New Lloyds Club current account

masonic

YorkshireBoy wrote: »

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

Well, we'll see what happens. The automated checks have obviously not flagged I already have an account and my new account is labelled Reward online...

anotheruser

I don't understand why they are creating an account for people with medium salaries, yet have an overdraft on the account? It's highly unlikely anyone having that account would need an overdraft.

I would have been interested in the account but I don't have any spare DD so looks like I'll be on the hunt for a new account... again!

Ed-1

masonic wrote: »

Well, we'll see what happens. The automated checks have obviously not flagged I already have an account and my new account is labelled Reward online...

Did you upgrade an account or apply for a new one online from scratch?

masonic

Ed-1 wrote: »

Did you upgrade an account or apply for a new one online from scratch?

This was a new one from scratch. I guess there's a chance it could get downgraded after further checks on Monday.

Hominu

gt94sss2 wrote: »

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..

Or maybe they are thinking they are fed up with paying 3% for instant access cash and know the with the dire interest rates at the moment, not everyone will move.

They want people who they can offer the full relationship with, and requesting for large credit deposits and DDs will get less people looking for savings accounts.

camperdown9

anotheruser wrote: »

I don't understand why they are creating an account for people with medium salaries, yet have an overdraft on the account? It's highly unlikely anyone having that account would need an overdraft.

I would have been interested in the account but I don't have any spare DD so looks like I'll be on the hunt for a new account... again!

Not so sure, in my limited experience people who earn £100K+ are just as likely to be over drawn. Simply because what they expect out of life is different. Example they expect to shop at Whole foods/Waitrose, they expect to have a cleaner clean the house and a gardner do the garden. When they travel they expect to sit in Business class and fly BA etc rather than Easyjet. In other words many tend to spend what they earn.

anotheruser

GingerFurball wrote: »

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

My maths isn't great here but:

Lloyds Vantage: £5000 - 1.5% = £75 pa
TSB Plus: £2000 - 5% = £100 pa

TSB is better for earning interest, despite it only being valid on a lower amount of money. Obviously those values are pre-tax and all that blah.

The problem may be the lack of high street branches, which would put me off. But then I haven't needed to go into a Lloyds branch recently.

YorkshireBoy

anotheruser wrote: »

TSB is better for earning interest, despite it only being valid on a lower amount of money.

Don't forget you can have 2 of them. Just find a home for the other £1K.

PeacefulWaters

gt94sss2 wrote: »

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..

Or maybe it's a deliberate act to shake off some of the rate tarts amongst us and increase profitability.

badger09

PeacefulWaters wrote: »

Or maybe it's a deliberate act to shake off some of the rate tarts amongst us and increase profitability.

:eek::eek::eek::eek::eek::eek::eek::eek: