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    • talexuser
    • By talexuser 11th Oct 16, 11:35 AM
    • 2,095 Posts
    • 1,559 Thanks
    talexuser
    • #2
    • 11th Oct 16, 11:35 AM
    • #2
    • 11th Oct 16, 11:35 AM
    well I suppose it couldn't last forever.
    • MABLE
    • By MABLE 11th Oct 16, 11:53 AM
    • 3,064 Posts
    • 1,616 Thanks
    MABLE
    • #3
    • 11th Oct 16, 11:53 AM
    • #3
    • 11th Oct 16, 11:53 AM
    We have had a good run but never the less disappointing.
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 11:56 AM
    • 51,295 Posts
    • 43,102 Thanks
    Thrugelmir
    • #4
    • 11th Oct 16, 11:56 AM
    • #4
    • 11th Oct 16, 11:56 AM
    The squeeze on free banking continues as banks desperately seek ways of making money. Low interest rates aren't just impacting savers.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • TheShape
    • By TheShape 11th Oct 16, 12:29 PM
    • 452 Posts
    • 229 Thanks
    TheShape
    • #5
    • 11th Oct 16, 12:29 PM
    • #5
    • 11th Oct 16, 12:29 PM
    That's a pain as I've literally just opened it. I'll quickly open a monthly saver to lock in the 3% on that, unless that's changing. At least I've got the cinema tickets coming.
    • Stuart788
    • By Stuart788 11th Oct 16, 12:35 PM
    • 847 Posts
    • 309 Thanks
    Stuart788
    • #6
    • 11th Oct 16, 12:35 PM
    • #6
    • 11th Oct 16, 12:35 PM
    How likely is it for BOS to follow suit on their 3% accounts and Halifax on their reward account since they're now the same bank (sorta)?
    • fun4everyone
    • By fun4everyone 11th Oct 16, 12:43 PM
    • 343 Posts
    • 480 Thanks
    fun4everyone
    • #7
    • 11th Oct 16, 12:43 PM
    • #7
    • 11th Oct 16, 12:43 PM
    Unsurprising but disappointing, thanks for the heads up OP. Had a good run there at least. More P2P beckons, as well as learning about the stockmarket.
    • Kim_13
    • By Kim_13 11th Oct 16, 1:29 PM
    • 878 Posts
    • 860 Thanks
    Kim_13
    • #8
    • 11th Oct 16, 1:29 PM
    • #8
    • 11th Oct 16, 1:29 PM
    Nothing mentioned about BOS, but Halifax changes coming apparently http://www.moneysavingexpert.com/news/banking/2016/10/club-lloyds-to-slash-interest-rate-from-4-to-2?_ga=1.85254878.696116361.1412375433

    Odd, as I'd think the BOS accounts are costing them more money than the Halifax Reward that has been restricted to 1 for some time.
    Sealed Pot Challenge #10 No. 520 ~ ?/£100
    Virtual Sealed Pot Challenge ~ #9
    Completely Crazy Clothes Challenge 2016 ~ Probably about £100 over budget!
    Emergency Fund #170 ~ £300
    Xmas 2017 #25
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 1:36 PM
    • 51,295 Posts
    • 43,102 Thanks
    Thrugelmir
    • #9
    • 11th Oct 16, 1:36 PM
    • #9
    • 11th Oct 16, 1:36 PM
    Unsurprising but disappointing, thanks for the heads up OP. Had a good run there at least. More P2P beckons, as well as learning about the stockmarket.
    Originally posted by fun4everyone
    Totally different ball games. The question being how much can you afford to lose? Chasing yield isn't a strategy. There's always been high yield available. Trouble is now at current price levels. Risk factors are being totally ignored in chasing a dream with no real premium for what's at stake.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • Ed-1
    • By Ed-1 11th Oct 16, 1:36 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    Nothing mentioned about BOS, but Halifax changes coming apparently http://www.moneysavingexpert.com/news/banking/2016/10/club-lloyds-to-slash-interest-rate-from-4-to-2?_ga=1.85254878.696116361.1412375433

