Lloyds 'Club Lloyds' current account - Rate reduction from 1st October 2020

financialbliss

Checked and couldn't see a thread, so apologies if there's one already elsewhere. Subtle comment in the Halifax reward account changes by schiff, but otherwise I've not see this mentioned so far.

Lloyds are reducing the interest on their Club Lloyds current account from 1st October 2020 as below:

Full details on Club Lloyds web page the PDF linked from that page:
https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html
https://www.lloydsbank.com/assets/media/pdfs/current-accounts/guide-to-changes.pdf

From a quick calculation, I make that 0.78% on a Club Lloyds balance of  £5,000 - a reduction of 0.42% over the current 1.20% 

Edit: PDF mentioned effective from 10th July, but I've not had any official correspondence from Lloyds yet.

veryintrigued

It was mentioned a few days ago in the Top Bank Accounts thread but these are such popular accounts it's definitely a wise move creating a separate thread.

CRISPIANNE3

I have four of their accounts but it's not really unexpected.  At least we get in total 24 cinema tickets a year. 

dggar

Does anyone know if Bank of Scotland Classic Vantage accounts will change as well?

veryintrigued

dggar said:

Does anyone know if Bank of Scotland Classic Vantage accounts will change as well?

Yes it's changing too.

Sea_Shell

Thanks.

Bad news, but not unexpected.

financialbliss

At least they didn't do a Tesco on us and drop it to zero!

Yorkshire_Pud

At least the interest over £5000 hasn’t changed!

happy_hazelnuts

i assume you still have to pay in £1500 a month to take 'advantage' of the 0.6% ...

northwalesd

happy_hazelnuts said:

i assume you still have to pay in £1500 a month to take 'advantage' of the 0.6% ...

No, you have to pay in £1500 a month to avoid paying the £3 fee.

ZeroSum

happy_hazelnuts said:

i assume you still have to pay in £1500 a month to take 'advantage' of the 0.6% ...

Its the 2 DD's for the interest isn't it?