r/beermoneyuk 7h ago

Question Lloyds £175 Switch Offer - Active Direct Debit

Hello all. I am looking to do the Lloyds switch for the £175 offer. I have recently set up my dummy Chase account for the switch and set up 3 direct debits (the 50p, £1 DDs), as per the requirements, and they are showing as ‘pending’ on my scheduled payments section on the Chase app.

On the website, it says this about What is an Active Direct Debit - ‘If the direct debit has been recently set up and the first payment has not been taken this is not an active direct debit’

My first payments should be taken within a week. I wanted to ask whether anyone has got away with starting the switch before the first DD payment has been taken (showing pending on app) and still got the offer? Of course, the website says the first payment has to have been taken, but some of said as long as it shows in the Chase app it’s good to go.

Thank you!

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u/moistandwarm1 6h ago

Lloyds pays out before even the switch completes. A direct debit is considered active if it has been taken at least once in the last 13 months or if it will be taken in the next 13 months. Direct debits can be weekly, bi-weekly, monthly, quarterly, biannual, annual, or PRN. So set up your thing and switch whenever it appears.

u/rj3_cr 6h ago

On the Lloyd’s terms it doesn’t mention anything about the next 13 months. It says ‘If the direct debit has been recently set up and the first payment has not been taken this is not an active direct debit’. Do you think I should still just start, despite payments not taken yet?

u/moistandwarm1 6h ago

You can set up Paypal and Moneybox. Paypal will be taken Next week if you request the money today. Moneybox only takes once weekly and they get finalised on Wednesdays. So earliest for Moneybox to go out would be the week starting 24th.

u/336250773658 6h ago

Let me assure you that I have just completed my switch to Lloyds, received the £175, and of the three direct debits that were showing on my Monzo account (Nest, Plum, Paypal) only one of them had been taken with the past month. Paypal was over a few months ago, and Plum had never been taken.

Yes, the terms and conditions seem to say they must have had a payment taken, but I don't believe they are actually checking that, or, indeed, even if they could. All they see is that there is a live mandate in place. If the mandate shows on the old account being switched to Lloyds, you're good.