Your emptied Club Lloyds account still needs funding

Kernel_Sanders

If, like me, you shifted all your 1.5% savings into Marcus, then you probably left the old accounts in a dormant state in case circumstances change in the future. Well, (not 'So,') the banks won't be treating them as dormant so you need to continue funding to avoid the monthly fee. I think there might be some who haven't realised, and I did intend to do this thread at the weekend.

colsten

There's no fee on BoS current accounts.

You are correct about the Club Lloyds.

Always good to know what the T&Cs are.

Breadcake

OP: misleading regarding BoS.
The only penalty for no longer meeting Bank of Scotland’s criteria is no interest in that month on any balance left in the account.

eskbanker

Kernel_Sanders wrote: »

If, like me, you shifted all your 1.5% savings into Marcus, then you probably left the old accounts in a dormant state in case circumstances change in the future. Well, (not 'So,') the banks won't be treating them as dormant so you need to continue funding to avoid the monthly fee. I think there might be some who haven't realised, and I did intend to do this thread at the weekend.

Are you seriously suggesting that simply because you cleared down all or most of the balance in a current account and didn't pay in for a few weeks, you thought a bank would unilaterally declare the account as dormant and stop charging a monthly fee?!

Terry_Towelling

eskbanker wrote: »

Are you seriously suggesting that simply because you cleared down all or most of the balance in a current account and didn't pay in for a few weeks, you thought a bank would unilaterally declare the account as dormant and stop charging a monthly fee?!

I don't think OP meant that. OP implied the account holders might view their accounts as dormant but stated that the banks wouldn't.

djpailo

eskbanker wrote: »

Are you seriously suggesting that simply because you cleared down all or most of the balance in a current account and didn't pay in for a few weeks, you thought a bank would unilaterally declare the account as dormant and stop charging a monthly fee?!

The OP is just reminding people to pay the monthly pay in to avoid the fee.

Kernel_Sanders

Thanks, I always thought BoS just had the same fee but didn't bother with the charged/refunded entries on their statements.

eskbanker wrote: »

Are you seriously suggesting that simply because you cleared down all or most of the balance in a current account and didn't pay in for a few weeks, you thought a bank would unilaterally declare the account as dormant and stop charging a monthly fee?!

I think the OP implies the opposite.

etienneg

As a matter of interest (pun not intended!), could I ask why you have emptied these accounts?

Now there is Marcus with the same interest rate, I understand why you wouldn't want to open such current accounts.

I would also understand if you had them and were intending to simplify things by transferring the balances to Marcus and closing them.

But you seem to be keeping them open but empty, and I don't understand why. My only thought was that maybe you were keeping them for possible switching bonuses, but then wouldn't you want to keep the direct debits in place which means keeping a balance of some kind? You don't get any more interest with Marcus, so why not just leave them as they were and use Marcus for any additional funds?

Or maybe I'm missing something?

colsten

Kernel_Sanders wrote: »

Thanks, I always thought BoS just had the same fee but didn't bother with the charged/refunded entries on their statements.

You are over- or under-thinking. Banks are charging as per their T&Cs. We'd go ape if they did anything else, and rightly so.

YorkshireBoy

etienneg wrote: »

Or maybe I'm missing something?

Possibly this from the OP?...

in case circumstances change in the future

...ie the Marcus rate falls or the Lloyds/BoS rates increase.

And of course it's entirely possible that BoS could stipulate one account per person for any new customers.

Having said that, I have done as you have suggested and kept my Lloyds & BoS accounts fairly full as they're to be used should there be a problem funding Santander Lite from Marcus ready to supply the regular savers on the 1st of the month. However, I was pleased to see my first large (just under £5K) Marcus -> Lite transfer happen almost instantaneously yesterday.

deadendwaterfall

colsten wrote: »

You are over- or under-thinking. Banks are charging as per their T&Cs. We'd go ape if they did anything else, and rightly so.

Amazing, you have resolve I didn't credit you for.