Club Lloyds Question

Richard_1986

Hi 
I've just opened a new club Lloyds account to have my salary paid into I've always had a basic account that has never paid any interest so am new to it and it states on the website you can:
Earn monthly credit interest that’s on balances from £1 up to £5,000. Just pay out two different direct debits each month You’ll get 1.00% AER (0.99% annual gross) variable on balances from £1 up to and including £3,999.99.
My question is do I have to leave my wages in there for so long to earn the interest or can I withdraw them straight away after its gone in? What interest would I get on £620 per month?

Thank you for your help.

Yorkshire_Pud

You can withdraw your wages straight away. You won’t get any interest unless you have or leave a balance in the account. You do need to fund it £1500 or more a month to avoid the £3 account charge.
£620 at 1% = £6.20 a year. Monthly divide by 12. About 51p per month.

MDMD

Yorkshire_Pud said:

£620 at 1% = £62 a year. Monthly divide by 12.

Don’t you mean £620 at 1% = £6.20 a year, assuming that £620 stays in there all year, two DDs paid out, although if £1,500 not paid in a month the £3 per month fee will outweigh the interest (as noted above).

Yorkshire_Pud

MDMD said:

Yorkshire_Pud said:

£620 at 1% = £62 a year. Monthly divide by 12.

Don’t you mean £620 at 1% = £6.20 a year, assuming that £620 stays in there all year, two DDs paid out, although if £1,500 not paid in a month the £3 per month fee will outweigh the interest (as noted above).

Yes cheers, amended.

Richard_1986

Thanks very much for your replies hardly worth doing just for the interest then.

General_Grant

Richard_1986 said:

Thanks very much for your replies hardly worth doing just for the interest then.

Did you actually read the terms of the account before signing up for it?
There's not just the interest but other benefits to choose from in addition. 

Katiehound

Well, the interest isn't bad if you can leave £5k per month- 1% on £4k and 2% on the last £1k. You also get a lifestyle benefit.
You may well do better with TSB since you get 1.5% on up to £1.500 (interest rate cut to that from next month)

colsten

There’s also still access to the - by now - quite amazing Club Lloyds Monthly Saver, up to £400/moth max, 2.5% fixed AER. I wouldn’t be surprised though if this vanishes for new applicants before long.

Sea_Shell

Does anyone think they'll give an extension on the cinema vouchers, if they were your chosen "perk", which obviously can't now be used?

Zanderman

Sea_Shell said:

Does anyone think they'll give an extension on the cinema vouchers, if they were your chosen "perk", which obviously can't now be used?

Threads on this here https://forums.moneysavingexpert.com/discussion/comment/77061369 and here https://forums.moneysavingexpert.com/discussion/6133767/extension-of-bank-reward-schemes-lloyds

Sea_Shell

Thanks for that.  I posted without searching, as it just popped into my head when I saw this thread.