New Lloyds Club current account

innovate

There's one fact you have overlooked: the BoE base rate.

Mr_Goodkat

slinga wrote: »

As an aside, here we are discussing the mechanics of the setting up the Club Account, but in fact what we should be complaing about is the lousy deals from Lloyds and other banks.
Be it 1.5%, 3% or 4% these are all risible, especially the capping at £2000, goodness me the £5k cap was bad enough.

And then having to go through the stooopid hoops with the rotating of £1k or £1.5k monthly and then having to have a number of DDs.

Banking these days is a real joke.

Any political party who could sort it out properly would get my vote.

These rates are great considering BOE rate is 0.5% and up until fairly recently my mortgage rate was 1.3%.



There are hoops to jump through and maximum amounts that earn interest but it is easy to make multiple accounts work for you.


I would like the government and the FCA to keep out of it as there is decent returns to be made.

iAMaLONDONER

slinga wrote: »

As an aside, here we are discussing the mechanics of the setting up the Club Account, but in fact what we should be complaing about is the lousy deals from Lloyds and other banks.
Be it 1.5%, 3% or 4% these are all risible, especially the capping at £2000, goodness me the £5k cap was bad enough.

And then having to go through the stooopid hoops with the rotating of £1k or £1.5k monthly and then having to have a number of DDs.

Banking these days is a real joke.

Any political party who could sort it out properly would get my vote.

Even UKIP lol?

iAMaLONDONER

greenorange wrote: »

Handy on London buses and trains.

Oyster still king for me!

iAMaLONDONER

Wheres_My_Cashback wrote: »

Absolutely nothing to do with credit rating/Lloyds internal scoring at all. It's ALL location dependent, but if you HAVE to have contactless then they'll change it.

I hear most basic cash accounts aren't contactless>

dr_adidas01

iAMaLONDONER wrote: »

I hear most basic cash accounts aren't contactless>

Not quite true Barclays now offer contactless debit cards on there basic cash card account.

iAMaLONDONER

dr_adidas01 wrote: »

Not quite true Barclays now offer contactless debit cards on there basic cash card account.

Hence the most in my post!

iAMaLONDONER wrote: »

I hear most basic cash accounts aren't contactless>

slinga

innovate wrote: »

There's one fact you have overlooked: the BoE base rate.

I ain't overlooked it.

Do you think these banks don't utilise our money to make much larger gains than the rate they pay.
I suppose they just get the 0.5% from BoE.

Mr_Goodkat

slinga wrote: »

I ain't overlooked it.

Do you think these banks don't utilise our money to make much larger gains than the rate they pay.
I suppose they just get the 0.5% from BoE.

Yes they do make larger gains but they also expose themselves to risk and make losses as well....


These banks are paying me up to 5% interest and also my money upto £85.000 per banking licence is protected. I am quite happy with that.


Multiple current accounts allow me to earn decent interest rates whilst having instant access to a large pool of cash.

innovate

slinga wrote: »

I ain't overlooked it.

Do you think these banks don't utilise our money to make much larger gains than the rate they pay.

Nothing new there, this has been the case ever since banks existed, and even before then. The whole point about banks is that they borrow money at x, and lend it at y, where y is larger than x.

You also don't consider that inflation would be higher if interest rates would be higher. You can google for the historical values and relationship between BoE BR, savings and lending rates, and inflation. You will find that the relative value of the current account rates is actually really good.