Changing the main bank account

grumbler

I just misunderstood that "5 zero" was the balance, not the interest rate.
5% on a limited balance was a norm for some Lloyds current accounts, but 4% on savings was really good.

grumbler

andreauk2009 wrote: »

So does opening a new account and using the transfer service implies to close the old one, or do the new bank just take care of moving all outbound standing orders?

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pmjenkins

andreauk2009 wrote: »

The biggest problem in doing this is the Lloyds web interface that is absolutely rubbish. They don't allow more than 3 months exports, results are paginated and they don't generate PDF.

I agree Lloyds don't make it easy to archive statements. I have a PDF printer driver ("PrimoPDF") installed. When I "print" a statement page I get a PDF file. By clicking Previous, Print, Previous, Print you could archive your statements fairly easily.

Archi_Bald

I don't know what your "most recent letter" from Lloyds says but I am stunned that you would not consider the Club Lloyds account as your main account if you are already a Lloyds customer. The Club Lloyds is one of the best accounts in the market, at least in terms of interest rates.

If you have more than £5K to keep in cash, you could easily "park" that money in other current accounts. Lots of people are doing this.

Moving your current account to another bank doesn't need to involve closing your existing account. You can just open a current account elsewhere and move your incoming and outgoing payments yourself.

Archi_Bald

grumbler wrote: »

I just misunderstood that "5 zero" was the balance, not the interest rate.
5% on a limited balance was a norm for some Lloyds current accounts, but 4% on savings was really good.

Lloyds haven't been paying 5% on current accounts for very many years. Vantage rates were 4% for a year in 2012/13. 4% on savings accounts was a rate available a few years ago for fixed-term savings.

The OP might have been given the impression that she got personalised rates but I am certain that there is no such thing.

grumbler

Yes, my memory failed me

badger09

Archi_Bald wrote: »

Lloyds haven't been paying 5% on current accounts for very many years. Vantage rates were 4% for a year in 2012/13. 4% on savings accounts was a rate available a few years ago for fixed-term savings.

The OP might have been given the impression that she got personalised rates but I am certain that there is no such thing.

Which is why I asked about the balance involved and interest rate negotiated :cool:

I'm sure some lottery winners, footballers and slebs:p are able to negotiate personal interest rates, but we mere mortals have to keep playing the current account monthly shuffle game :rotfl:

innovate

badger09 wrote: »

I'm sure some lottery winners, footballers and slebs:p are able to negotiate personal interest rates

LOL, picture the scene: celeb walks into Lloyds branch, shows their bling, gets offered a savings account with personalised rate, then rocks up at MSE and asks where you can get better interest rates. Such a likely story.

I don't doubt banks will go out of their way to offer you deals if you are ready to put down a couple of mills or so, but it won't be savings, it will be investments.

Lansdowne

All of which is irrelevant to the question. Yes you absolutely must download your account history before you close the account. Although I don't know about Lloyds specifically, in my experience the online history disappears when the account closes, even in some cases if you still have another account with the institution.

innovate

As has been said before, just don't close your old main account and you don't lose any history.

Having said this, I don't understand why umpteen months of statements of a simple current account should suddenly become important if no more than 3 months of current account statements were important before?