New Lloyds Club current account

Herbalus

wmb194 wrote: »

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."

Oh the joys. I opened 3 of those a month ago. I guess I'll upgrade one, but the other two will have to go....

TSB can take £4000, so there's just £6000 that needs a home now.

camperdown9

Wonder how easy they will make it for customers to switch to the club account. I mean will it show online under the upgrade your account tab or will it mean a call or a trip to the branch?

I'm not sure what do to. Currently have a Nationwide flex direct but thats got the £2500 max in it. I get my £5 from Halifax for paying two DD's via them. My other two DD and my day to day cash is in a Barclays current account. But that pays nothing.

I have a Lloyds classic account that I haven't used in most of a year. Just wonder is it worth upgrading that and then moving the two DD from Barclays to it and using it as my day to day account.

innovate

YorkshireBoy wrote: »

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

Some straight into an S&S ISA for me, and the rest into a spare 123 that I can start using when my Major ISA gets transferred to S&S ISA. Happy days . Only until BOS Vantage and TSB Enhance get trashed, though, which is bound to happen before long

YorkshireBoy

innovate wrote: »

Some straight into an S&S ISA for me

It'll have to be the same here.

and the rest into a spare 123

I missed out on the second!

Only until BOS Vantage and TSB Enhance get trashed, though, which is bound to happen before long

Agreed. I'd say July if I was a betting man!


I'm going with 2 x TSB Plus on Monday. I'll also try and grab a Lloyds Club and the regular saver.


But after that I'm stumped really!...and, as I speculated above, I suspect I'll have to find a home for another £30K come July.


It was so much easier when I had nothing but a mortgage!

castle96

interesting one this. will keep watching....

innovate

YorkshireBoy wrote: »

It was so much easier when I had nothing but a mortgage!

Nice problem to have though :cool:

Don't forget the Monthly Saver, it will soften the blow a little bit.

Also there is the Nationwide Regular Saver that pays 2.5% if your balance increases by at least £500 a month. Max you can put in is £1K a month, and it doesn't expire after 12 months like other Reg Savers do. May be get one of these now, before they launch a new issue of it with a lower interest rate (I have no idea whether they will).

Gromitt

YorkshireBoy wrote: »

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

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

GingerFurball_2

camperdown9 wrote: »

Wonder how easy they will make it for customers to switch to the club account. I mean will it show online under the upgrade your account tab or will it mean a call or a trip to the branch?

Of course it will be available online.

Banks would be mad not to offer any paid for accounts online, because with the current "let's reclaim everything" climate sorrounding banking, offering an online upgrade immunises you to any later claims of mis-selling when customers complain that they're paying £5 a month for an account.

Hominu

Would it be possible to keep the 3xVantage I have know and apply for a Club Lloyds as well, or do you have to upgrade an existing account?

The 4% regular saver also looks interesting.

I'm guessing they are going to be saying that the £1500 must come from a different account instead of the current transfer between all the accounts.

GingerFurball_2

Hominu wrote: »

Would it be possible to keep the 3xVantage I have know and apply for a Club Lloyds as well, or do you have to upgrade an existing account?

The 4% regular saver also looks interesting.

I'm guessing they are going to be saying that the £1500 must come from a different account instead of the current transfer between all the accounts.

You can apply for a new account; Vantage will just become less attractive from July. Vantage also comes off sale for new customers.