Bank switch bonus for joint accounts

newRhino

Hi, 

Was thinking of switching a Santander joint account to Lloyds club to take advantage of the £200 switch bonus.

Previously both myself and my wife have received a switch bonus from Halifax (circa 2023) but for individual accounts (not a joint one).

I think Lloyds and Halifax are same bank.

Is the switch of a joint account considered to be different from an individual making a prior switch - and as such, would it qualify for the bonus payment?

Or would Lloyds in this case see that the two individuals comprising the joint account to be switched had already both got a bonus from Halifax for previous *individual* switches? And as such the joint account switch wouldn't qualify for a switch bonus?

eskbanker

newRhino said:

I think Lloyds and Halifax are same bank.

They're within the same banking group but operate under different banking licences.

If a Halifax incentive precluded you from getting another one from Lloyds then this would be spelt out in the terms for the latter.

newRhino

Yes, the Lloyds T&Cs state that you cannot get a switch bonus if you have had a recent Halifax switch bonus, which is true in my case.

The question I'm probing here is whether a joint account is considered a 'different entity' from an individual account from a switch bonus perspective?

Would a joint switch still attract a bonus in my case?

eskbanker

Oh right, I misunderstood - the answer seems clear in the offer terms though:

You can’t take part in the offer if:

• [...]
• 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.

Edit: spelt out slightly more clearly in the FAQs at the foot of the offer terms:

Can I switch a joint account?

Yes. [...] Also, if either person has already received a switching offer from Lloyds, Halifax or Bank of Scotland since April 2020, you won't be eligible for the offer.

newRhino

ah perfect, that is precisely the answer I was looking for - many thanks!