Lloyds Club current account - opinions?

shineon_2

Hi all. I'm starting a new job, ironically with Lloyds Banking, and needing to open up a new bank account with Lloyds banking. Right now - i've had my eye on the Club Lloyds current account because it's got a decent enough interest rate which i'd be happy with since i doubt i will go over the £5000 cap.

My current wage would cover the asking pay of £1500 every month so i'm ok with that, and I will have 2 direct debits (maybe more) coming out each month so i'm covered in that aspect.

I just want opinions from people who have this current account. Is this current account good or not worth signing up for?

dr_adidas01

When you join Lloyds Banking isn't it usual for them to open an account for you to have your wages paid into it, as they like to pay salary's in to accounts owned by them?

I know with most other banks, employees have to have accounts with them to have their salary paid in to it.

What part of Lloyds Banking will you be working for? I would be surprised if they didn't open an account for you.

If you do have the choice of what account to open then the club one would be a good choice.

GingerFurball_2

shineon wrote: »

Hi all. I'm starting a new job, ironically with Lloyds Banking, and needing to open up a new bank account with Lloyds banking. Right now - i've had my eye on the Club Lloyds current account because it's got a decent enough interest rate which i'd be happy with since i doubt i will go over the £5000 cap.

My current wage would cover the asking pay of £1500 every month so i'm ok with that, and I will have 2 direct debits (maybe more) coming out each month so i'm covered in that aspect.

I just want opinions from people who have this current account. Is this current account good or not worth signing up for?

If you're a staff member then you only need to pay in £500 a month to get the £5 monthly fee waived.

tommybuk

I was also considering upgrading to the Club Lloyds from my classic vantage.


I would cover the criteria to be fee free.


My only concern is that they would charge a fee some time in the future. This has already happened to me with a current account when the bank was just TSB.


Tommy

YorkshireBoy

tommybuk wrote: »

My only concern is that they would charge a fee some time in the future. This has already happened to me with a current account when the bank was just TSB.

If they do, you move your account elsewhere. Simple. But in the meantime you make hay while the sun shines!

Steve_xx

shineon wrote: »

Hi all. I'm starting a new job, ironically with Lloyds Banking, and needing to open up a new bank account with Lloyds banking. Right now - i've had my eye on the Club Lloyds current account because it's got a decent enough interest rate which i'd be happy with since i doubt i will go over the £5000 cap.

My current wage would cover the asking pay of £1500 every month so i'm ok with that, and I will have 2 direct debits (maybe more) coming out each month so i'm covered in that aspect.

I just want opinions from people who have this current account. Is this current account good or not worth signing up for?

The account is just fine and as it comes with a free monthly magazine of your choice, membership of the Gourmet Society or half a dozen free cinema tickets per annum, plus paying interest of 4% on balances between 4 and 5k.


Or you could get 5% at the TSB if you had two Classic Plus current accounts with a 2k balance in each. No direct debits are required and you simply need to fund them with £500 a month each.

Bigtwin

If you work there, you might just get away without having to endure their truly awful customer "service" (look at their ratings on this site). In any other circumstances, my advice to anyone, having witnessed their free-fall in standards and performance over 20 years is simple: don't - life is just far too short to be with Lloyds.

Mr_Goodkat

Bigtwin wrote: »

If you work there, you might just get away without having to endure their truly awful customer "service" (look at their ratings on this site). In any other circumstances, my advice to anyone, having witnessed their free-fall in standards and performance over 20 years is simple: don't - life is just far too short to be with Lloyds.

How much 'customer service' do people experience with banks these days?


I do just about everything online, occasionally have to phone them and very, very occasionally have to go into branch.


Club Lloyds pays me 4% on £5k and before that were give me 3% on 3 x£5k with Vantage so fairly happy with them.


Maybe I have just fallen lucky but with 30+ current accounts, credit cards, mortgages, loans with numerous financial institutions over the years I have never had a single significant problem.

Gordon_the_Moron

Agree about their customer service being atrocious, that said if you don't want to deal with it, get a Santander 123 current account like I have, and open a Lloyds Club account, set up 2 of your direct debits on it and pay your salary into it. I then move all my salary out every pay day leaving £5000 in it. Maximum interest minimum contact with Lloyds

Mr_Goodkat

OP Club Lloyds is a good account with in credit interest and a lifestyle benefit.


As you are going to be an employee see what 'Staff Offers' they have available as you may be able to get packaged accounts for free or at significant discount.


A number of years ago I worked for RBS (pre crash) and as a staff member I had the Royalties Gold account, I think at the time it was meant to be something like £12.95 a month but this was provided FOC and had perks like interest free OD, Worldwide travel cover, breakdown cover, mobile phone insurance etc.


You will need to have a Lloyds account to receive your salary but if other banks offer you something better e.g. TSB will pay 5% on in credit interest up to £2000 and you can have two of these then nothing to stop you setting up an additional account elsewhere and moving the money after receiving it.

Joe_Bloggs

It should be noted that the Club Lloyds interest is tiered 1%,2%,4% for balances above £1, £2000, and £4000 respectively. The problem is the ceiling for the 4% rate is only £5000. Funds in excess of £5000 earn 0% interest.

If you can't keep the account between the £4000-£5000 sweet spot throughout the month then there is little point in having it given the flat 5% up to £2000, TSB alternative.

Either way it makes sense to have alternative bank accounts to sweep money to and from when required. So a lower interest paying account tops up the higher interest paying accounts to their maximum interest paying amount. Amounts beyond this maximum are swept back to lower interest paying accounts.

J_B.