Club Lloyds Monthly Fee Waiver Minimum Deposit changing to £2,000

Patrington

AmityNeon said:

Patrington said:

mab3000 said:

Just received a letter notifying me about this. Also telling me the interest rate is rising to 1.5% on balances up to £3999.99 and 3% from £4000 to £5000 from the 31st Jan 

Has anyone had confirmation from Halifax that they'll.be following this interest rise?

I’m not sure why Halifax would considering their Reward account doesn’t currently follow Club Lloyds rates, and their £5 Reward isn’t interest.

My mistake

Of course I meant:

Has anyone had any indication from BOS that their Vantage accounts (which all show up on my Halifax login) will be following this interest rise on these accounts?

saintscouple

I´ve been with Lloyds for donkey years, this increase has prompted me to take the plunge and switch to Santander for the £200 bonus. 

Section62

saintscouple said:

I´ve been with Lloyds for donkey years, this increase has prompted me to take the plunge and switch to Santander for the £200 bonus. 

You could have got a better outcome in financial terms by opening a new Lloyds classic account, moving a couple of DD's over to the new account, then switching that account to Santander.

This would have got you the switching bonus whilst retaining your access to the Club Lloyds benefits (although you could regain these by opening a new Club Lloyds account) but possibly more importantly you would have kept a current account which has been in use over the long-term and therefore a positive factor for credit scoring.

It is so trivially easy to avoid having to pay the £3 fee that it, by itself, shouldn't be a reason why anyone feels the need to switch their Club Lloyds account away.

flaneurs_lobster

Section62 said:

saintscouple said:

I´ve been with Lloyds for donkey years, this increase has prompted me to take the plunge and switch to Santander for the £200 bonus. 

You could have got a better outcome in financial terms by opening a new Lloyds classic account, moving a couple of DD's over to the new account, then switching that account to Santander.

Even better, open a Lloyds Silver, switch a doner account in (£200 bonus) then switch that account to Santander (another £200).

ZeroSum

kaMelo said:

UKSBD said:

rich_S2000 said:

Sorry, a bit new to this so apologies if this is a dumb question. I too have received notification that the minimum amount paid into my Lloyds Classic account to avoid the £3 monthly fee will increase from £1500 to £2000. As my total income paid in is more than £1500 but less than £2000, I now face the prospect of having to pay the monthly fee......unless.....Does Lloyds exclude money paid out of the Classic account to another account and then paid back in? I have a Halifax account that might mean I could juggle payments between them. Advice please.

Yes, you can juggle money about, but it cant be a transfer from a Lloyds account

I imagine a lot of people will be in a similar situation and wont really know what to do or because it's only £3.00 wont even bother doing anything.

Lloyds hitting the low paid and nice little bonus for Lloyds

I'm sorry you have such a low expectation of peoples abilities, that lots of people walk about in a daze, incapable of reading, understanding or just generally doing anything about anything. As for hitting the lowest paid, that's just complete nonsense, (unless of course they are one of those in a daze)

Upping the minimum monthly deposit is, at worst, a minor inconvenience.

You'd be surprised. Obviously not on here, as most are of a similar mindset, but away from here loads only have the 1 account & can't slosh money between accounts. Also lots of older folk don't & wont do online banking. Both of our sets of parents are like this.

I've had the discussion on another forum about getting round the minimum deposit amounts but they weren't having it, opting to downgrade account instead.

pridehappy

As long as the money reaches the account, it doesn’t matter if you take it out again immediately your fee will be waived. Although, there’s plenty of other banks offering better service, better products and switching offers out there so I’d look to switching to maximise gain. Club Lloyds is an okay deal but service is a massive let down, especially when things go wrong (experienced that the hard way).

pridehappy

[Deleted User] said:

ZeroSum said:

WillPS said:

Bridlington1 said:

I wonder if Halifax and Bank of Scotland will follow suit.

If Halifax bought it in I suspect it'd have to be phased in as they effectively lock in an offer for customers for 12 months.

I had my suspicions early on that this would be a way for LBG to eventually get rid of the cash rewards but that hasn't happened so far.

It's not a massive issue really, as it just means sloshing a bit more money between accounts, or doing an extra transaction & back again

Actually it is a massive issue for some of us. My income doesn't amount to £2,000 a month so HSBC wont let me switch to them to get the bonus. Annoyingly It does now exceed the £1750 formerly required.

I know this is about LLoyds but for those that are not well off it's restrictive. Oh well like they say, money goes to money.

Santander or First Direct will offer you money for switching, extra incentives and there’s no minimum funding required.

savetilibleed

The other change to this account is the reintroduction of 3% interest from 31 January 2023

wmb194

savetilibleed said:

The other change to this account is the reintroduction of 3% interest from 31 January 2023

Careful, let's try to be accurate. It's not going to be on the full balance as it was in the old days, the 3% will only be paid on the account balance between £4k and £5k. Overall on a balance of £5k it'll work out as a rate of 1.784% gross so still not great.

Alex9384

wmb194 said:

Careful, let's try to be accurate. It's not going to be on the full balance as it was in the old days, the 3% will only be paid on the account balance between £4k and £5k. Overall on a balance of £5k it'll work out as a rate of 1.784% gross so still not great.

Really?
Damn... Just cancelled my scheduled transfer of £5k from Chase to Club Lloyds.

I'd have assumed that if I have £3999, I will get 1.50% on the whole balance and if I have £4000+ then I will get 3% on the whole balance.

I guess the key phrase I earlier didn't pay attention to is "for each part of your balance".