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

35har1old

BOS Seems to have gone in the opposite direction See Screen shot taken today information about interest rates out of date they are now paying the same interest as club lloyds

Vantage If you have Vantage added to your Classic, Silver, Platinum, Gold or Premier account, it gives you the benefit of credit interest on your current account if you meet the Vantage conditions. You can have a maximum of three accounts with Vantage. The Vantage conditions are that each month you must: •

 pay into your account at least £1,000 during the calendar month;

 and • keep your account in credit (that is above £0) during the monthly billing period; and • pay at least two different direct debits from your Vantage account each calendar month If you meet the Vantage conditions, you will receive credit interest for that monthly billing period, which runs from the second working day of a month to the first working day of the next month. This means we will work out interest on a daily basis at the Vantage interest rate from the second working day of the month and pay it to your account at the end of the first working day of the next month. If this is different to your current monthly billing period for your current account we will change it straight away. If you do not meet the Vantage conditions we will not pay interest on the amount in your account. The interest rates below will apply from the day Vantage is added to your account if it is added within normal working hours, or from the next working day if not. Current account with Vantage – interest rates on each part of your balance AER% Gross p.a.% £1 – £3,999.99 0.60% 0.60% £4,000 – £5,000 1.50% 1.49% £5,000.01+ You won't earn interest on the amount of your balance over £5,000

Even with the recent increase in interest rates i don't see the value of having more than one LLoyds or BOS




Bank of England Base Rate – January 2014. The Bank of England has again maintained the Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375bn. The Bank Rate has remained at its historical low since 5th March 2009.

ttps://www.theguardian.com/money/2014/mar/29/lloyds-club-vantage...

WebMar 29, 2014 · Club Lloyds will be available from Monday via the bank's website, in branches and over the phone. It is open to new and existing customers, and its best perk is its in …

This account paid 4% back then on £1 to £5000 as far as I can remember

kaMelo

I'm assuming you're showing the screenshot because it says;

£3 monthly fee to maintain the account Waived each month that you pay in £1,500 or more (such as a salary) From 1 April 2023 you’ll need to pay in £2,000 or more.

The mention of salary is an example, not a requirement. When it comes to what is required what it should say is;

£3 monthly fee to maintain the account Waived each month that you pay in £1,500 or more, from 1 April 2023 you’ll need to pay in £2,000 or more. (We don't care if you achieve this by recycling the same money in and out multiple times)

Section62

kaMelo said:

I'm assuming you're showing the screenshot because it says;

£3 monthly fee to maintain the account Waived each month that you pay in £1,500 or more (such as a salary) From 1 April 2023 you’ll need to pay in £2,000 or more.

The mention of salary is an example, not a requirement. When it comes to what is required what it should say is;

Absolutely.  If anything, the addition of the words "such as a salary" help to clarify that having a wage/salary paid in is only one of the ways the condition can be met.

It still isn't clear what 35har1old/diystarter7 are confused/unhappy about and would like to be amended or removed.

Section62

35har1old said:

BOS Seems to have gone in the opposite direction See Screen shot taken today information about interest rates out of date they are now paying the same interest as club lloyds

Other than the interest rate, is there anything else which has changed?

35har1old said:

Even with the recent increase in interest rates i don't see the value of having more than one LLoyds or BOS

The main reason I'd give is that we don't know what benefits the BOS Vantage addition may provide in the future, nor whether the ability to hold up to three accounts will be maintained.  For example it is possible BOS might increase the interest rate to a more attractive level, but then limit new applications to one account per person.  The value (now) of having more than one BOS account with Vantage is the potential to benefit in the future.

The benefit of having more than one Club Lloyds account (one in sole name, one joint) is the ability to benefit from more than two of the account benefits. (two benefits for the sole accounts, an extra one from the joint)

35har1old

Section62 said:

35har1old said:

BOS Seems to have gone in the opposite direction See Screen shot taken today information about interest rates out of date they are now paying the same interest as club lloyds

Other than the interest rate, is there anything else which has changed?

35har1old said:

Even with the recent increase in interest rates i don't see the value of having more than one LLoyds or BOS

The main reason I'd give is that we don't know what benefits the BOS Vantage addition may provide in the future, nor whether the ability to hold up to three accounts will be maintained.  For example it is possible BOS might increase the interest rate to a more attractive level, but then limit new applications to one account per person.  The value (now) of having more than one BOS account with Vantage is the potential to benefit in the future.

The benefit of having more than one Club Lloyds account (one in sole name, one joint) is the ability to benefit from more than two of the account benefits. (two benefits for the sole accounts, an extra one from the joint)

BOS now only requires funding of £1000 previously £1500 don't no when this occurred but did not receive any notification of change so perhaps this has only happened as they have up to 30 days to notify your

AS they have only increased there rates i can't see them changing in the near future plus they retained  the tier system.