    Odd, as I'd think the BOS accounts are costing them more money than the Halifax Reward that has been restricted to 1 for some time.
    Originally posted by Kim_13
    The BOS Vantage has only recently changed to requiring 2 direct debits. Banks tend to not like making changes in close succession.
    • bowlhead99
    • By bowlhead99 11th Oct 16, 1:56 PM
    • 5,132 Posts
    • 9,063 Thanks
    bowlhead99
    Totally different ball games. The question being how much can you afford to lose? Chasing yield isn't a strategy. There's always been high yield available. Trouble is now at current price levels. Risk factors are being totally ignored in chasing a dream with no real premium for what's at stake.
    Originally posted by Thrugelmir
    Great for those of us already holding defensive assets though, as the price bubbles up to silly levels, which in turn helps boost the assets we bought for more speculative growth or income.

    It's like a Russian Roulette version of pass the parcel, everyone wants to get to have a go holding it for a while, but make sure you're not left holding the bomb when it goes off.
    • ratechaser
    • By ratechaser 11th Oct 16, 2:09 PM
    • 406 Posts
    • 311 Thanks
    ratechaser
    Pain in the backside really, but just reinforces in my head that I'm probably right in shifting more cash into investments. Right now the 2.6% (minimum) that my investec tracker bond is paying out until November 2017 actually doesn't look too bad...

    Anyway, it was lucrative enough while it lasted...
    • PeacefulWaters
    • By PeacefulWaters 11th Oct 16, 2:47 PM
    • 5,072 Posts
    • 6,094 Thanks
    PeacefulWaters
    Nothing mentioned about BOS, but Halifax changes coming apparently http://www.moneysavingexpert.com/news/banking/2016/10/club-lloyds-to-slash-interest-rate-from-4-to-2?_ga=1.85254878.696116361.1412375433

    Odd, as I'd think the BOS accounts are costing them more money than the Halifax Reward that has been restricted to 1 for some time.
    Originally posted by Kim_13
    There will be ten times as many Halifax Reward accounts in operation compared to BOS Vantage. Perhaps more.
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 3:11 PM
    • 51,295 Posts
    • 43,102 Thanks
    Thrugelmir
    Great for those of us already holding defensive assets though, as the price bubbles up to silly levels, which in turn helps boost the assets we bought for more speculative growth or income.

    It's like a Russian Roulette version of pass the parcel, everyone wants to get to have a go holding it for a while, but make sure you're not left holding the bomb when it goes off.
    Originally posted by bowlhead99
    Defensive assets? Such as oil majors that are borrowing to fund dividends. I'm surprised that someone of your stature is playing the game. I still laugh at those who believed LastMinute.com to be a sound investment and couldn't see the wood for the trees.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • digannio
    • By digannio 11th Oct 16, 3:40 PM
    • 144 Posts
    • 72 Thanks
    digannio
    Aren't the Government about to come riding to the rescue of cash savers with some great new package? That's what I read anyway...pensioner bonds for all with rates to make the mouth water... or summat like that anyway! Stock up your cash pot, this time next year you could be a....
    • Westie983
    • By Westie983 11th Oct 16, 5:01 PM
    • 3,219 Posts
    • 12,605 Thanks
    Westie983
    Dont forget if you have the club lloyds monthly saver you need to keep the club lloyds account open for the duration of the monthly saver, but nothing to stop you putting the funds elsewhere when it drops.

    That said 2% isn't too bad in the scheme of things, if you have filled up Tesco and BOS accounts paying 3%.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • Ed-1
    • By Ed-1 11th Oct 16, 5:10 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    Dont forget if you have the club lloyds monthly saver you need to keep the club lloyds account open for the duration of the monthly saver, but nothing to stop you putting the funds elsewhere when it drops.

    That said 2% isn't too bad in the scheme of things, if you have filled up Tesco and BOS accounts paying 3%.
    Originally posted by Westie983
    I don't think you do need to keep the current account to keep the monthly saver.

