Club Lloyds Interest Received

RG2015

I opened a Club Lloyds bank account last month but have not set up any direct debits. It was a surprise therefore to see 5 pence interest credited to the account on 1st November.

Any thoughts?

ColdIron

I think they give you a grace period initially

RG2015

ColdIron said:

I think they give you a grace period initially

Thanks.

I have just reverse calculated based upon my daily balance since opening the account and it does equate to an interest rate of 0.60%.

I only opened the account for the switching bonus but was well chuffed when they launched the 5.25% regular saver a few days later. Unless they increase the credit interest rate significantly I will pass on the DD and associated high balance route.

ColdIron

Don't forget the £1,500 to waive the £3 fee and it would be rude to pass up the 4.50% Monthly Saver

RG2015

ColdIron said:

Don't forget the £1,500 to waive the £3 fee and it would be rude to pass up the 4.50% Monthly Saver

I am well used to the first wd of the month pantomime but am not sure about the 4.50% one. It will be on the table when I carry out my next financial review.

There is something enticing about the magic 5% barrier that is now not there at 4.50%. 

Rudyson

ColdIron said:

Don't forget the £1,500 to waive the £3 fee and it would be rude to pass up the 4.50% Monthly Saver

And the 5.25% Club Lloyds regular saver, you can have both

pipo

Sorry to hijack this thread but does anyone know if the Club Lloyds regular saver rate will stay as it is if I were to switch the current account in, say, three months?  Or is it likely to drop seeing as I will no longer be a CL member?

ColdIron

Rudyson said:

ColdIron said:

Don't forget the £1,500 to waive the £3 fee and it would be rude to pass up the 4.50% Monthly Saver

And the 5.25% Club Lloyds regular saver, you can have both

OP already has that one

was well chuffed when they launched the 5.25% regular saver a few days later

soulsaver

pipo said:

Sorry to hijack this thread but does anyone know if the Club Lloyds regular saver rate will stay as it is if I were to switch the current account in, say, three months?  Or is it likely to drop seeing as I will no longer be a CL member?

It's fixed, so the rate is safe. I'd open a everyday ca and switch the DDs to it and switch that. or upgrade to Club after your planned switch.

eta typo fix