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

35har1old

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

Section62

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

Please stop with the misinformation.

This point was raised and discussed ad infinitum earlier in the thread.

Whilst Lloyds may decline an application for any reason they like (so long as it isn't discrimination in relation to a protected characteristic) there is nothing whatsoever to indicate that Lloyds will use this increased minimum monthly pay in (to avoid the £3 fee) as a threshold to decline applications.

£2000 is not a minimum income requirement, it is a T&C that needs to be met to obtain a certain benefit (in this case the refunding of the £3 monthly fee) just in the same way Halifax have a minimum £500 debit card spend to get the £5/month Reward payment (if you opt in to that scheme).

People making the claim you are are misinforming other forum members and potentially putting them off applying for accounts they could benefit from.  You cannot state as fact that anyone's "application will declined" if their income is below £2000 - that is false information.

EarthBoy

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

That is not true.  My income didn't meet the previous Club Lloyds pay-in requirement of £1500 per month, let alone the new £2000 figure, and I was accepted for a Club Lloyds account.  I just made up the difference by circulating money between accounts. 

flaneurs_lobster

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

Utter Tosh. Stop stating as fact something that is simply untrue. 

Like @EarthBoy my stated monthly income on the application was way lower than the monthly funding requirement, account opened without problem.

RG2015

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

I am at a complete loss as to why you would choose to say this.

Unless you can provide an explanation I can only assume that you want to start an argument.

diystarter7

RG2015 said:

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

I am at a complete loss as to why you would choose to say this.

Unless you can provide an explanation I can only assume that you want to start an argument.

Hi

Please consider this bfore assuming that the poster wants to start an.......

Have you considered that the poster may be genuinely confused?

Personally, I'd counter the post by providing, clear, plain and concise facts and then tell the poster that they have got the wrong end of the stick,

Please note I'm not having a go at you as one or two others have been a lot more about that you but you were the last post on the thread.

We all live and learn and I think the poster will come back and agree but IMO it's harder to say that when the poitn is made that may not be to their liking etc.

I hope you understand and no offence to you.

diystarter7

diystarter7 said:

RG2015 said:

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

I am at a complete loss as to why you would choose to say this.

Unless you can provide an explanation I can only assume that you want to start an argument.

Hi

Please consider this bfore assuming that the poster wants to start an.......

Have you considered that the poster may be genuinely confused?

Personally, I'd counter the post by providing, clear, plain and concise facts and then tell the poster that they have got the wrong end of the stick,

Please note I'm not having a go at you as one or two others have been a lot more about that you but you were the last post on the thread.

We all live and learn and I think the poster will come back and agree but IMO it's harder to say that when the poitn is made that may not be to their liking etc.

I hope you understand and no offence to you.

Hi again

1. I googled PART of the title, and this is the first bit right at the top I came up with and  if not read in detail, people can get confused  
2. (PLEASE READ THE WHOLE LINK FOR THE FULL CRITERIA)
3. TBH - I finding it confusing but only skimed through and I gues this is what the other poster is basing their deabte on.

£10 monthly fee to maintain the account plus £3 monthly Club Lloyds fee, the Club Lloyds fee is waived each month you pay in £1,500 or more. From 1 April 2023 you'll need to pay in £2,000 or more.

All Our Current Accounts - Lloyds Bank

the link
https://www.google.com/search?q=Club+Lloyds+Monthly+Fee+Waiver+deposit&rlz=1C1CHBF_en-GBGB925GB925&oq=Club+Lloyds+Monthly+Fee+Waiver+deposit&aqs=chrome..69i57j69i61j69i60.10781j0j4&sourceid=chrome&ie=UTF-8



Would you agree it can confuse people?
Thanks

NedS

wmb194 said:

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.

And Barclays, for example, are paying 5% on a Rainy Day Saver for deposits upto £5,000 although you will need a Barclays account with Blue Rewards to be eligible (which only requires £800 monthly paid in)

diystarter7

flaneurs_lobster said:

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

Utter Tosh. Stop stating as fact something that is simply untrue. 

Like @EarthBoy my stated monthly income on the application was way lower than the monthly funding requirement, account opened without problem.

Hi

Please see my above posts. I'm guess that is where the confusing comes from?

Thanks

RG2015

diystarter7 said:

RG2015 said:

35har1old said:

kaMelo said:

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.

Not really, just withdraw £500 and re deposit it. Job done

That's not the point that being made Its when you are applying for the new account and you put  your income in on the application and it does not come to the £2000 a mth figure the application will declined

I am at a complete loss as to why you would choose to say this.

Unless you can provide an explanation I can only assume that you want to start an argument.

Hi

Please consider this bfore assuming that the poster wants to start an.......

Have you considered that the poster may be genuinely confused?

Personally, I'd counter the post by providing, clear, plain and concise facts and then tell the poster that they have got the wrong end of the stick,

Please note I'm not having a go at you as one or two others have been a lot more about that you but you were the last post on the thread.

We all live and learn and I think the poster will come back and agree but IMO it's harder to say that when the poitn is made that may not be to their liking etc.

I hope you understand and no offence to you.

Thank you and no offence taken.

I hope @35har1old does return and respond.

I will admit that I may have been a bit harsh but I would say the following in my defence.

1. My first statement was a statement of fact. I am at a complete loss. If someone makes a statement of fact they should have some evidence for this.

2. My second point was conditional. If they cannot provide an explanation....

I do however, accept that my conclusion that the post was in some way provocative was in itself provocative. I will in future be more circumspect in the tone of my posts.