    T&Cs only say you need a Club Lloyds current account to apply/open the monthly saver:

    "To open the Account you must have a Club Lloyds current account, Club Lloyds Silver, Club Lloyds Gold, Club Lloyds Platinum or a Club Lloyds Premier account."

    https://www.lloydsbank.com/legal/savings/club-lloyds-monthly-saver.asp
    • Westie983
    • By Westie983 11th Oct 16, 5:20 PM
    • 3,219 Posts
    • 12,605 Thanks
    Westie983
    I don't think you do need to keep the current account to keep the monthly saver.

    T&Cs only say you need a Club Lloyds current account to apply/open the monthly saver:

    "To open the Account you must have a Club Lloyds current account, Club Lloyds Silver, Club Lloyds Gold, Club Lloyds Platinum or a Club Lloyds Premier account."

    https://www.lloydsbank.com/legal/savings/club-lloyds-monthly-saver.asp
    Originally posted by Ed-1
    Go ahead and close your club account then, but I suppose you wont know your 'mistake' till the interest is applied, possibly at the monthly saver rate and not the club monthly rate.

    I would keep the account open as a back up security to withhold the higher rate of interest, put in the £1500 you wont pay the fee, keep enough in the account to pay the monthly saver, and you still get the higher interest on the monthly saver.

    In my case I opened the account again before the rate dropped so I am only in month 2 so I will keep my account open running low till September 17, to make sure I keep the 4% rate.

    I suppose the choice is yours, but I agree it just says you have to have the account open the account, but as lloyds offer two monthly savers based on the account you hold, I would expect to hold that account for the duration of the monthly saver.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • Ed-1
    • By Ed-1 11th Oct 16, 5:30 PM
    • 1,498 Posts
    • 810 Thanks
    Ed-1
    Go ahead and close your club account then, but I suppose you wont know your 'mistake' till the interest is applied, possibly at the monthly saver rate and not the club monthly rate.

    I would keep the account open as a back up security to withhold the higher rate of interest, put in the £1500 you wont pay the fee, keep enough in the account to pay the monthly saver, and you still get the higher interest on the monthly saver.

    In my case I opened the account again before the rate dropped so I am only in month 2 so I will keep my account open running low till September 17, to make sure I keep the 4% rate.

    I suppose the choice is yours, but I agree it just says you have to have the account open the account, but as lloyds offer two monthly savers based on the account you hold, I would expect to hold that account for the duration of the monthly saver.
    Originally posted by Westie983
    I have (well Lloyds decided to close all my accounts the other year) and I got the 4%.

    They can't just change the rate of the account if there's no provision for it in the terms. The rate is 4% fixed end of (3% now) It's not like First Direct where the terms say the rate drops to the standard rate if the account is closed early etc.

    I now have a Club Lloyds account and the monthly saver again and will be keeping the current account open for the cinema tickets.
    Last edited by Ed-1; 11-10-2016 at 5:40 PM.
    • PeacefulWaters
    • By PeacefulWaters 11th Oct 16, 5:34 PM
    • 5,072 Posts
    • 6,094 Thanks
    PeacefulWaters
    Go ahead and close your club account then, but I suppose you wont know your 'mistake' till the interest is applied, possibly at the monthly saver rate and not the club monthly rate.
    Originally posted by Westie983
    Theyd have to give written notice of the rate change. And I'd be amazed if LBG systems are smart enough to spot it.

    I would keep the account open as a back up security to withhold the higher rate of interest, put in the £1500 you wont pay the fee, keep enough in the account to pay the monthly saver, and you still get the higher interest on the monthly saver.
    As the market adjusts downwards, I'd do this just to keep the 2% and cinema tickets!

    I suppose the choice is yours, but I agree it just says you have to have the account open the account, but as lloyds offer two monthly savers based on the account you hold, I would expect to hold that account for the duration of the monthly saver.
    I'd expect Lloyds to comply with the contract if I do.
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