Lloyds Banking Group £2,026 PayDay Prize Draw (monthly from June 2026 onwards)

danny13579

Lloyds Banking Group have launched a monthly prize draw. BoS, Lloyds, Halifax pages. T&Cs.

To qualify, you must have your salary or pension or benefit paid into one of your Lloyds, Halifax or Bank of Scotland personal current accounts, and you must activate the offer in the mobile banking app or via online banking each month you want to enter.

Excluded income:
• from another personal account (including savings account) ;
• internal transfers between your own accounts including those held elsewhere and savings
accounts ;
• payments made by you;
• self-employed income;
• any transaction that does not fall within our definition of a salary, pension, or benefit (they don't list what their definition of these terms are).

Winners will be contacted via SMS and email.

flaneurs_lobster

Does say that this "salary/pension/benefit" must sum to more than £1k/mth.

Apart from actually moving the payment of my "S/P/B" to LBG, any thoughts on how to 'game' around the rules?

The test is presumably that the payment(s) are made by BACS?

danny13579

flaneurs_lobster As I haven't yet been able to find Lloyds' definition of a salary, I don't know right now how to 'game' around the rules.

I mean, large employers use BACS so that's fairly straightforward. But smaller employers with perhaps a handful of employees wouldn't need to be using BACS. So if BACS is their definition of a salaried payment, then employees of smaller companies who have income tax etc. deducted at source from their salaries aren't salaried according to Lloyds. 🤷

Not sure what self-employed people have done to fall foul of Lloyds! The days are gone where everyone was in a salaried, pensionable, dependable job for life. People work for themselves, people freelance. They really are still stuck in the dark ages. 🙄

Rob5342

It looks like they are copying Monzo, but Monzo's offer is better as you can win your whole salary instead of it being limited to £2026.

GrubbyGirl_2

https://forums.moneysavingexpert.com/discussion/comment/82023830#Comment_82023830

I guess they know how much people game the system by moving money around from account to account to gain financial benefits and those banks have to pay up when they have had no benefit. I guess this is just the way they have concluded they need to go to reward genuine customers which inevitably mean some genuine customers will lose out

Robin9

Pity my State Pension is £980

Who can enter

To enter you must:

• be aged 18 or over
• be a UK resident and have a UK address on our records
• have a personal current account with us
• have £1,000 or more paid into your personal current account as a salary, pension or benefit each month.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82023957#Comment_82023957

Ditto. I could shift payment of my SP + another pension to LBG but given the chances of DWP and/or the fantastically efficient and clued-up pension admin firm to utterly balls it up I ain't gonna risk it for a prize draw.

danny13579

Without a definition of salary, I'll give it a miss. I just don't trust Lloyds. I can't be bothered with all that faffing around just for the privilege of a prize draw entry.

My only use for Lloyds is to funnel £2,000 through a month to get my free magazine, other than that the account is dormant. Halifax, I ditched last October. BoS, I'll do the switch offer and then ditch 'em.

Rich2808

What are the odds of winning this draw? I have read the terms and it doesn't appear to say how many people will win each month - it could just be one person out of the many millions of Lloyds bank group current account holders

You might as well put £2 on the national lottery - and have a chance of winning a much bigger prize than £2,026 with potentially better odds too!

jimjames

https://forums.moneysavingexpert.com/discussion/comment/82024290#Comment_82024290

But this saves you the £2! My salary is already paid in so I only need to remember to opt in

oldagetraveller1

Just logged in to my Lloyds online.

They don't make it easy to find the opt in to this in "Everyday offers", it's way down the list, or show any information about in on the accounts homepage.