesting that they offer this to you. Might be a way of saying thank you. 

surreysaver

I switched into a Club Lloyds current account which had lain dormant for a few years. I got three months 0% overdraft. It seems to be a standard thing

PRAISETHESUN

For anyone interested. I completed another switch to my existing Lloyds account using a dummy Chase account, just to see what would happen. Got another 0% OD offer for 3 months, commencing the day my switch started.