Lloyds current account switching incentive

£125 and it looks like it’s a fairly relaxed one.

From what I can see, it doesn’t appear to exclude people who’ve switched to elsewhere in HBOS and I’m not convinced you’d even need to have DDs or SOs on the account you’re switching.

https://www.lloydsbank.com/current-accounts/switch.asp

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Bye, Metro. Hello, Lloyds.

Had to refresh because page wasn’t working and now it won’t let me complete application :slight_smile: amazing

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£125 Terms and Conditions

To qualify for the £125 switching offer (“the offer”) you must use the ‘Current Account Switch Service’ and meet the following conditions:

  • Use the ‘Current Account Switch Service’ to switch into a new Club Lloyds Account (£3 Monthly maintaining the account fee) or a Club Lloyds Platinum Account (£19 Monthly maintaining the account fee & £3 Monthly maintaining the account fee). The new account must be opened between the 01/10/19 and the 05/11/19
  • Use the ‘Current Account Switch Service’ to transfer all the active credits and debits from the bank account that you hold with another bank and close this account.

You are not eligible for the offer if:

  • You are switching to any existing Lloyds current account opened prior to the 01/10/19
  • You are switching to a new Classic Account, Platinum Account, Student Account, Under 19’s Account or a Basic Account
  • The bank you are switching from does not participate in the Current Account Switch Service. To find out more visit www.currentaccountswitch.co.uk
  1. The offer applies to applications received in branch, online or by phone from the 01/10/19 to 05/11/19. The offer is subject to change and can be withdrawn without notice at any time.
  2. The offer does not automatically guarantee an arranged overdraft and any application will be subject to status. If your account has an arranged overdraft you will not pay a daily arranged overdraft fee for 3 months provided you stay within your arranged overdraft limit.
  3. After 3 months, or if you change your account, you will be charged daily arranged overdraft fees applicable to the account you hold if you use your arranged overdraft. Please see the Bank accounts and switching to us leaflet for full details on arranged overdraft fees. You will have been given this when you opened your account, but if you would like another one, please ask in branch or look at https://www.lloydsbank.com/current-accounts/all-accounts
  4. Only one offer is available per customer. Joint accounts will only be eligible for one payment.
  5. The offer will be paid directly into your account by the time your switch has completed and will appear as a cash credit. The offer is not available to employees of Lloyds Banking Group, or if the employee is named on any bank account held in joint names.

Looks like existing customers are eligible provided they open a new account and then switch to the new account

Bye bye Monzo… I want free money more than I want to keep the account :heart_eyes::heart_eyes::heart_eyes::heart_eyes:

Thanks for sharing!

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If I have understood this correctly; I use CASS to switch from a Monzo account that I don’t use to a Lloyds club account that I will not use. I will have £125 deposited and it will cost me £3 per month. I will also get a free subscription to a magazine from a reasonable choice.

So I will get that mag for 3 1/2 years at no cost to me?

If you transfer £1500 in each month and back out again you’ll never pay the Club Lloyds fee. I did this with HSBC. You don’t even need it to be your salary, in the end I just did a transfer into the account and out again on pay day

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I look forward to the 11th!

I wonder if I can CASS out again within the month…

These incentives seem to come in waves, so hopefully another will come along soon

Has anyone got the link to work yet as that is what is happening to me. I spoke to chat. They supplied a link but it didn’t seem to end in a switching application so I cancelled just before hitting send on the final page.

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I managed to open a new account and switch with no problems.

It was 9am though when I got this text

Hello from the Lloyds Bank Switching Team. We have received your switch request and will contact you soon to let you know the next steps.

Maybe they’re overwhelmed by the interest

I do like free money.

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Might switch my Starling account for this :grimacing:

How long do you have to keep the Lloyds account open after they’ve paid you?

Couldn’t see any restriction.

Me either, seems too good to be true… switch an account, get £125, close the account :thinking:

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The terms say the money is paid before the switch is complete, so there really doesn’t seem to be any restrictions. Which is very strange in itself, but great if its true.

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I shall do it and report back… I don’t use my Starling account (and can’t even log into the app atm) so I won’t miss it!

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I managed to switch my Monzo account into Lloyds. I found the problem was with Edge I used Chrome and all was well.

Ooft tried twice online to get this account open, ended up having to phone and do it on the… first time ever.

Apparently there is a known issue causing the switch form to not work online. Didn’t work on safari or chrome.

Early days but. I have just received my internet banking activation code by snail mail. Both the website and app look good. I can scan cheques, set up Pots, freeze my card, be notified of pending transactions and activate a money manager. In short it is hard to see other than the fee and FX fee structure what the so called challenger banks bring to the table. Obviously if waiting a couple of days for a code and several more for a card is a bind for you then I wouldn’t suggest Lloyds.

I had no intention of using this account but I have to say so far there is not much to dislike.

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I’ve been with Lloyd’s since 2006 as my primary account and honestly can’t say there is much wrong with them.

  • Yes they charge foreign transaction fees
  • they read all t’s and c’s when you apply for anything (reducing my overdraft on the phone is an hour of my life I’ll never get back)

But their digital offering is pretty decent. Their app looks pretty good, they do cheque imaging, and they’ve started introducing card controls. The app is a little annoying when they push their ad’s and messages

Their customer service on the other hand is the best of any bank I’ve used so far and a lot of their “specialist” departments stay open until at 20:30 which is particularly useful when you need to sort something out at the end of the day.

There’s a reason why no matter which bank I’m trying out today that my salary and DD’s are always handled by Lloyds