Lloyds Club saver

carlsagen

Hi all.

Myself and the wife both have lloyds accounts. She upgraded to club for free as more than the 1500 minimum goes in each month and got the free cinema tickets.

I thought id take a look as i wanted a savings account. With lloyds club you get 4% on the club saver so I upgraded to club and opened the account.

When I upgraded to club, it said I had two accounts eligible the other being our joint account. However the money that goes into this is from our current accounts (internal xfer) which confused me. If i upgraded our joint account could I open a second club saver?

Katiehound

From key features of Club Lloyds regular monthly saver on line it states:

"You can only have one Account in either your sole name or held jointly."

jennifernil

You can have a sole Club Lloyds and a joint, so 3 between you and your wife, paying up to 4% on up to £5k.

To get the interest you need to pay in £1500 per month and have 2 DDs paid out each month.

Then there is the Club Lloyds monthly saver that you can pay £400 per month into, this also pays 4%.

You can have one and your wife can have one, you cannot also have a joint one.

carlsagen

Yes its the 4% one i was looking at. with a max of £400 a month. We both have one. If we cannot have three then i guess there is no point upgrading that account to a club too... other than to take advantage of the cinema tickets etc.

bigadaj

carlsagen wrote: »

Yes its the 4% one i was looking at. with a max of £400 a month. We both have one. If we cannot have three then i guess there is no point upgrading that account to a club too... other than to take advantage of the cinema tickets etc.

You'll still get interest on the club account if you can fund it and meet the pay in and direct debit requirements.

Kernel_Sanders

bigadaj wrote: »

You'll still get interest on the club account if you can fund it and meet the pay in and direct debit requirements.

You don't need to fund it to get the interest; that merely waives the account fee.

bigadaj

Kernel_Sanders wrote: »

You don't need to fund it to get the interest; that merely waives the account fee.

So you can fund it and get your £5 back, or not and dramatically reduce the effective rate of interest.

You can do what you want, I know what I'm doing.

ChuckMountain

There are two different accounts here the Club Lloyds Current Account and the Club Lloyds Regular Saver.

Only the current account gives free cinema tickets (or magazine\restaurant discount) and as jennifernil says you can have 3 between 2 of you joint + 2 x sole which will qualify you for 3 rewards so potentially 18 tickets in total. You then have to make sure you don't pay the £5 fee though or it would have been cheaper just to buy the tickets.

steve65e

Or you could have just a joint Club Lloyds, and both have a Club monthly saver

Kernel_Sanders

bigadaj wrote: »

So you can fund it and get your £5 back, or not and dramatically reduce the effective rate of interest.

You can do what you want, I know what I'm doing.

There's no need for that attitude. If I had inadvertently misled someone new to this game and you had put me right, you'd have received a thanks instead of a rebuke.

bigadaj

Kernel_Sanders wrote: »

There's no need for that attitude. If I had inadvertently misled someone new to this game and you had put me right, you'd have received a thanks instead of a rebuke.

Reciprocal pedantry isn't a problem, don't be so touchy.

I'd prefer to be misled into saving £5 a month than not, you seem very self conscious about receiving thanks as well, maybe look for that in real life rather than on an internet forum.