Club Lloyds

qwert10

FiestaRed said:

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.

I am finding it impossible to upgrade my account. The online banking won't do it and phoning wastes hours with no actual help and constant cutting off by staff!

PRAISETHESUN

FiestaRed said:

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".

Anything over £5k doesn't earn interest so is effectively "wasted" as it could be sat in an easy access account elsewhere earning interest. If you have that much cash then it's better not to "overfund" your Lloyds account and save the excess elsewhere.

qwert10 said:

FiestaRed said:

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.

I am finding it impossible to upgrade my account. The online banking won't do it and phoning wastes hours with no actual help and constant cutting off by staff!

It's very straightforward to change your account - the bright orange "Upgrade account" button takes you through the process to upgrade/downgrade your account. It happens basically instantly. If you're having issues doing it online, I'd wait a bit and try again later on another PC/browser in case there is something specific to your set up that is messing it up - it worked fine for me just now to go through most of the process until I backed out (not actually wanting to modify my account)

Alex9384

Can someone tell me how often is the interest paid into Club Lloyds account?
I'm new to Lloyds, I transferred nearly 5k into the account in December and have 2 direct debits on it (I hope PayPal DDs count too) but haven't received any interest payment yet.

eskbanker

Alex9384 said:

Can someone tell me how often is the interest paid into Club Lloyds account?
I'm new to Lloyds, I transferred nearly 5k into the account in December and have 2 direct debits on it (I hope PayPal DDs count too) but haven't received any interest payment yet.

"Having" two DDs isn't sufficient, you need to pay two separate DDs each month.

https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.html has the answers to these and other questions:

What do I have to do to earn the credit interest?

You need to pay at least two separate Direct Debits from your Club Lloyds current account each calendar month.

Please note, qualifying Direct Debits must come out monthly, quarterly Direct Debits are not eligible. Also Standing Orders do not qualify.

[...]

When is the credit interest paid?

If you earn the credit interest, it will be paid into your Club Lloyds current account by the second working day of the following calendar month.

If you do not earn the credit interest, you won't receive payment the following calendar month.

If I miss out on the credit interest one month, can I earn it the next month?

Yes, if in any month you miss out on the credit interest, you can still earn it in future months. Just make sure you pay out two separate Direct Debits in the next calendar month.

FiestaRed

Having made the switch, I can now confirm that interest IS paid calendar monthly. Not a lot, but anything is better than nothing.

mab3000

Alex9384 said:

Can someone tell me how often is the interest paid into Club Lloyds account?
I'm new to Lloyds, I transferred nearly 5k into the account in December and have 2 direct debits on it (I hope PayPal DDs count too) but haven't received any interest payment yet.

Also if you haven’t been doing it already, you need to pay in at least £1500 per month to avoid paying the £3 per month fee, otherwise any interest earned will be wiped out by the fee. 

MrFusion

Hi all, wondering if someone can help. I use my Club Lloyds account as a savings account, paying in the £1500 and paying out two direct debits a month. The interest rate is 1.5% AER on £5000, each month I receive around £3.30 in interest. However I have worked out that I should receive £75 a year (or £6.25 a month). Have I been receiving the incorrect amount or is it my calculations that are wrong?

molerat

The 1.5% was only on the top £1000, the other £4K received 0.6% meaning the effective rate was 0.78% on the whole £5K so £39 per year, £3.25 per month.

The good news is that the rate has increased to 1.5% / 3% giving an effective 1.8% so £90 per year, £7.50 per month.

From 1st April you need to pay in £2K per month to have the £3 fee waived.

Not really a good savings account.  I just keep mine as a merry go round feeder account and for the magazine subscription and access to the monthly saver.

flaneurs_lobster

That £5K could be in a Barclays Rainy Day Saver earning 5%, that's around £20/month.

WillPS

molerat said:

The 1.5% was only on the top £1000, the other £4K received 0.6% meaning the effective rate was 0.78% on the whole £5K so £39 per year, £3.25 per month.

The good news is that the rate has increased to 1.5% / 3% giving an effective 1.8% so £90 per year, £7.50 per month.

From 1st April you need to pay in £2K per month to have the £3 fee waived.

Not really a good savings account.  I just keep mine as a merry go round feeder account and for the magazine subscription and access to the monthly saver.

Don't forget 2 direct debits to get the interest.

Agree it's a suboptimal store for £5k nowadays, you'll likely be better off even with just easy access savings.