Club Lloyd’s Fee Waiver

AlwaysLearnin

The DD's are required to get the interest rate. That's separate/independent to the £1500 p/m credit to avoid the fee

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

Richchad

dc_scotland said:

Just found this:

Do I have to pay out two separate Direct Debits each month?

No, there is no requirement on this account to pay out two separate Direct Debits each month. You only have to pay out two separate Direct Debits each month if you want to earn the credit interest on balances between £1 - £5,000.

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html

Thanks, so looks like I will need to keep my DD for the interest anyway... I didn't think of looking at the interest terms as thought it was for the benefits...

colsten

GTR_King said:

you could stop your dd but you won't get your magazine subscription anymore and Lloyds would downgrade your account  

Why do you say that?

[Deleted User]

ZeroSum said:

Who would be daft enough to pay it anyway? 

Well, I don't pay the fee, but my wife enjoys the 'free' magazine as a consequence of the account. Would cost £5,95 at the shop. Not a bad deal really.

Richchad

profile/Deleted User said:

ZeroSum said:

Who would be daft enough to pay it anyway? 

Well, I don't pay the fee, but my wife enjoys the 'free' magazine as a consequence of the account. Would cost £5,95 at the shop. Not a bad deal really.

Exactly how we use it, my wife likes the magazine and I get the little bit of interest on 5k, S/O pays in £1500 and back out each month..

ForumUser7

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

Bridlington1

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

Just applied for £50 and I was declined.

The application process said ‘ We do not record a credit search for this application, but using an arranged overdraft increases your overall level of borrowing and may affect your credit score. All arranged overdrafts are subject to application and repayable on demand…’, so I thought it was worth a try anyway.

I think they just couldn’t claim they’d responsibly lent to someone with no regular income - maybe after the exams I should get a part time job with a few hours a week of work so I have some income I can report. That said, cannot think of any jobs I’d want to do that aren’t full time.