New Lloyds Club current account

YorkshireBoy

Gromitt wrote: »

I'm thinking of changing to a bigger house in another location. I don't really need to, but I'm sure I can use one of the bedrooms as a games room or something, and then when it comes time for retirement I can sell it for my pension and either buy something smaller or rent somewhere, depending on my expected life duration - why have money tied up in a house when you can spend on some nice holidays before you go

I nearly added something similar to my earlier post.

Been having this very same conversation with someone this afternoon. The trouble is that I'd then be almost 100% 'invested' in property...pretty normal in your 20s and early 30s, but not a nice place to be in your early 50s!

BTL may be an option though?

As to selling up and then renting for retirement (so you can ensure you blow the lot and not leave it anyone else), well that does appeal to me!

gt94sss2

GingerFurball wrote: »

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

1. No direct debits needed
2. Minimum funding requirement: £500
3. A higher interest rate : 5%

All depends on how much money one has etc, but I think many will eventually opt for TSB or others - even Santander (lower interest rate but a much higher balance allowed) just to avoid the hassle factor..

Regards
Sunil

anotheruser

Sorry, can someone please answer these questions:

1) If you have £10,000, you will only earn interest on half of it?

2) Current Vantage account holders, will the tiered interest still apply or does it drop to 1.5% for the whole balance?

I hope a favourable outcome as I have not long been with Lloyds after Natwest were not my cup of tea, after I decided my loyalty to HSBC was earning me nothing.
Don't really fancy moving yet again.

masonic

innovate wrote: »

Those of us who have been in this game for a while will take about 2 minutes to set up the required DDs. Those who have not might take a little longer to figure it out. Nothing very onerous.

I've just opened a Tesco Internet Saver account in preparation for this. Now I have it I may as well use it to fulfil the requirements of a second Halifax Reward account and it would be rude not to switch one of my old accounts for the £100 incentive. I'll also be opening a couple of TSB Plus accounts, so all in all another 5 accounts to manage . I'd been doing so well over the past couple of years keeping the number under 10.

Ed-1

anotheruser wrote: »

Sorry, can someone please answer these questions:

1) If you have £10,000, you will only earn interest on half of it?

Yes if you put the full £10000 in the Club Lloyds account. You'd be much better putting £5000 in that account and the rest elsewhere.

anotheruser wrote: »

2) Current Vantage account holders, will the tiered interest still apply or does it drop to 1.5% for the whole balance?

According to the Guardian article, "...the bad news is that from July, the rates on Vantage will be cut to 0.5% on balances up to £3,000, and 1.5% from £3,000 to £5,000."

http://www.theguardian.com/money/2014/mar/29/lloyds-club-vantage-account-current-rates

Ed-1

masonic wrote: »

I've just opened a Tesco Internet Saver account in preparation for this. Now I have it I may as well use it to fulfil the requirements of a second Halifax Reward account and it would be rude not to switch one of my old accounts for the £100 incentive. I'll also be opening a couple of TSB Plus accounts, so all in all another 5 accounts to manage . I'd been doing so well over the past couple of years keeping the number under 10.

You're only allowed 1 Halifax Reward.

masonic

anotheruser wrote: »

1) If you have £10,000, you will only earn interest on half of it?

Yes, so keep the other £5k somewhere else.

2) Current Vantage account holders, will the tiered interest still apply or does it drop to 1.5% for the whole balance?

Not sure if that's known yet, but even if it's not tiered it's probably going to be beatable elsewhere.

masonic

Ed-1 wrote: »

You're only allowed 1 Halifax Reward.

I used to have 3 and my application for a second one just went through fine. :huh:
I only went from 3 to 1 because I couldn't find enough DDs to cover the others.

YorkshireBoy

Ed-1 wrote: »

You're only allowed 1 Halifax Reward.

Unless you have a 'friend' and open a joint account too.


Or you got in early and bagged 4...but don't let on to Halifax!

YorkshireBoy

masonic wrote: »

I only went from 3 to 1 because I couldn't find enough DDs to cover the others.

Tesco Internet Saver & Egg Savings (now with YBS) for me...on 3 of mine.


£2 to one and £3 to the other. Saves me the trouble of withdrawing the £5 Reward payments myself.