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

Options
financialbliss
financialbliss Posts: 1,943 Forumite
First Anniversary Name Dropper First Post Combo Breaker
edited 15 July 2020 at 1:19PM in Budgeting & bank accounts
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.
Mortgage and debt free. Building up savings...
«1345

Comments

  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    CRISPIANNE3 Posts: 1,471 Forumite
    First Anniversary First Post Photogenic Name Dropper
    Options
    I have four of their accounts but it's not really unexpected.  At least we get in total 24 cinema tickets a year. 
  • dggar
    dggar Posts: 670 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    Does anyone know if Bank of Scotland Classic Vantage accounts will change as well?
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Options
    dggar said:
    Does anyone know if Bank of Scotland Classic Vantage accounts will change as well?
    Yes it's changing too.

  • Sea_Shell
    Sea_Shell Posts: 9,387 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    Thanks.

    Bad news, but not unexpected.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • financialbliss
    financialbliss Posts: 1,943 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    At least they didn't do a Tesco on us and drop it to zero!
    Mortgage and debt free. Building up savings...
  • happy_hazelnuts
    happy_hazelnuts Posts: 127 Forumite
    First Post
    Options
    i assume you still have to pay in £1500 a month to take 'advantage' of the 0.6% ...
  • northwalesd
    northwalesd Posts: 1,168 Forumite
    First Post Name Dropper First Anniversary
    Options
    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
    ZeroSum Posts: 1,006 Forumite
    First Anniversary First Post Name Dropper
    Options
    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? 
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards