5% Savings Loophole

RateHunter

It would appear when looking at the Terms for opening accounts in Club Lloyds, whilst I am happy to set up two D/D's in each of the accounts ( 1 Single & 1 Joint), you also have to agree to complete a 'Switcher Application' to switch your account to Lloyds. That probably rules it out for me as have already switched a number of D/D's to a newly opened Santander a/c.
Does anyone know if this is compulsory or any way around it? Thanks

colsten

RateHunter wrote: »

It would appear when looking at the Terms for opening accounts in Club Lloyds....... you also have to agree to complete a 'Switcher Application' to switch your account to Lloyds.

Can you please post the clause that says you need to switch?

berbatov10

Hi in answer to Jimjames no Iam not requesting an overdraft, its purely a vehicle for placing cash and a better interest rate

RateHunter

colsten wrote: »

Can you please post the clause that says you need to switch?

Hi Colsten
The clause is....*Account opening is subject to our assessment of your circumstances. You must be 18 or over.... To be eligible for the interest and fee free offer you must be accepted for a Planned Overdraft on your Lloyds Bank account, have not had the offer in the last 12 months on your account, and complete a switcher application to switch your account to Lloyds Bank.

It's the last sentence that I'm referring to?

colsten

RateHunter wrote: »

Hi Colsten
The clause is....*Account opening is subject to our assessment of your circumstances. You must be 18 or over.... To be eligible for the interest and fee free offer you must be accepted for a Planned Overdraft on your Lloyds Bank account, have not had the offer in the last 12 months on your account, and complete a switcher application to switch your account to Lloyds Bank.

It's the last sentence that I'm referring to?

What is the offer? Link to the terms?

masonic

colsten wrote: »

What is the offer? Link to the terms?

"the offer" is that they will "arrange an interest and fee-free Planned Overdraft for 3 months (subject to application and approval) *" if you use their switching service. Seems to apply only to the Classic account, not Club Lloyds. The footnote appears on all pages in the section, but the asterisk denoting this condition only appears in the quoted offer on the Classic account page.

http://www.lloydsbank.com/current-accounts/classic-account.asp#acc-switching-made-easy

RateHunter

Hi Colsten

colsten wrote: »

What is the offer? Link to the terms?

This site has prevented me from posting the link but it can be accessed from the original 5% savings loophole thread from MoneySavingsExpert - the terms are at the bottom. (I'll try with v instead of w- just replace the vv with a w)
vvvvvv.lloydsbank.com/current-accounts/club-lloyds.asp?WT.mc_id=108603145|281858210|0

The offer is for the main Club Lloyds Current Account - see below
CLUB LLOYDS CURRENT ACCOUNT

• Earn up to 4% AER variable credit interest, if you pay two separate Direct Debits each month.
• Choose from a great selection of lifestyle benefits.
• Access to exclusive offers on other Lloyds Bank products.

Get all this for free if you pay in £1,500 a month, otherwise the account costs just £5 per month.

Hope this is what you meant - Apologies if I'm being dull here

masonic

RateHunter wrote: »

The offer is for the main Club Lloyds Current Account - see below

As I mentioned above, that footnote carries an asterisk, meaning that it specifically refers a something asterisked in the main text. Which I believe is the part in the link I posted above and has nothing to do with Club Lloyds.

Edit: Full T&Cs here if you need that to convince yourself that footnote does not appear.

colsten

Summary as of now: No bonus payments for switching to the Club Lloyds account. But you can switch to it if you want to and if Lloyds accept your application. Other banks may have better offers.

shangaijimmy

For those with multiple Halifax rewards accounts am I correct that we can have 1joint and 1 sole account each? Then for the £750 a month pay in we can transfer between each so - main current to Halifax sole 1 to halifax joint to Halifax sole 2 then back to main current?