New Lloyds Club current account

camperdown9

GingerFurball wrote: »

Of course it will be available online.

Banks would be mad not to offer any paid for accounts online, because with the current "let's reclaim everything" climate sorrounding banking, offering an online upgrade immunises you to any later claims of mis-selling when customers complain that they're paying £5 a month for an account.

Thanks

Currently they don't ofter the option to add vantage online, but as you say its not a paid for account.

PeacefulWaters

Nobody with any sense will pay £5 a month for this. They'll just send £1,500 in and out.

camperdown9

PeacefulWaters wrote: »

Nobody with any sense will pay £5 a month for this. They'll just send £1,500 in and out.

Agreed!

I guess the £5 fee & the two DD's are simply to discourage customers from opening the account and using it simply as a savings account.

kar999

Vantage rates will be cut from 3% to 1.5% from July so I'll need to do something with mine and the missus' 7 accounts!

I threatened to leave LLOYDS when they started to charge me for my free gold account after 30 years yet others can still get it for free. This looks like the time to do it.

http://www.thesundaytimes.co.uk/sto/business/money/Consumer/article1192491.ece

Looks like a switch to Santander 123 (arghhh!) especially as my ex- Egg Barclaycard rate is dropping to 0.5%

Gromitt

kar999 wrote: »

Vantage rates will be cut from 3% to 1.5% from July so I'll need to do something with mine and the missus' 7 accounts!

Once one starts, the others usually follow shortly afterwards (after grabbing some custom).

Once TSB Plus is released tomorrow, I'd expect TSB Enhance interest to be reduced in about 3 - 4 months time.

Not sure about BoS as they have not released any new products.

blizeH

Are you limited to just one of these new accounts, or will I be able to convert all 3 of my current Vantage accounts? Thanks

GingerFurball_2

1 sole and 1 joint.

The whole point is that it's more than just a current account, there's other benefits to holding the account. 2 exclusive savings accounts (although the Club Lloyds Saver is only 0.75% for balances over £1,500) and discounted mortgage rates go along with the account.

typistretired

innovate wrote: »

lots of money leaving Lloyds then in July.

Isn't that the same time the Nisa at £15,000 starts???

gt94sss2

Wetbehindtheears wrote: »

And accounts come with one additional benefit per year chosen from a selection of three-
6 Vue cinema tickets or
Gourmet society membership or
Magazine subscription for a year (selected ones but don't know which)

My initial thought is that they have made the new account too unattractive for many people especially those who were using Vantage accounts primarily for saving.

Of course, some will set up or have 2 direct debits on their accounts as we had to do to get the 4% special offer some time ago and others will cycle £1,500 through the account to take advantage of the regular saver etc .

The lifestyle features also seem pretty poor - most of the magazines seem targeted to females (and on mobiles if you only have an Apple device) and the Vue cinema chain seems to have only 2 locations in South London etc..

I think Lloyds may have have underestimated the amount of money which might leave them to go to TSB/Santander/NISAs etc. especially if you can only have 1/2 of these accounts and they are reducing the Vantage rates..

Regards
Sunil

GingerFurball_2

Why would people leave and go to TSB when you can hold less money in a TSB account?