Club Lloyds and Halifax Current Accounts

AndyMOT

Good Afternoon

I am currently with firstdirect and am taking advantage of the 6% regular saver (due to mature in May) and I am thinking of switching to one of the other current accounts out there.

The 2 accounts I am considering are:

a. Club Lloyds - offering 4% interest on balances up to £5,000 (which I will use) as well as granting access to a 4% regular saver (which I will also use). Which will earn around £160+ interest combined in a year's time.

b. Halifax - offering £125 to switch plus £5 a month in-credit interest. I treat this as £185 'interest' plus the ability to save that additional £5,000 elsewhere.

It might appear a no-brainer to open the Halifax account as I will be able to earn more interest, however, the major downside is the lack of access to a decent regular saver which I would get with the Club Lloyds account.

My questions are:

a. Can I operate both accounts moving money around the accounts to stay within the terms and take advantage of both offers?

b. Which account would I better off with?

c. Is there any better options which I do not appear to be considering.

I'd be grateful for your thoughts.

AndyMOT

Paully232000

https://forums.moneysavingexpert.com/discussion/5005862

this is a good thread to start looking at current accounts

colsten

You can open another Regular Saver at FD as soon as your current one has matured. Of course you can also open / switch to one or more other current currents, alongside keeping your FD account and access to their 6% regular saver.

In case you are unaware: HSBC and M&S do 6% regular savers too