Lloyds bank £175 switch 18 Feb 2025

PRAISETHESUN

Saw it mentioned in another thread that Lloyds have released another switch incentive.

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

Snap up £175 when you switch

To qualify, you’ll need to follow these simple steps;

• Open a new Club Lloyds, Club Lloyds Silver, or Club Lloyds Platinum account.
• Use the Current Account Switching Service to switch 3 or more active Direct Debits close your bank account held with another bank.
• If you received a switching offer since April 2020 for switching to any Lloyds, Bank of Scotland or Halifax Bank account, you won't be eligible again.
• Offer ends 01 April 2025.

Full T&Cs:

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 (£22.50 monthly fee applies, plus £3 monthly Club Lloyds fee may apply) or a new Club Lloyds Silver Account (£11.50 monthly fee applies, 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 18 February 2025 and 01 April 2025.

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 the Current Account Switch Service website.
• You are an employee of Lloyds Banking Group, or if an employee is on any bank account held in joint names.

1. The offer applies to applications received in branch, online or by phone from 18 February 2025 and 01 April 2025. The offer is subject to change and can be withdrawn without notice at any time.
2. 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.
3. 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 our current accounts page.
4. Only one offer is available per customer. Joint accounts will only be paid one payment.
5. The offer will be paid directly into your account within three working days of your switch completing and will appear as a cash credit.

winkowinko

Would you lose access to the regular saver if downgrading to the classic account after the switch incentive has been paid? 

Presumably they wouldn't let you open a regular saver after downgrading, but would they let you keep it if you'd already set one up?

PRAISETHESUN

winkowinko said:

Would you lose access to the regular saver if downgrading to the classic account after the switch incentive has been paid? 

Presumably they wouldn't let you open a regular saver after downgrading, but would they let you keep it if you'd already set one up?

I've done this before in the past. The only requirement for the CL regular saver is to hold a CL current account at the time you open the regular saver. There's no requirement to keep it open after the RS is open so you can downgrade to a Classic current account without issue. Won't be able to open a new one though unless you upgrade again.

HillStreetBlues

I see they are still using the same April 2020 date as they did this time last year and also in 2023

winkowinko

PRAISETHESUN said:

winkowinko said:

Would you lose access to the regular saver if downgrading to the classic account after the switch incentive has been paid? 

Presumably they wouldn't let you open a regular saver after downgrading, but would they let you keep it if you'd already set one up?

I've done this before in the past. The only requirement for the CL regular saver is to hold a CL current account at the time you open the regular saver. There's no requirement to keep it open after the RS is open so you can downgrade to a Classic current account without issue. Won't be able to open a new one though unless you upgrade again.

What about the other perks? eg Disney+ or cinema tickets.

EarthBoy

winkowinko said:

PRAISETHESUN said:

winkowinko said:

Would you lose access to the regular saver if downgrading to the classic account after the switch incentive has been paid? 

Presumably they wouldn't let you open a regular saver after downgrading, but would they let you keep it if you'd already set one up?

I've done this before in the past. The only requirement for the CL regular saver is to hold a CL current account at the time you open the regular saver. There's no requirement to keep it open after the RS is open so you can downgrade to a Classic current account without issue. Won't be able to open a new one though unless you upgrade again.

What about the other perks? eg Disney+ or cinema tickets.

You'd lose those.

danny13579

HillStreetBlues said:

I see they are still using the same April 2020 date as they did this time last year and also in 2023

It's been April 2020 since their May/June offer 2022.

winkowinko

I would like to apply for this, but have completed 3 switches in the last 3 months, and I don't want to upset Chase (who I would use as my dummy account to switch)

Something else is telling me that I perhaps shouldn't be so eager to complete another switch. My mortgage isn't up for renewal again until summer of 2025 but I am a little concerned about how my credit rating might be impacted.

EarthBoy

The FAQs for the switch offer explain what Lloyds mean by an "active" Direct Debit.  I've never seen a bank define this before.

"What is an Active direct debit?

An active direct debit is one that has been paid to the originator in the last 13 months.  This can be any frequency of payment: weekly, monthly, quarterly or annual. If the direct debit has been recently set up and the first payment has not been taken this is not an active direct debit."

Switch Bank Account To Us | UK Bank Accounts | Lloyds Bank

skatehorn

Does anyone know if paying in the £2K a month to avoid the £3/month fee would still work, even if the £2K was taken out again a day or two later?

Middle_of_the_Road

skatehorn said:

Does anyone know if paying in the £2K a month to avoid the £3/month fee would still work, even if the £2K was taken out again a day or two later?

Yes, no need to keep it deposited.