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Lloyds switch for up to £500, 24 February to 30 April 2026
Comments
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Thats pretty much what I've done for the £250 CL incentive from the previous switch offer. I downgraded my existing Premier account to Classic, and the system then let me apply for a new CL account (there was also the option to apply for a new premier account, but that wasn't eligible for the last incentive). I'm expecting my switch bonus to be paid today, and then I'm going to downgrade CL to classic, re-upgrade my old account back to Premier, and quickly sort out Feb's debit card transactions for the cashback. Can post later to let you know how it all goes.
Edit:
Switch incentive paid this morning, already downgrade to Classic and re-upgraded to Premier on my other account. Done my debit card transaction for the Premier cashback, which should hopefully clear tomorrow and count towards Feb. Very smooth and no issues to report. I had a message partway through the process to say that the overdraft interest rate on my (now Premier) account will change (I previously had a 0% offer I've been renewing every 3 months with account switches), but nothing else apart from that.
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I tested a few things last year and it ultimately comes down to how Lloyds classify the transaction. Didn't try paying off a credit card, but I tried paying into a few different building society savings accounts which accept payments by debit card, mostly without success. If it appears on your statement as some sort of financial services transaction then it's not going to count.
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I'd be very surprised if legitimate bills such as council tax were exlcuded.
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Ta, any idea about purchase of gift cards?
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Again never tried for Lloyds I'm afraid, but for a past Nationwide debit card cashback promotion I purchased gift cards at my local supermarket and they counted when financial service transactions were excluded, so I would imagine that should also work. Don't know about buying gift cards online though.
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If you buy gift cards from a supermarket, or general retailer, you'll be ok. All Lloyds will know is that you've spent money at Tesco, or Sainsbury's etc., they won't know what you've purchased there.
If you buy them from an online site that only sells gift cards, Lloyds will know full well what you've bought, so this won't count as a purchase.
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That’s the issue, only want to buy Giftcards online to get the 3-5% discount to spend at Tesco.
Not a big deal, £200 proper spend is not too hard to achieve!
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As far as I can see the terms for the switching debit card spend requirement (£100 for club/£200 for premier) match the terms for the 1% cashback (max £10/pm) for premier debit card spend. Is there a running total of cashback pending during the month? That way I could do a small test purchase before the full £200.
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It's been a while since I've run a Lloyds account "properly" but I don't think there is.
Only account I'm aware of where you can see the cashback as you go is Chase.
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They don't offer a Premier equivalent in either Halifax or BOS so may not be any oversight.
For a 'genuine' Premier switcher, I guess they prefer they stay in-house rather than elsewhere.
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