Lloyds overdraft fee

iereboy

soil wrote: »

I have £150k in a Lloyds Easy Saver and currently £40k in their current account (Classic Plus). I have a £2750 overdraft facility, which I sometimes use as I tend to transfer cash out of the current account and into the savings account and it sometimes goes overdrawn.

I am quite happy with Lloyds online and branch banking but I'm considering moving over their ridiculous charges - firstly they charged me to buy currency on my debit card in the UK, even though I could have just drawn cash and done the same, and now I see for the first time this:

01 Jun 11 INTEREST (NET) 1.93 19683.66
01 Jun 1 1O/D USAGE FEE CHG 5.00 19681.73
01 Jun 11O/DRAFT INTEREST CHG 3.03 19686.73
Basically I was overdrawn for a day and they charged me £8.03
As far as I can tell this was the only time I was overdrawn:


My daily closing balance:
1 may, 91
2 may, 91
3 may, -266
4 may, 59,051
5 may, 79,031
6 may, 99,227
7 may, 99,227
8 may, 99,227
9 may, 99,169
10 may, 97,649
11 may, 97,557
12 may, 92,410
13 may, 2,292
14 may, 2,292
15 may, 2,292
16 may, 2,187
17 may, 2,187
18 may, 2,140
19 may, 1,990
20 may, 1,940
21 may, 1,940
22 may, 1,940
23 may, 1,890
24 may, 1,850
25 may, 1,850
26 may, 1,829
27 may, 746
28 may, 746
29 may, 746
30 may, 746
31 may, 10,416

I was also overdrawn from 11th through 18th April by £1200-£1600, but they don't seem to have charged me for that in May?

Anyway is there a better current account /savings account combo - I don't need to keep money in the current account but I need to be able to INSTANTLY transfer up to £100k from the savings account to the current account.

You are worried about the £5 charge!?! I would worry a lot more if you change over the Santander.

I would also be worrying about the way you manage your money if you have the Easy saver account, which pays 1.6%. Move the money to the Halifax, which gives you 2.8% (3% if you qualify). You be ALMOST doubling your interest straight away. Remember the £85 000 rule as well. The E saver with Lloyds pays 2.5% which is higher than the Easy saver. Close any old E Savings account you have and open a new one. You cant close them over the telephone. Also, ring them and ask to speak to the Savings teams about the incentive saver - 3%.

If you have access to that kind of money, then don't use your overdraft if you don't want to be charged the £5 overdraft useage fee plus interest.

The charge for buying currency is widespread. Get the money out as cash and then get the currency that way.

Regarding the charging structure, you get charged fees 2 months later in the next billing cycle.

Count it down to experience. You have a lot of ideas now to think about from myself and other posters.

Hope they help.

soil_2

Well I went into Lloyds to close my dormant savings accounts, the man asked if I had been contacted about their private banking service. I said no, actually I was thinking of moving because I was annoyed at their overdraft charge and he said 'sorry, I'll credit £20 to your account and will get our private banking manager to call you tomorrow'.

Will see what they have to offer.....

Saints2011

soil wrote: »

Well I went into Lloyds to close my dormant savings accounts, the man asked if I had been contacted about their private banking service. I said no, actually I was thinking of moving because I was annoyed at their overdraft charge and he said 'sorry, I'll credit £20 to your account and will get our private banking manager to call you tomorrow'.

Will see what they have to offer.....

Exactly as I said / thought