Lloyds switch for up to £500, 24 February to 30 April 2026

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81934208#Comment_81934208

Theres no real need to keep it open really, but personally I'd keep it in the wings as a donor account you can switch away to another bank to take advantage of another switching offer in future.

atlantis187

so I’ve gone on the app clicked ‘apply’
opened a brand new Lloyds Premier account which then took me back to the Home Screen again and I clicked ‘apply’ again and chose ‘switch into an account’ and switched into this new account using the chase account details but it didn’t give me the option to close the old account.

Have I done this right?

northwalesd

but it didn’t give me the option to close the old account.

Close which old account? If you mean the Chase account you are switching that will be closed automatically as part of the switching process.

FLAMPARD

I wonder why it takes 45 - 90 days for the premier and up to 45 for the club lloyds to pay the incentive ?

kaMelo

Possibly something as simple as the switch bonus is larger so they want to lock you into holding the account for longer. Holding the account for longer increases the chance you might start using is as a main current account.

Smeags

Hi. Asking this on behalf of my wife - she just opened a Monzo account and set some direct debits on it, with the intention of switching it to Lloyds Premier and getting this £500 bribe.

However, she already has a Lloyds current account. (Club Lloyds Account). Will she still be eligible to get the bonus? Previously, I read somewhere on that she is eligible. But now we've just read the T&Cs and are not so sure.

If yes, what steps does she need to follow? Upgrade the existing club lloyds account, or open a brand new account?

Thanks in advance.

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81945122#Comment_81945122

If you read the previous posts in this thread, you'll see that you can't have both Club Lloyds and Premier accounts, so your wife will need to downgrade her Club Lloyds account to an ordinary Classic Account, and then apply for a separate Premier Account.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81945122#Comment_81945122

I describe the process a few pages back but it's basically as follows. She needs to open a brand new Premier account but Lloyds online banking won't let her do that if she already holds a CL account (online banking will only let her hold a max of one CL or Premier account at a time). So the order of operations is to first downgrade the existing CL account to Classic (or to close it, but I'd keep it open to use as a dummy account to switch to another bank for another switch bonus), log out and back in to refresh the change, and then apply for a brand new Premier account, which she can then elect to switch her Monzo account into.

gilly107

Can the £5000 be transferred straight back out or is it best to leave it there for 24 hours?

gilly107

Forgot to ask, do you have to switch during the initial account opening stage or can you do it once it's open and you've got your login details and can access the app/online banking?

Just hope I haven't messed mine up, as I did the latter.