Club Lloyds 27 January 2021 at 1:58PM edited 27 January 2021 at 2:02PM in Budgeting & bank accounts 23 replies 2.1K views

FiestaRed

Does anyone use or know anything about upgrading to a Club Lloyds current account at all please? Tried to work out what (if any) the advantages would be but finding it a bit complicated.
Any help or advice would be most welcome.

eskbanker

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html summarises the features and benefits of the account, and explains how to upgrade from an existing account - the features and benefits seem self-explanatory to me, but what specifically are you struggling with?

PRAISETHESUN

It's easy to upgrade through your online banking - no need to call up or anything. As for the benefits, the links @eskbanker posted provide all the info you need. Mostly it's a bit of interest, a lifestyle benefit, the occasional cashback offer for selected stores and a reasonably competitive regular saver. Pretty much a no-brainer if you can avoid the monthly fee and have enough DDs.

FiestaRed

eskbanker said:

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html summarises the features and benefits of the account, and explains how to upgrade from an existing account - the features and benefits seem self-explanatory to me, but what specifically are you struggling with?

Thanks for the reply. It's just the hassle of switching or upgrading as Lloyds call it. I always believed that if the banks gave you something for nothing there must be a catch somewhere. I was trying to work out how much interest it would pay at 0.6% for the first £3,999 and at 1.5% for £4,000 to £4,999 to see if it was worth it.

eskbanker

FiestaRed said:

eskbanker said:

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html summarises the features and benefits of the account, and explains how to upgrade from an existing account - the features and benefits seem self-explanatory to me, but what specifically are you struggling with?

Thanks for the reply. It's just the hassle of switching or upgrading as Lloyds call it.

What hassle?

FiestaRed said:
I always believed that if the banks gave you something for nothing there must be a catch somewhere.

Healthy scepticism is fine, weary cynicism less so, but if you've read the blurb you should be able to satisfy yourself of how to avoid costs and anything else is a bonus.

FiestaRed said:
I was trying to work out how much interest it would pay at 0.6% for the first £3,999 and at 1.5% for £4,000 to £4,999 to see if it was worth it.

About £24 on the lower tier and another £15 on the upper one, if fully populated with £3,999 or £4,999 (respectively) for the whole year, but obviously less interest if your balance doesn't reach or exceed these thresholds for some or all of each year.

FiestaRed

Thanks for all the help. Really appreciated.

soulsaver

For comparative purposes: 0.78% pa if continuously fully funded and not over funded, for which Lloyds pays zero for the the portion above £5k.  

EarthBoy

FiestaRed said:

eskbanker said:

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html summarises the features and benefits of the account, and explains how to upgrade from an existing account - the features and benefits seem self-explanatory to me, but what specifically are you struggling with?

Thanks for the reply. It's just the hassle of switching or upgrading as Lloyds call it. 

There is no hassle. You keep the same sort code and account number, they just reclassify your existing account.

EarthBoy

PRAISETHESUN said:

...... the occasional cashback offer for selected stores

You get the cashback offers on the ordinary Classic account as well. You don't need to have a Club Lloyds account for those.

FiestaRed

soulsaver said:

For comparative purposes: 0.78% pa if continuously fully funded and not over funded, for which Lloyds pays zero for the the portion above £5k.  

Thanks for the reply. Can you expand please, I'm not sure what you mean by "and not over funded".

soulsaver

Anything over £5k.