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

Barney1954

Would payments to Octopus Energy count as a Debit Card transaction?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81959500#Comment_81959500

This question (sort of) came up recently on a discussion about credit card bills - no conclusive answer but some saw these as "Debt repayments" and therefore explicitly excluded from the qualifying spend - others did not agree.

In the absence of actual experience, think you'd have to ask Lloyds.

PRAISETHESUN

From the T&C's:

The following are transactions that will not be counted towards debit card spend:

Cash withdrawals (including cash withdrawals made at ATMs, in branch, at any Post Office or third-party counter)

Bank transfers made with your debit card

Debt repayments

Direct debits

Transactions classified as gambling

Cryptocurrency

Financial Services Transactions (money transmission orders, purchases of foreign currency or travellers' cheques, purchases of financial services such as insurance or investments).

Personally I wouldn't see energy bills as "debt repayment" as opposed to paying for a service that I have been provided with. But I definitely would argue that paying savings accounts or credit cards by debit card probably won't count, similar to how Lloyds exclude these for the Premier cashback. Gift cards purchased in store should work, as opposed to buying them online where they are more readily identifiable as a cash-like transaction.

Emily_Joy

I had set up a DD to plum prior to the switch. Now Plum is chasing me to set the DD again. Is it normal? According to the letter I received from Lloyds, Plum DD has been transferred...

Gambler

https://forums.moneysavingexpert.com/discussion/comment/81959790#Comment_81959790

Can you see the DD in your Lloyds account?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81959790#Comment_81959790

I've been away from this stuff for a while but what I think happens is that Plum get notified when the DD is ceased at the old bank and again when it's adopted at the new. Their system is reacting to the cease without checking for a subsequent new mandate.

The FinTechs can be quite whingy about you setting up DDs and Open Banking links if they think you are not "fully invested" (in all meanings of the phrase).

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81959803#Comment_81959803

When you switch a Plum DD, they will recognise that you have moved banks and cancel the DD and set up a new one on the new account. This doesn't affect any switch incentive as the DD was indeed moved over, and it's just Plum being weird about it and cancelling it after it has already been moved.

Separate is the open banking link which they pester you to set up on the new account after the switch. You can't do some of the more fancy "rules" without the open banking link but you can still set up regular/one off withdrawals/deposits through the existing DD mandate.

Emily_Joy

https://forums.moneysavingexpert.com/discussion/comment/81959841#Comment_81959841

Thanks - I am trying to avoid "open banking" for as long as possible. Strangely enough, deposit has been taken this week on the 9th as usual - now from Lloyds. But they still want me to link my account "to do their thing", whatever it means.

ih8stress

https://forums.moneysavingexpert.com/discussion/comment/81899241#Comment_81899241

I would also like to know the answer to this, please? (Obviously using April to open the account and May 1st to May 31st as the full calendar month to pay in the £5000).

Also, does the £15 monthly fee begin in April or May as it says that payments in before then do not count towards the £5000 total?

I realise that £200 will need to go into the account in April, to meet the debit card spend within 35 days criteria but am unsure about whether the £5000 still needs paying in April to avoid the monthly fee?

Thanks

kaMelo

There is no requirement to meet the monthly criteria in the part month when an account is opened. As it says, the monthly deposit requirements only start from the next full month, in your example that would be May. Also, as there are no monthly requirements to be met in the part month when you open the account, you earn interest on any money in the Premier account in that part month.

The £200 spend requirement within 35 days for the switch bonus is separate to any monthly account requirements.