So to achieve 2.78% your have to maintain the maximum balance

With the lloyds account i agree the value of having the benefits might be ok depending on which benefit you take but still the best benefit if you eat out a lot is the dining discount but that would only require one account the other benefits are on a sliding scale in value. 

It is of no benefit to maintain any major balance in these accounts as you can get a better return on easy excess accounts 

k_man

35har1old said:

Section62 said:

35har1old said:

BOS Seems to have gone in the opposite direction See Screen shot taken today information about interest rates out of date they are now paying the same interest as club lloyds

Other than the interest rate, is there anything else which has changed?

35har1old said:

Even with the recent increase in interest rates i don't see the value of having more than one LLoyds or BOS

The main reason I'd give is that we don't know what benefits the BOS Vantage addition may provide in the future, nor whether the ability to hold up to three accounts will be maintained.  For example it is possible BOS might increase the interest rate to a more attractive level, but then limit new applications to one account per person.  The value (now) of having more than one BOS account with Vantage is the potential to benefit in the future.

The benefit of having more than one Club Lloyds account (one in sole name, one joint) is the ability to benefit from more than two of the account benefits. (two benefits for the sole accounts, an extra one from the joint)

BOS now only requires funding of £1000 previously £1500 don't no when this occurred but did not receive any notification of change so perhaps this has only happened as they have up to 30 days to notify your

AS they have only increased there rates i can't see them changing in the near future plus they retained  the tier system.

So to achieve 2.78% your have to maintain the maximum balance

With the lloyds account i agree the value of having the benefits might be ok depending on which benefit you take but still the best benefit if you eat out a lot is the dining discount but that would only require one account the other benefits are on a sliding scale in value. 

It is of no benefit to maintain any major balance in these accounts as you can get a better return on easy excess accounts 

Can you explain the 2.78% bit?

Isn't it more like 1.8% over the whole £5k balance?

phillw

35har1old said:
With the lloyds account i agree the value of having the benefits might be ok depending on which benefit you take but still the best benefit if you eat out a lot is the dining discount but that would only require one account the other benefits are on a sliding scale in value. 

If you sign up for a Gourmet card directly then it costs £34.99 for a year.
While six cinema tickets are worth more than £5.83 each.

So the best value, is the cinema tickets.

Section62

35har1old said:

AS they have only increased there rates i can't see them changing in the near future plus they retained  the tier system.

The point is none of us know this as fact.  They could change the T&C's tomorrow to restrict Vantage to one per customer.  By opening and maintaining the currently allowed three, someone is able to avoid the risk of missing out on something due to a change in the T&Cs.  Since the customer has no cost or effort involved in keeping three, there isn't much of a downside to this risk mitigation strategy.

35har1old said:

With the lloyds account i agree the value of having the benefits might be ok depending on which benefit you take but still the best benefit if you eat out a lot is the dining discount but that would only require one account the other benefits are on a sliding scale in value.

Different people will value the different benefits differently.  As Club Lloyds membership doesn't need to cost anything other than the effort involved in moving £1500 (soon to be £2000) through the account each month, there is no disbenefit for those who are eligible to have more than a single account.  Dining discount plus cinema tickets is a better benefit for those who do both, than having the dining discount alone.

35har1old said:

It is of no benefit to maintain any major balance in these accounts as you can get a better return on easy excess accounts 

Nobody has suggested having a "major balance" in these accounts?

phillw

Section62 said:
Dining discount plus cinema tickets is a better benefit for those who do both, than having the dining discount alone.

If you go to the cinema enough to need 6 tickets times the number of accounts you have, then you should go for cinema tickets and buy a gourmet card separately if the £34.99 yearly fee is worthwhile to you.

You shouldn't cost the gourmet card for what it saves you, but for what it costs you to get the card.

If you need 6 cinema tickets and instead you pick the gourmet card, you've essentially paid about £100 for a £35 gourmet card.

Katiehound

phillw said:

35har1old said:
With the lloyds account i agree the value of having the benefits might be ok depending on which benefit you take but still the best benefit if you eat out a lot is the dining discount but that would only require one account the other benefits are on a sliding scale in value. 

If you sign up for a Gourmet card directly then it costs £34.99 for a year.
While six cinema tickets are worth more than £5.83 each.

So the best value, is the cinema tickets.

I would argue the toss on this one!
I get Country Living magazine and the cover price is £5.99 (eekk) so I'm getting 12 of them not 6 like the cinema tickets. Of course I could take out a subscription to the magazine and the current offer is £35.95

In reality they are similar value. I'm pleased with my magazine as I would not be buying it for myself