Club Lloyds - interest

pearl123

Anybody still waiting for their interest to go in. I thought it was supposed to be in by the 2nd of the month?


I paid in £1500.

Archi_Bald

Interest has been paid for May today. If your account qualifies, they always pay on the 2nd working day of a month. Did you have your 2 DDs paying out last month?

pearl123

Thanks for mentioning the direct debits. It looks like the automatic credit card debit has not gone through. Not good news.

pearl123

Ok I've worked it out. I was credited so much money back on my credit card that they did not need to take the direct debit! So now I will earn no interest and pay the fee this month at Lloyds.
That's a first. Shame. Oh well.
Thanks for your help Archie Bald. It would have taken me much longer to work it out without your assistance.

PeacefulWaters

The £5 monthly fee is waived as long as you credited the £1,500. No direct debit implications for that.

As long as you pay in £1,500 or more into your account each calendar month, we will waive the £5 Club Lloyds monthly fee.
If in any month you don't pay in this amount, you will need to pay the fee.

Archi_Bald

You shouldn't need to pay any fee since you have paid in the £1,500 - the only condition for the waiver of the fee.

Bit of a bummer with your credit card DD. If there's a chance of this happening again, why not do what many others do and just use a couple of Tesco savings accounts for the DDs?

pearl123

I think it was a bit of a fluke this occurrence this month but I will consider a Tesco savings account.

VT82

Quick question for the pro's:

I've had a couple of Tesco DD's cancelled by Lloyds because they were inactive (I'd set them up so that they counted towards my 2 DD's, but for an amount of £0). Cost me about £15 on my Club Lloyds account d'oh!

Lloyds have said they can't re-activate them, even though Tesco think they're still OK as they've been trying to take them since April but they've been rejected. Is there a way to set them up online again on the Tesco website? If so, I can't see where. I've already been on the phone to Lloyds for 20 minutes, and don't really want to do the same with Tesco.

Thanks in advance.

eskbanker

Maybe worth trying again via the Tesco website - I opened a Club Lloyds account last month and set up DDs from two Tesco accounts, but one worked and the other didn't! I can't recall the reason given in a letter I got from Tesco but have tried again to set it up and it seems to have worked so far (it's showing in Lloyds online banking but the first payment isn't due yet, given the lengthy lead time Tesco insist on). Slightly different scenario for you but if you cancel the account linking within Tesco ('move money in' section) and recreate it from scratch, that should re-initiate new DDs.

VT82

Thanks. I hadn't tried the 'Move Money In', I was just looking around the 'Manage Your Accounts' areas. That was very easy when you know where it is!