New Lloyds Club current account

tightfisteddave

Wetbehindtheears wrote: »

Have to say my information is that vantage will be downgraded massively in the Summer.

Bad news for me!

Interest rate to be halved apparently.

me too wet.

however I saw something on another thread which was of interest. there is a Newcastle Building Soc account (regular saver thing) which pays about 3% so long as you deposit each month. max deposit each month is £500 but there is no limit (of if there is a limit its very high).

This means you could start dripfeeding in 500/month and after 10 months you'd have same amount as in a Lloyds or TSB account paying same interest. No need for any dd or transfer money in or out. You can also withdraw cash or not pay in a month subject to the interest rate going down to 2%.

Ive just opened one online tonight and popped the first 500 in. In a couple of years it would be possible to build up to 10-12k paying 3% with no limit on how much you could put in.

PeacefulWaters

tightfisteddave wrote: »

me too wet.

however I saw something on another thread which was of interest. there is a Newcastle Building Soc account (regular saver thing) which pays about 3% so long as you deposit each month. max deposit each month is £500 but there is no limit (of if there is a limit its very high).

This means you could start dripfeeding in 500/month and after 10 months you'd have same amount as in a Lloyds or TSB account paying same interest. No need for any dd or transfer money in or out. You can also withdraw cash or not pay in a month subject to the interest rate going down to 2%.

Ive just opened one online tonight and popped the first 500 in. In a couple of years it would be possible to build up to 10-12k paying 3% with no limit on how much you could put in.

http://www.newcastle.co.uk/savings/big-home-saver.aspx

... if others are interested.

camperdown9

Hi

If you have a Lloyds classic account with vantage you have to pay in £1000 per month and on balances of between £1000 and £2999 get 2%.

Unless I'm reading this incorrectly the new club account I would need to pay in £1500 per month. Then on £1000 to £1999 I would get 1% and on £2000 to £2999 I would get 2%

The new club account has some extras like cinema tickets or magazine subscriptions but none of this I would really use. So unless I'm reading this wrong I am better of with the classic account and vantage.

Alex

apt

Clublloyds is the new headline product. It's more likely to keep the high interest rates longer than Vantage.

GingerFurball_2

camperdown9 wrote: »

Hi

If you have a Lloyds classic account with vantage you have to pay in £1000 per month and on balances of between £1000 and £2999 get 2%.

Unless I'm reading this incorrectly the new club account I would need to pay in £1500 per month. Then on £1000 to £1999 I would get 1% and on £2000 to £2999 I would get 2%

The new club account has some extras like cinema tickets or magazine subscriptions but none of this I would really use. So unless I'm reading this wrong I am better of with the classic account and vantage.

Alex

For now .

wmb194

There's a Telegraph article on this now. [I'm not allowed to post the link.]

Interestingly, it also mentions a regular saver:

"Lloyds’ new current account comes with extra perks. Customers will have access to a Lloyds’ Monthly Saver account, paying 4pc on savings up to £400 a month."

The other details, tiered 4% to £5k, £1,500 pm, two active DDs per month and choice between a magazine subscription, cinema tickets or restaurant discount card are as already mentioned in this thread plus, "Club account holders will get a £100 interest and fee-free planned overdraft. A mortgage rate reduction of 0.2pc will be available to account holders."

On the Vantage:

"Lloyds is also making changes to its “Vantage” current account, which pays up to 3pc on balances up to £5,000. From July, the interest rate will drop to a maximum of 1.5pc for existing account-holders, while the account will be closed to new applicants from March 31."

innovate

wmb194 wrote: »

"Lloyds is also making changes to its “Vantage” current account, which pays up to 3pc on balances up to £5,000. From July, the interest rate will drop to a maximum of 1.5pc for existing account-holders, while the account will be closed to new applicants from March 31."

lots of money leaving Lloyds then in July.

YorkshireBoy

innovate wrote: »

lots of money leaving Lloyds then in July.

But where to?
(Probably a question more for those with several 10's of £K)

bsms1147

The embargo ends today

http://www.thisismoney.co.uk/money/saving/article-2589030/Lloyds-Bank-ups-game-new-current-account-paying-4-cent-5-000.html?ito=feeds-newsxml

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

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10722170/Lloyds-launches-Club-current-account-paying-4pc.html

http://www.yorkshirepost.co.uk/business/business-news/lloyds-ramps-up-current-account-competition-with-launch-of-new-product-1-6528619

http://www.moneywise.co.uk/news/2014-03-29/lloyds-and-tsb-go-to-war-new-current-accounts

PeacefulWaters

So 4% on £5,000 and a further 4% on an average of £2,500 or thereabouts in a regular saver.

I can think of worse things.