Club Lloyds Account

Lightning360

For the Club Lloyds account, how long does the £1,500 have to stay in the account for in order to bypass to £3 monthly fee? Also, which of the Lifestyle Benefits would you say is the best?

Zanderman

Lightning360 said:

For the Club Lloyds account, how long does the £1,500 have to stay in the account for in order to bypass to £3 monthly fee? Also, which of the Lifestyle Benefits would you say is the best?

Answers:

• 5 minutes
• Whichever suits you best

soulsaver

As long as it takes to move it back out... 10 seconds if you're quick...
OH likes Country Living mag.

ColdIron

Shake of a nanny goat's tail

Lightning360

Thank you! That sounds pretty decent then. Anyone knows why Lloyds have made it so easy to bypass the £3 fee? It doesn't sound like it would be very good business for them.

Nebulous2

Lightning360 said:

Thank you! That sounds pretty decent then. Anyone knows why Lloyds have made it so easy to bypass the £3 fee? It doesn't sound like it would be very good business for them.

Because most people wont move it in and straight out - like we do. Most people will use it as an account and actually pay their salary / income into it. I try not to completely extract the urine with stuff like that. I leave some money in it and make an occasional payment from it. I'm also thinking about setting up two DDs and keeping more money in it for the interest. 

Eco_Miser

Lightning360 said:

For the Club Lloyds account, how long does the £1,500 have to stay in the account for in order to bypass to £3 monthly fee? Also, which of the Lifestyle Benefits would you say is the best?

£1500 doesn't have to be in the account at all. So long as the payments in total £1500 in the month, the fee is waived. That could be £50 a day for 30 days, with the £50 leaving seconds after it arrives.

eskbanker

Although people usually frame this question in terms of 'how long does the monthly minimum payment need to stay in', it's perfectly feasible for the answer to be negative, i.e. the money comes out before it goes in, especially in the context of accounts like this with relatively decent interest on credit balances, where they'll often hold more than the minimum monthly deposit figure.

Eco_Miser

eskbanker said:

Although people usually frame this question in terms of 'how long does the monthly minimum payment need to stay in', it's perfectly feasible for the answer to be negative, i.e. the money comes out before it goes in, especially in the context of accounts like this with relatively decent interest on credit balances, where they'll often hold more than the minimum monthly deposit figure.

Yes, my account holds £5000 except on the 1st, when the requisite 2 DDs, and SOs for an assortment of Regular Savers and funding minima for other banks come out, before being replaced (and on the 2nd before the interest and any surplus is manually moved to maximise interest). 

Lightning360

Do you get any confirmation that you have met the £1500 requirement (I doubt you do, but just want to make sure).

I opened my Club Lloyds account today. I paid in £50 and then paid in £1450. I will transfer this out again in a few days. I assume this is everything I need to do until next month?

General_Grant

Lightning360 said:

Do you get any confirmation that you have met the £1500 requirement (I doubt you do, but just want to make sure).      Unlike Halifax tracker, Lloyds do not confirm having met this requirement.

I opened my Club Lloyds account today. I paid in £50 and then paid in £1450. I will transfer this out again in a few days. I assume this is everything I need to do until next month?  Yes, that's fine.  Multiple deposits to reach (or exceed) the requirement and no need to keep in the account.

see bold text