New Lloyds Club current account

System

A good chunk of single account holders won't deposit that amount via salary or have 1.5k to slosh around to avoid the £5 charge.

I'm also sceptical that Lloyds / BOS will provide a good deal as the latter's product range has went downhill since it stopped mirroring Halifax's product range.

Heng_Leng wrote: »

Who cares... it sounds a rubbish account before it's even launched!
1.5k monthly minimum deposit or you get charged.

Hominu

Heng_Leng wrote: »

A good chunk of single account holders won't deposit that amount via salary or have 1.5k to slosh around to avoid the £5 charge.

I'm guessing it'll be the same as every other account where the 1.5k is simply the required amount to deposit per month, so simply deposit and withdraw £500 three times and there's your 1.5K, all done via standing orders.

InsideInsurance

Heng_Leng wrote: »

A good chunk of single account holders won't deposit that amount via salary or have 1.5k to slosh around to avoid the £5 charge.

If someone has no savings at all it would be questionable why they are looking at an account that main appeal is for savings then.

Even if you have the most modest savings you can move it in and out multiple times to hit the required target.

System

The account's raison d'être isn't as a savings account.

I just personally dislike penalty charges and jumping through hoops for little gain.

InsideInsurance wrote: »

If someone has no savings at all it would be questionable why they are looking at an account that main appeal is for savings then.

Even if you have the most modest savings you can move it in and out multiple times to hit the required target.

SurfKing

The bank's website is all about ISA adverts right now. I suspect once the current ISA season comes to a close that'll be when they introduce the new account.

InsideInsurance

Heng_Leng wrote: »

The account's raison d'être isn't as a savings account.

Unless they do a wholesale switch of people onto the new product then you will find a significant proportion will see it as a savings vehicle

pjread

GingerFurball wrote: »

He missed out the discounted mortgage part.

That speculative or you have more info?

MABLE

Been into a branch today and the new account is being launched in branch next Monday. 4 percent interest up until 5K. Also as already know 2 direct debits and £1500 per month.

Also £5.00 fee payable if you do not hit the above targets.

iAMaLONDONER

MABLE wrote: »

Been into a branch today and the new account is being launched in branch next Monday. 4 percent interest up until 5K. Also as already know 2 direct debits and £1500 per month.

Also £5.00 fee payable if you do not hit the above targets.

Thanks for the info!

Hmm not quite as high interest at TSB!
Which has no requirements!

innovate

iAMaLONDONER wrote: »

Which has no requirements!

Not quite. TSB requires a £500/mth deposit.

To make £200 gross interest in a year, you need:

TSB: 2 x £2,000 accounts, £500 monthly deposits into each

Lloyds: 1 x £5000 account, £1,500 monthly deposit, 2 DDs.

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.