Club Lloyds monthly fee - confused when it will be taken

book12

Two queries regarding Club Lloyds:

1. Rearding the Club Lloyds monthly fee, no matter when the account was opened, the fee will be taken on the second working day of the month?
For example, if I opened the account on 10 Jan and put £1500 straight away, then the £5 will be taken and waived on 2 Feb (second working day of the month)? Monthly fee will be taken on the second working day of the month for the foreseeable future?

I have read the T&C's and I'm still confused.

2. I don't have any direct debits on the account, as I have them on other accounts and don't want to move it to this one, so won't get any interest on my balanace, which I don't mind. That means I won't have any direct debits on my account. Is this allowed/ok, or am I breaking the T&C's for not having direct debits on the account?

GingerFurball_2

1. Charges and interest are applied at the very end of the 1st working day of the month. The fee is usually debited and re-credited 2 days after that (there's about an hour's difference so don't panic if you've met the criteria and you've been charged.)

2. You don't have to have DDs on the account, it just means you don't get interest.

badger09

OP

I'm not sure what you want the Club Lloyds account, if not for the 4% interest:o but why don't you set up a couple of DDs so you can get the interest?

Have a read around the forum; there are lots of threads about 'easy' DDs;)

Katiehound

Not much point having a Club Lloyds if you don't get the interest! The lifestyle rewards aren't that great (Don't get me wrong I like my free magazine.)
As previous poster says there are very easy ways to create DDs, even be generous to your favourite charity.