Club Lloyds Monthly saver.

thelastsuspect1962

Hi all, I opened up one off these accounts in September, and it is showing the interest rate as 2.75%. I see now that it is now over 5%. Am I stuck on the old rate? and do I have to close this account down now and open a new account to get the higher rate?  Thanks in advance.

SuzieSue

No.

Can you close a club Lloyds account?

Things to know before you close your Club Lloyds Monthly Saver. If you close this account, you won't be able to open another until a year after you opened your original one. This is because you can only open one every 12 months.

Band7

@thelastsuspect1962 check your messages please

Qyburn

Reportedly although you can't directly close the Club Monthly, you can convert it to an "Easy Saver" via the "Renew Account" under "More actions" in Internet banking.  Once it's converted you can close the resulting Easy Saver but remember to save a statement if you need the interest for tax reasons. Lloyds doesn't seem to let you view statements for closed accounts.

Once it's closed you can open a new Club Monthly.

I say "reportedly" because it seems to be a loophole so may be closed at some time.  It worked for me last month. If it no longer works there's no real loss as there are plenty of places you can get 2.75% or better.

EarthBoy

SuzieSue said:

Things to know before you close your Club Lloyds Monthly Saver. If you close this account, you won't be able to open another until a year after you opened your original one. This is because you can only open one every 12 months.

That's what the rules say, but it's not what happens in practice.  If you close your existing Club Lloyds Monthly Saver by "renewing" it to an Easy Saver, their system lets you open a new Club Lloyds Monthly Saver at the current, higher, interest rate.  It's all explained here:

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p565

This isn't the only instance of Lloyds's, or Halifax's, rules saying you can't do something, but online banking, or their app, lets you do it anyway.

thelastsuspect1962

Many thanks for everyone's help. 

dc_scotland

thelastsuspect1962 said:

Hi all, I opened up one off these accounts in September, and it is showing the interest rate as 2.75%. I see now that it is now over 5%. Am I stuck on the old rate? and do I have to close this account down now and open a new account to get the higher rate?  Thanks in advance.

Remember that in addition to the Club Lloyds Monthly saver, you can also open the (non Club) Lloyds Monthly Saver, currently paying 4.5%.
https://www.lloydsbank.com/savings/monthly-saver.html