Lloyds bank £175 switch 18 Feb 2025

winkowinko · 4 March at 9:11PM

EarthBoy said:

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

I noticed this when the offer first came out, thankfully. Made sure my direct debits were 'active', or to be more precise, had been paid out at least once.

PRAISETHESUN · 4 March at 11:12PM

I'm curious how they would be even able to enforce this. I know the old bank transfers a list of DD payments to the new bank during the switch process, but how would Lloyds be able to know the payment history of a DD mandate that is being transferred to them? I suspect it's mostly an empty statement saying something to try and encourage people to switch their main banking to them.