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

shaneshaneshane

mrchagle wrote: »

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

Check your emails, including the junk folder, they were emailed to me.

Lloyds_Bank

simreb wrote: »

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.

Hi simreb,

From time to time, when the opportunity arises, we'll check that we hold correct information for you, including salary/income details. This is a regulatory requirement that all banks must meet and is supported by the Government and the Financial Conduct Authority (FCA). It will also help to protect you against fraud and identity theft.

Hope this helps,

Craig

Lloyds_Bank

mrchagle wrote: »

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

Hi mrchagle,

The cinema vouchers are sent out 30 days after opening (or converting to) your Club Lloyds account and should arrive within 5 working days. As it seems to have been longer than that you've been waiting, please give our Lifestyle Benefit Helpline a ring on either 01733 462 224 or 0845 303 0303. The team's available 8am-10pm, 7 days a week and they'll be able to help.

Thanks,

Craig

innovate

Lloyds_Bank wrote: »

Hi simreb,

From time to time, when the opportunity arises, we'll check that we hold correct information for you, including salary/income details. This is a regulatory requirement that all banks must meet and is supported by the Government and the Financial Conduct Authority (FCA). It will also help to protect you against fraud and identity theft.

Hope this helps,

Craig

This is interesting. Could you please post further details (references, links) to where the Government say we should give banks salary/income details when we want to open a current account? What precisely are the regulatory requirements for the data? Do you check with employers / DWP that you are being given the correct salaries pensions?

HUDengineer

Am I being unduly cautious to question whether the 4% is earned on any part of the balance if the total balance exceeds £5,000? For example, if I kept the balance at an average of £6000, and it occasionally dipped below £5,000 would I only then earn any interest?

I currently have a Classic Vantage account which does pay interest on the first £5,000 and nothing on the part of the balance above £5,000. One big attraction of my Classic Vantage for me is that I can have a cashpoint card without it being a Debit Card, and anyone who has ever seen their Debit Card fraudulantly used to interrupt normal life will tell you that you may get your money back in the end, but it is far from a pain free experience. Any ideas whether I can have the same restricted facility on the Club Lloyds?

Lloyds_Bank

HUDengineer wrote: »

Am I being unduly cautious to question whether the 4% is earned on any part of the balance if the total balance exceeds £5,000? For example, if I kept the balance at an average of £6000, and it occasionally dipped below £5,000 would I only then earn any interest?

I currently have a Classic Vantage account which does pay interest on the first £5,000 and nothing on the part of the balance above £5,000. One big attraction of my Classic Vantage for me is that I can have a cashpoint card without it being a Debit Card, and anyone who has ever seen their Debit Card fraudulantly used to interrupt normal life will tell you that you may get your money back in the end, but it is far from a pain free experience. Any ideas whether I can have the same restricted facility on the Club Lloyds?

Hi HUDengineer,

If you have a balance of £6,000 in a Club Lloyds account, credit interest will be earned on £5,000 (providing you meet the Direct Debit criteria). You just wouldn't earn credit interest on the remaining £1,000.

Concerning cards for the account, if you don't want a debit card then you can change to a Cashpoint card if you wish.

Hope this helps,

Craig

drlabman

I'm thinking of upgrading one of my Classic Vantage accounts to Club Lloyds. I don't have any DDs on the CV account at the moment but I've just added two (one Tesco and one PO savings), both to start on 1st July. Does anyone know when I should upgrade the account? Because there'll only be a part of June remaining, I'm wondering whether I'd need to transfer in £1500 before the end of the month, and whether I'll get penalised because the DDs won't go out until July. Anyone know?

Update: I see from the T&Cs that you don't get penalised if you open/upgrade part way through the month and don't pay in £1500. It doesn't say what happens to the interest from the CV account for the first part of the month, or whether they pay interest for the remainder of the month, when it's a Club Lloyds account, if the DDs don't start until the following month.

Lloyds_Bank

drlabman wrote: »

I'm thinking of upgrading one of my Classic Vantage accounts to Club Lloyds. I don't have any DDs on the CV account at the moment but I've just added two (one Tesco and one PO savings), both to start on 1st July. Does anyone know when I should upgrade the account? Because there'll only be a part of June remaining, I'm wondering whether I'd need to transfer in £1500 before the end of the month, and whether I'll get penalised because the DDs won't go out until July. Anyone know?

Update: I see from the T&Cs that you don't get penalised if you open/upgrade part way through the month and don't pay in £1500. It doesn't say what happens to the interest from the CV account for the first part of the month, or whether they pay interest for the remainder of the month, when it's a Club Lloyds account, if the DDs don't start until the following month.

Hi drlabman,

You would earn the Vantage credit interest (providing you meet the criteria) up until the date in June your account was converted to Club Lloyds. With regard to interest after that, you would earn the Club Lloyds rate of credit interest up until the end of this month, even though your two Direct Debits wouldn't be going out until July.

Hope this info helps,

Craig

johnsusan

Hope someone can help. I have received my vouchers from Club Lloyd's. How much credit do they give me against a live performance event? I am looking at a Met opera performance instead of a standard cinema viewing. Also can I do this online?

Thanks

Hominu

johnsusan wrote: »

Hope someone can help. I have received my vouchers from Club Lloyd's. How much credit do they give me against a live performance event? I am looking at a Met opera performance instead of a standard cinema viewing. Also can I do this online?

Sorry, I don't understand? The vouchers clearly state they only apply to Vue Cinema's and only credit for the price of a single 2D admission ticket and only when booked in person (ie, they can't be used online)