Top Bank Accounts Discussion Area

Consumerist

I see that Club Lloyds in-credit interest rates are changing from 1 Oct 2020: 0.6% pa on £1 - £4k plus 1.5% pa on £4k - £5k balances.

It was bound to happen sooner or later.

schiff

That's grim. 0.78% on £5000. Little better than Santander's impending rate.

wmb194

Consumerist said:

I see that Club Lloyds in-credit interest rates are changing from 1 Oct 2020: 0.6% pa on £1 - £4k plus 1.5% pa on £4k - £5k balances.

It was bound to happen sooner or later.

Same goes for the BoS Vantage account as well.
https://www.bankofscotland.co.uk/bankaccounts/vantage.html

polymaff

A good thing that LBG isn't too tightly integrated.  Halifax paid out its first monthly £5 on a minimal balance Reward account, with no Direct Debit requirement,  this morning - and they've stated that that figure is guaranteed for 12 payments.

paulyuk6

Getting back my original comment.   The point is that Lloyds are happy to spending £millions, if not 10s of £millions to promote themselves. Yet their savers are languishing with pathetic, nay insulting, savings rates.   That is why I resent every penny they spend on the adverts I see every single day. 

polymaff

paulyuk6 said:

lhsecons said:

paulyuk6 said:

I'm sure we all appreciate Lloyds Bank's lavish TV advertising campaigns featuring beautiful wild horses, stunning landscapes and carefully selected emotional music.
But here is a little thought for you, Lloyds Bank - How about you dismiss the expensive advertising agency, fire your marketing team and cancel all planned future campaigns. Then use the millions of Pounds you waste on making you feel good about yourselves to pay your savers a DECENT rate of interest?    See, it's not that difficult!!

I resent every penny that Lloyds spends that isn't going into my account and millions like me.

regards

Mrs. Sarah Dolland

Mill Road, Cambridge

I don’t really understand this. Currently all interest rates are very low, as is inflation.  However of the large banks Lloyds seems to have more opportunities for sizeable interest than the others. You can get 1.2% on £5000 in a Club Lloyds account along with a regular saver paying 2.0% on up to £400 a month and another paying 1.5% on £250 a month. Compared to virtually nothing from NatWest or Barclays and a good but small regular saver from HSBC that seems pretty reasonable.

I think those deals are long gone.   I'm getting something like 0.03% on my various Lloyds accounts.   One by one, Lloyds have gradually reduced any worthwhile deals. Plus their Club Lloyds account is costing me something like £7.50 a month just to use the account.  Which is waaaay less than any interest I earn from it.  So it is actually costing me money just to keep an account open with Lloyds!

You're new to MSE. Your earliest post was just a rant. By getting your facts wrong you wasted the repliers' time. Your latest is also a rant.  MSE is for sharing knowledge - not rants.

Consumerist

polymaff said:

A good thing that LBG isn't too tightly integrated.  Halifax paid out its first monthly £5 on a minimal balance Reward account, with no Direct Debit requirement,  this morning - and they've stated that that figure is guaranteed for 12 payments.

Yes, I was sorely tempted to apply to retain the reward element of their Reward account but, in the current circumstances, I didn't want to effectively tie up another £5k for the next year. Unfortunately, I'm not in a position to regard £5k as "minimal".

colsten

Consumerist said:

polymaff said:

A good thing that LBG isn't too tightly integrated.  Halifax paid out its first monthly £5 on a minimal balance Reward account, with no Direct Debit requirement,  this morning - and they've stated that that figure is guaranteed for 12 payments.

Yes, I was sorely tempted to apply to retain the reward element of their Reward account but, in the current circumstances, I didn't want to effectively tie up another £5k for the next year. Unfortunately, I'm not in a position to regard £5k as "minimal".

There is no need to tie up even a penny.

polymaff

Precisely, colsten.

My use of the word minimal was precise and correct, Consumerist. Not a penny needs to be left in the account.

The £5k route is a mug's game but the Debit Card route and an NS&I Income Bond were tailor-made for each other. ...

Consumerist

Oh, I thought your daily balance needed to be £5k minimum to get the £5 benefit. Did I get that wrong?

Edit

OK, I missed colsten's post (previous page). I don't use debit cards for purchases, only credit cards.