Club Lloyds.......not quite goodbye

where_are_we

I am happy with Santander123 as the hub and the fee is more than paid for by DD cashback. £20K limit is useful with so many SO with a 2 day turn around and numerous regular savers going out. I find Santander`s web interface good for multiple transactions. You also qualify for their regular saver, alas down from 5% to 2.5%.

colsten

where_are_we wrote: »

I am happy with Santander123 as the hub and the fee is more than paid for by DD cashback. £20K limit is useful with so many SO with a 2 day turn around and numerous regular savers going out. I find Santander`s web interface good for multiple transactions. You also qualify for their regular saver, alas down from 5% to 2.5%.

It's clearly personal preference - for now, I do have a full fat 123 myself, and I will probably find it hard to downgrade it to a 123 Lite because the account has served me well for over 8 years now. However, I can make some £60+ a year more if I move my SOs to Al Rayan. I still get my cashback with the 123 Lite, and I still have access to the Santander Regular Saver. I'd just need to sort out what I do with all my DDs - it goes against the grain to keep any money in a current account that pays no interest. So I would probably move these to a TSB Plus account.

soulsaver

colsten wrote: »

It's clearly personal preference - for now, I do have a full fat 123 myself, and I will probably find it hard to downgrade it to a 123 Lite because the account has served me well for over 8 years now. However, I can make some £60+ a year more if I move my SOs to Al Rayan. I still get my cashback with the 123 Lite, and I still have access to the Santander Regular Saver. I'd just need to sort out what I do with all my DDs - it goes against the grain to keep any money in a current account that pays no interest. So I would probably move these to a TSB Plus account.

I'm in a similar position; I'm tempted to lite the 123 for continuation of the cashback but I'm tempted to also keep the SOs with that account and fund them as necessary.

Fortunately most of my 20+ are paid 2nd of the month, which could be just after external funding arrives from AR (or indeed any c. 1.5% or better ac with FP).


We have no track record for AR's variable rate stability so I'd be tempted to, at least initially, leave the SOs in place and avoid the possibility of needing to unpick 'em for a 2nd time in the light of a significant AR rate cut.

PS this is a fair way from the topic title...and maybe more use in the AR thread, or in its own 'alternative hub account'?

Yorkshire_Pud

Lloyds Club current account is now my main current account after making Santander 123 'lite'. I've now stopped opening any new regular savers unless they pay over 4% as at typical 2% interest its about £7 for the year over Marcus instant access and a RS at 2.5% £14 more.

Now put that money that would be used to fund RS's as a lump in a three year fixed rate, similar interest without the hassle of all the standing orders and worrying about keeping enough funds in an account to fund them all without the risk of the well running dry in the event of not being in a postion to top up funding accounts at various times (health reasons). Safe to do with a Santander 20k balance but not with a £5K Lloyds.

Sometimes think about having the full fat Santander again but wonder if once the dust has settled on the Lloyds reductions, Santander won't then reduce the 1.5% rate to 1.25% and then its back on the merry go round after lots of wasted time and effort trying to get the best rates.

bristolleedsfan

Yorkshire_Pud wrote: »

Now put that money that would be used to fund RS's as a lump in a three year fixed rate,

Snap :beer:

JustAnotherSaver

eskbanker wrote: »

Sounds like someone's taking the thread title just a bit too literally....

Not really. It sounds like someone is using this thread rather than creating a new thread as the OP mentioned cinema tickets so my question is on topic and relevant - due to my reply to the next quote...

Willing2Learn wrote: »

That's a strange question to ask. Is it hypothetical?

No, it's not.


My mother only has the one account with Lloyds & only ever has had. It was/is a joint account with my dad.

My dad died some years ago but my mother could never bring herself to remove him from the account. Even now, she doesn't want to.



A few years ago she changed her account to a Club Lloyds one & opted in to the cinema tickets offer but never received them.


As we logged in to her account they had her email address and if i remember correctly it was either her name or her phone number all wrong (in that they started it with a comma or something IIRC) so we wondered if that was the reason.
They posted out some cinema tickets and as it turned out they rectified the details they held on her but they never gave a reason as to why the issue arose.


The next years renewal date came and she didn't receive any tickets again. She gave up on it but about 9 months in to the 12 i contacted them for her & their response was basically that my dad is a named account holder and has died - and this is the reason they can't send out cinema tickets.


She must have asked Lloyds a question regarding the account and my dads death back when it happened & a marker must've been put on file.


I understand that most people would have their partner removed but my mother doesn't want to. I just thought it a strange T&C to implement. Like you said - it's a strange question so i wouldn't have thought they'd have created a T&C to cover this.



My wife and I have 2 solo accounts each and a joint account and receive 6 cinema tickets for each account. Ok the obvious difference is we're both alive but like i said, i would've thought it a strange T&C to write in.

eskbanker

JustAnotherSaver wrote: »

The next years renewal date came and she didn't receive any tickets again. She gave up on it but about 9 months in to the 12 i contacted them for her & their response was basically that my dad is a named account holder and has died - and this is the reason they can't send out cinema tickets.

Are you saying that they're refusing to send out any tickets at all, or that they're only sending a single person's allowance of six?

The latter would seem entirely reasonable to me, but the former not so....

colsten

JustAnotherSaver wrote: »

I understand that most people would have their partner removed but my mother doesn't want to.

Whilst your mother is entitled to remember her husband in the way she likes, it seems rather odd to want to have a joint account with a deceased person. She shouldn't be surprised, though, if it causes all manner of issues.

Ben8282

colsten wrote: »

Whilst your mother is entitled to remember her husband in the way she likes, it seems rather odd to want to have a joint account with a deceased person. She shouldn't be surprised, though, if it causes all manner of issues.

I also wonder about the legality of this.

colsten

Ben8282 wrote: »

I also wonder about the legality of this.

I did check - there doesn't appear anything in the Lloyds T&Cs that prohibits it. The mind boggles though what would happen if Lloyds wanted to speak to the person who has passed away, or needed a signature from him etc etc.