Is it possible to have a Lloyds Cash Account + Club Lloyds account?

nowan

I was thinking about Lloyds, because I am already a customer. So I thought this could make things easier...

I do not know much about TSB,Tesco,Nationwide,BOS T&Cs, and what I need to qualify/be accepted, at the moment.

From what I read, Nationwide is better, but only for the first year. BOS looks interesting.

Marchitiello

I opened a cash account with Lloyds when I was a student (came with Visa Electron) to use a secondary accounts to move money around. I never actually used it as a proper account until 7 years later when they upgraded the account, gave me a visa debit card and £100 free overdraft.
I then recently converted this to a Club Lloyds account. This account does not get reported to the credit agencies, I suspect because it started life as a basic/cash account!

If I were you, I would convert that account to a club Lloyds (they should be able to upgrade it, without closing it and opening a new one) and then open a secondary account with a different bank.

Thanks to Faster Payment and Mobile banking, money can be transferred seamlessly across banks today and in addition you could have access to benefits from different accounts.

nowan

Any major advantage of upgrading it, instead of keeping the Cash Account as it is, and opening a different Club Lloyds Account?

I do not know if it will be reported to credit agencies, or how this could make a difference, right now.

Marchitiello

nowan wrote: »

Any major advantage of upgrading it, instead of keeping the Cash Account as it is, and opening a different Club Lloyds Account?

I do not know if it will be reported to credit agencies, or how this could make a difference, right now.

That if you want to operate two accounts it will open up to more benefits doing it with different banks.

There is not really a benefit in keeping the cash account either, is it?

Also, the Lloyds bank has been reported on this forum more and more for closing customer accounts all together. It is the one Bank with. Whom I would not want to have multiple accounts.

nowan

Thanks for telling me.

The one thing I really would like to have, on top of savings, is a very simple bank account for my daily /monthly expenses, that if by mistake/fraud/whatever gets a "rejected item" (payment), because there is not enough money in it, does not gives me any charge/fee. The Cash Account looked the closer thing to this, even though probably I would get charged.

So people reported their account/s being closed, even just for having Classic Account + ClubLloyds?

I prefer a "set up and forget it" approach, if possible, so ClubLloyds and BOS sound more interesting than Natwest, that gives a very good rate, but only for the first year.

jonesMUFCforever

nowan wrote: »

Sure jones.

Actually, I am thinking about this, because I have been asked by one of their employee, if I wanted to upgrade my Cash Account, to a Classic Account. I refused, because I did not see, and still do not see, any advantage, for me and my circumstances, to have a Classic Account, compared to "just" a Cash Account.

The Club Lloyds account, on the other hand, with some tweaks, could give me something.
Literally, the interests

Now, I have no idea if their credit score criteria for the Club Lloyds account are the same of the Classic Account. But, if I go to a bank branch they should know, or be able to find it out if I am eligible for that, or not.

If you have been approved to an upgrade to a classic account then adding club to it will not be a problem at all.
Can you upgrade the account online?

20aday

Looking at the Terms and Conditions for their Basic Account it says the following in regards to Account closures:

There are limited circumstances where we can close a Basic Account. We may decide to close your account if we become aware that you have:
• opened another payment account in the United Kingdom;

However the same Term is missing from the Cash Account welcome pack and whereas the same Term is used in the lengthy Ts and Cs there's no mention again of the Cash Account.

As Jones says are you able to upgrade online at all? If you don't qualify you'll be met with a message telling you you're unable to if not.

System

Surely, if you upgrade the cash account to Club Lloyds , it will not incur any fees as you have your savings in there?

nowan wrote: »

Thanks for telling me.

The one thing I really would like to have, on top of savings, is a very simple bank account for my daily /monthly expenses, that if by mistake/fraud/whatever gets a "rejected item" (payment), because there is not enough money in it, does not gives me any charge/fee. The Cash Account looked the closer thing to this, even though probably I would get charged.

So people reported their account/s being closed, even just for having Classic Account + ClubLloyds?

I prefer a "set up and forget it" approach, if possible, so ClubLloyds and BOS sound more interesting than Natwest, that gives a very good rate, but only for the first year.

redux

Heng_Leng wrote: »

Surely, if you upgrade the cash account to Club Lloyds , it will not incur any fees as you have your savings in there?

And it cuts out the need to remember to move money back and forth between 2 Lloyds accounts, and earns interest on all the available money.