Club Lloyds Condition

andrew.77

Hello,

I am looking at upgrading my Lloyds Vantage current account to a Club Lloyds one, but one of the conditions is that you must pay in at least £1,500 to the account each month to waive the £5 fee.

My question is this. Can I setup a standing order from a savings account with the same bank to cover this condition and avoid the fee? or does this money need to be from wages or similar?

Thanks in advance!

Andrew.

Ed-1

andrew.77 wrote: »

Hello,

I am looking at upgrading my Lloyds Vantage current account to a Club Lloyds one, but one of the conditions is that you must pay in at least £1,500 to the account each month to waive the £5 fee.

My question is this. Can I setup a standing order from a savings account with the same bank to cover this condition and avoid the fee? or does this money need to be from wages or similar?

Thanks in advance!

Andrew.

Any money credited to the account totalling £1500 in the monthly billing period (2nd working day of month A -> 1st working day of month will satisfy the condition.

YorkshireBoy

Ed-1 wrote: »

Any money credited to the account totalling £1500 in the monthly billing period (2nd working day of month A -> 1st working day of month will satisfy the condition.

The monthly funding requirement is per calendar month.

Ed-1

YorkshireBoy wrote: »

The monthly funding requirement is per calendar month.

Trust me: it works if you pay it in on the last day of the monthly billing period and doesn't work for the following monthly billing period if you pay it in e.g. on the 1st of the month and that day was in the last monthly billing period - same for the Halifax rewards. The terms and conditions really need amending to reflect this.

jonesMUFCforever

You cannot set up a standing order on a savings account - but you can manually move funds across and back again.

Consumerist

andrew.77 wrote: »

I am looking at upgrading my Lloyds Vantage current account to a Club Lloyds one, but one of the conditions is that you must pay in at least £1,500 to the account each month to waive the £5 fee.

My question is this. Can I set up a standing order from a savings account with the same bank to cover this condition and avoid the fee? or does this money need to be from wages or similar? .

As said earlier, you can't normally set up a standing order from a savings account but a workaround is to keep the Vantage account and open a Club Lloyds account separately (i.e. don't upgrade the Vantage, just keep it).

This way you can exchange SOs between the two current accounts. You can transfer the £1,500 from the Club Lloyds account and back again on the same day. If your balance is below £1,500 then split the amount between two or more SOs monthly.

Hope this helps.

YorkshireBoy

Ed-1 wrote: »

Trust me:

I'm sure you're genuine, but I'll stick to the T&Cs thanks...and would suggest others do the same.

Ed-1

YorkshireBoy wrote: »

I'm sure you're genuine, but I'll stick to the T&Cs thanks...and would suggest others do the same.

Of course you should. But I'm warning people that their systems aren't enforcing them in the way they should be. They recognise monthly billing periods, not calendar months and it'd be hassle to take a complaint up with Lloyds and co to get them to honour the terms as they are written if the system doesn't credit the interest.

To be safe: work to monthly billing periods but stay within the calendar month (i.e. wait until after the 1st working day of the month to credit the requirements) but conversely, all is not lost if you miss the calendar month but are still within the monthly billing period as their systems will still credit the interest.

zerog

Ed-1 wrote: »

Of course you should. But I'm warning people that their systems aren't enforcing them in the way they should be. They recognise monthly billing periods, not calendar months and it'd be hassle to take a complaint up with Lloyds and co to get them to honour the terms as they are written if the system doesn't credit the interest.

To be safe: work to monthly billing periods but stay within the calendar month (i.e. wait until after the 1st working day of the month to credit the requirements) but conversely, all is not lost if you miss the calendar month but are still within the monthly billing period as their systems will still credit the interest.

You are correct, and this is why I have 2 DDs coming out (if required) and money going in to my Lloyds Group accounts on the 7th of each month, despite usually having met the T&C requirements within several minutes of the month starting.

Tigeremz

zerog wrote: »

You are correct, and this is why I have 2 DDs coming out (if required) and money going in to my Lloyds Group accounts on the 7th of each month, despite usually having met the T&C requirements within several minutes of the month starting.

Hello, I agree, do be careful!

I have just spent 49 minutes on the phone to Lloyds as my wages were a day late going into my account and I got charged the £5 fee for the club lloyds. I explained that this delay was unusual and I wasn't aware that this would create the £5 charge. Lloyds put me through to the mis-selling team who took 45 mins to find out that as I applied on line for the club Lloyds, I am to blame for not reading the T&Cs fully and that there was nothing they could do.

I asked to close the club Lloyds membership and they said that I had to do this in branch so I now have to go into a bank to do this!

When I said that keeping me on hold for that long was poor customer service the woman got shirty and started saying that she had tried to help me, never once apologising for the time taken!

Sorry folks but please be warned, do not expect any sympathy or leeway with Lloyds, I will be closing my account and going elsewhere where they look after their customers!

PeacefulWaters

Tigeremz wrote: »

Sorry folks but please be warned, do not expect any sympathy or leeway with Lloyds, I will be closing my account and going elsewhere where they look after their customers!

If you're getting 4% interest don't cut off your nose to spite your face.

Take your salary elsewhere but leave a couple of direct debits in place. Once a month shift enough into the account to meet the funding requirements and direct debits and then send £1,500 straight back to where it came from.

(out of interest, what triggered them to put you through to the mis-selling team?)