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

Herbalus

Transfer some money out and then in again. It has to be total £1500, not in one go, so you could transfer £100 out and then in again 15 times to meet the criteria if you wanted to.

To do this you'll need a bank or savings account with another provider that allows quick transfers.

neilcounter

Herbalus wrote: »

Transfer some money out and then in again. It has to be total £1500, not in one go, so you could transfer £100 out and then in again 15 times to meet the criteria if you wanted to.

To do this you'll need a bank or savings account with another provider that allows quick transfers.

Thanks. I have a dormant Barclays account, so I guess it will be as simple as transfering £25 between this and the Lloyds Club account each month.

Gromitt

neilcounter wrote: »

Thanks. I have a dormant Barclays account, so I guess it will be as simple as transfering £25 between this and the Lloyds Club account each month.

You could do that or you could open a savings account with Lloyds and simply transfer the difference into that each month and then immediately back to your Lloyds Club. Saves using faster payments.

Mishomeister

I've seen a comment under article in This Is Money from someone who has 2 personal Club Lloyds accounts and 2 joint.
I understand that they intend you to have only one, but has anyone tried and suceeded to open 2 in their sole name?

kindofagilr

Does anyone know more about the mortgage discount??

We got our mortgage with c&g 5 years ago, which I believe is lloyds? the rate is due to drop from 6.29% to 2% above base rate 0.5%, am I right in thinking that if I switch my current account that I have with lloyds to this new account my mortgage rate will be 2.3% instead (thats if I am right in thinking that C&G mortgages = Lloyds)

Thanks in advance

Lloyds_Bank

kindofagilr wrote: »

Does anyone know more about the mortgage discount??

We got our mortgage with c&g 5 years ago, which I believe is lloyds? the rate is due to drop from 6.29% to 2% above base rate 0.5%, am I right in thinking that if I switch my current account that I have with lloyds to this new account my mortgage rate will be 2.3% instead (thats if I am right in thinking that C&G mortgages = Lloyds)

Thanks in advance

Hi kindofagilr,

The mortgage discount offer on Club Lloyds is only available on new mortgage agreements (First Time Buyer, Home Mover and Remortgage). Unfortunately, this means you won't be eligible for it.

Thanks,

Craig

kindofagilr

Lloyds_Bank wrote: »

Hi kindofagilr,

The mortgage discount offer on Club Lloyds is only available on new mortgage agreements (First Time Buyer, Home Mover and Remortgage). Unfortunately, this means you won't be eligible for it.

Thanks,

Craig

Hi Craig, thanks for your reply.

simreb

Why do Lloyds require information on your income and investments etc to change over to a slightly different current account. With other banks if you already have an account you just simply change over online. I object to giving Lloyds personal information which is not relevant. I think they are just using it to snoop to see which customers are worth targeting for new business. There are conditions to the account and if not met they charge you £5 a month. So why do they want to know my income when I have had a current account with them for 60 years.

mrchagle

Anyone had cinema tickets through. I opened my account on the very day it was available

oldagetraveller

"Why do Lloyds require information on your income and investments etc to change over to a slightly different current account. With other banks if you already have an account you just simply change over online"

I don't remember being asked for anything like that when I changed from Vantage to Club. The "upgrade" was completed online in seconds.