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Anyone opened a Club Lloyds account last year?
andromedean
Posts: 1,774 Forumite
How much interest were they paying then? As far as I can tell they are supposed to be paying 2% now, although I can't imagine opening it for that little. I've kept 5k in my account and 1.5k turnover a month but I can't see any interest. Do they pay out once a year or something?
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club lloyds pays interest every month to the account0
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It was 4% AER last year.
Have you been paying 2 separate DDs each month? I'm guessing not.0 -
That might explain it, because there is only one out and one in each month. However, they did pay interest in the first month only like that, so I may have assumed it to be OK for further months. Anyway if its been reduced from 4% to 2% it's not worth it anyway now.0
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andromedean wrote: »That might explain it, because there is only one out and one in each month. However, they did pay interest in the first month only like that, so I may have assumed it to be OK for further months. Anyway if its been reduced from 4% to 2% it's not worth it anyway now.
Never worth it if you don't read the T& C's.
This stuff is really straightforward, no real effort required to make the most of these accounts
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I've got the Club Lloyd's Monthly Saver running at 3% and some cinema tickets so I'll keep mine going for now. The credit balance has been transferred to BOS though.0
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I think you'll find the one in isn't a direct debit at all but probably a standing order!andromedean wrote: »That might explain it, because there is only one out and one in each month.
Many such arrangements have an initial grace period where they effectively assume that you will get round to complying even if you haven't done so by the time of the first month-end.andromedean wrote: »However, they did pay interest in the first month only like that, so I may have assumed it to be OK for further months.0 -
You could have been getting about £16 per month; now it's about £8 per month, if you have 2 direct debits going out each month.andromedean wrote: »How much interest were they paying then?0 -
2% is greater than <2%.
Where are you shifting the money to?0 -
At least you have been avoiding the £5 monthly fee by depositing enough each month.butterfly )i(0
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