New Lloyds Club current account

matty17r

10_66 wrote: »

Did you open it online though?[/QUO

No had to ring them to open it.

System

Hi

This is a bit off topic, it does apply to my Club account. I originally thought it out to check my Vantage interest.

[FONT=&quot]The Annual Equivalent Rate[/FONT]

[FONT=&quot]EG: an account shown as paying [/FONT][FONT=&quot]4% AER[/FONT][FONT=&quot] will have an actual rate of approximately 3.93%[/FONT][FONT=&quot],[/FONT][FONT=&quot] which when compounded up, added on every month, gives the equivalent of the higher figure. 4.00% AER/3.93% Gross[/FONT]

[FONT=&quot]5000.00 x (4/100) = £200.00 (multiply by 12, then divide by 12 – pointless) earned per annum. Month ONE would be £16.66[/FONT]

[FONT=&quot]Now if the £5000.00 had £16.66 added on at the end of month ONE, then month TWO would yield £16.72. At the end of the year the amount would be well over £200.00 if it was compounding up, approximately £203.71.[/FONT]

[FONT=&quot]5016.66 x (4/100) = £200.66 (you now adjust by multiplying by 1 and then dividing by 12 – ) getting the answer £16.72.[/FONT]

[FONT=&quot]Now to arrive as close to the 4% (£200.00) amount for a full year the percentage rate is reduced to accommodate the compounding effect.[/FONT]

[FONT=&quot]AER = [/FONT][FONT=&quot](1 + [/FONT][FONT=&quot]R[/FONT] [FONT=&quot])[/FONT][FONT=&quot]n [/FONT][FONT=&quot]-1[/FONT]
[FONT=&quot]N[/FONT]

[FONT=&quot]Where:- R = gross interest rate, N = No of times a year that interest is paid and n = the power, squared/cubed etc, same value as N.[/FONT]

[FONT=&quot]Start with the Capitol, work out the Monthly AER (MAER = 3.93 / 1200).[/FONT]
[FONT=&quot]Multiply the Capitol by the MAER to get the Earnings.[/FONT]
[FONT=&quot]Add Earnings to Capitol for the new Total. REPEAT[/FONT]


[FONT=&quot]There will be rounding errors, but the 3.93% has generated £200.00.[/FONT]





[FONT=&quot] I cant see the spreadsheet bit and cant spell Capitol? but I hope the gist is comprehensible.
[/FONT]

Archi_Bald

You need to use the gross rate, not the AER, to calculate your monthly interest.

jonesMUFCforever

10_66 wrote: »

You can't with Lloyds Club, which is odd, as you can with TSB.

You can open a joint account online with Lloyds now - not tried it myself.

10_66

jonesMUFCforever wrote: »

You can open a joint account online with Lloyds now - not tried it myself.

As mentioned in my previous post (#979), although I'd been told you can do this, as their website suggests otherwise I rang them and was told theoretically you can, but in practice you can't as they said they've got a problem with opening joint Club online, they said they'd had this problem for a while and they haven't any idea how long it'll take them to sort it out. What I've done today is open a "current account" in my name, will add OH later, and then hopefully be able to upgrade it to Club after that. That's the theory anyway, heaven knows if it'll work!

vixen1500

just wondering if anyone that has picked a magazine sub as their lifestyle benefit has actually received it yet?


Cheers

Bettie

vixen1500 wrote: »

just wondering if anyone that has picked a magazine sub as their lifestyle benefit has actually received it yet?


Cheers

I have. Took about a month

vixen1500

kar999 wrote: »

Thanks for the info Craig. I suspect this particular mix up lies with Hearst Publishing as my Club Account has the right magazine but 12 issues of Harpers Bazaar is about as useful to me as an ashtray on a motorbike.

just found this post - not read it all yet - but also been sent harpers Bazaar and totally agree with you. Not requested and not wanted

kar999

Had to complain and call three times but now getting the magazine I requested.

Lloyds_Bank

vixen1500 wrote: »

just found this post - not read it all yet - but also been sent harpers Bazaar and totally agree with you. Not requested and not wanted

Hi vixen1500,

Sorry to hear you've been sent the wrong magazine. Have you been in contact with our Club Lloyds Lifestyle Benefits team about this? If not, they'll be able to help if you get in touch. They can be contacted by phone on 01733 462224 & 0845 3030303 (lines are open seven days a week, 8am to 10pm). You can also find email contact details on the website.

Thanks,

Craig