MSE News: New Club Lloyds current account offers 4% interest – should you sign up?

Herbalus

innovate wrote: »

Agree, especially since this article is a bit slow off the mark as the account has been available since yesterday

I don't think they work Sundays!

And we weren't expecting it to be available then either.

kar999

Herbalus wrote: »

I don't think they work Sundays!

And we weren't expecting it to be available then either.

I got mine opened yesterday albeit with system problems which they are still having when you create a new account rather than upgrade.

juliamarsh

Herbalus wrote: »

To be honest, if such accounts were used exclusively for savings at 4% I doubt they'd last very long, so I'm not too bothered that MSE are looking at accounts from a viewpoint of ""normal" customer with one bank account".

I am sure that loads of people will use this as a savings account - where else can you get an instant access account paying 4%?! (Except for the new TSB one paying 5%!)

innovate

Herbalus wrote: »

I don't think they work Sundays!

And we weren't expecting it to be available then either.

Other journalists published their piece on the Club Lloyds before they went away for the weekend. And yes, at least some of them and us did expect it to be available online yesterday since that date had been touted for about 3 weeks.

MSE haven't won the wooden spoon with their announcement though - the Telegraph went one better to say Lloyds will launch a new “Club Lloyds” account on Tuesday (March 31).

innovate

kar999 wrote: »

I got mine opened yesterday albeit with system problems which they are still having when you create a new account rather than upgrade.

Those problems appear to be limited to yourself because others, incl myself, could open their Club Lloyds without a hitch from early yesterday morning.

sherbolton

Added Value Accounts

Please note that by upgrading, you'll forfeit any Control and Added Value Account fee waiver benefits associated with your existing account

Join Club Lloyds

As long as you pay £1,500 or more into your account each calendar month, we'll waive the £5 Club Lloyds monthly fee

Key features

Earn variable tiered credit interest on balances between £1 and £5,000 when you pay at least 2 different direct debits from your account each calender month.
Exclusive access to offers on other Lloyds Bank products, such as savings and mortgages
Choose a Lifestyle Benefit from 6 Vue cinema tickets, annual magazine subscription, or discounts on dining through annual membership to the Gourmet Society
£100 interest and fee-free planned overdraft, subject to application and approval

canary2211

All signed up and switched. Also opening a 4% monthly savings account: trouble is I would like that to be in Mrs Canary (basic rate taxpayer) name : if I work out how to do that I shall report back!:)

tightfisteddave

canary - why not just apply for a Club Lloyds for Mrs Canary. can just pop the stuff straight into the account rather than tied to the regular saver restrictions

td_007

innovate wrote: »

Those problems appear to be limited to yourself because others, incl myself, could open their Club Lloyds without a hitch from early yesterday morning.

Seems there are gremlins in the system. I have 3 vantage accounts and now had to open the Club account with different login details as the form would not proceed without setting up internet banking. Called up and they could not do anything about it and was asked to go into a branch. Luckly I have a branch nearby - they have taken all the details and said will consolidate all accounts under the orginal login details. Could take upto 24 hours...hopefully everying sorts out tomorrow. Either way not a big deal as I plan to close the Vantage accounts once the rate drops.

sherbolton

Logged onto my online banking applied for a new current account and it was added to my online accounts instantly. Note the 4% regular saver is only a 12month deal.