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

Gers

Maybe something to do with:

https://www.dailymail.co.uk/news/article-11609981/Lloyds-controversial-plan-10-million-loyal-customers-second-rate-service.html

Usual caveats for the reporting.

[Deleted User]

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.

kaMelo

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

[Deleted User]

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

They wont let you have the account if you can't show a monthly income of £2000. What part of that do you not understand?

Section62

Deleted_User said:

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

They wont let you have the account if you can't show a monthly income of £2000. What part of that do you not understand?

Who won't let you have an account if you can't show a monthly income of £2000?

Not Lloyds.  The £2000 figure will be the amount you need to pay in to avoid a £3 fee, it isn't a threshold for whether you can have the account or not.

Bridlington1

Deleted_User 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

They wont let you have the account if you can't show a monthly income of £2000. What part of that do you not understand?

You don't have to have an income of £2k/mth. You just need to deposit £2k/mth so can transfer £1k in, then £1k out, repeat and you have deposited £2k. I've got 8 accounts with a combined minimum pay in of £10,300/mth. My income is under £15k per year including student maintenance loan and a bursary. I have never had any issues before, I just bounce some of my existing easy access savings through my accounts at the start of each month.

ColdIron

Deleted_User 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

They wont let you have the account if you can't show a monthly income of £2000. What part of that do you not understand?

Rubbish. It's a condition to waive the £3 fee. I have never had to prove my income

UKSBD

Section62 said:

Deleted_User said:

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

They wont let you have the account if you can't show a monthly income of £2000. What part of that do you not understand?

Not Lloyds.  The £2000 figure will be the amount you need to pay in to avoid a £3 fee, it isn't a threshold for whether you can have the account or not.

For how long though?

My lad recently opened a Nationwide account, one of the questions they asked when opening the account was how much was he expecting to deposit each month.

If Lloyds do the same and someone says £1000 they may only offer a Classic or Basic account and not a Club account leading to the 2 tier system as mentioned above.

Section62

Gers said:

Maybe something to do with:

Usual caveats for the reporting.

How will they know which customers have more than £75,000 (excluding property) if they don't keep it with LBG?

A source at the bank confirmed it would launch a service aimed at ‘mass affluent’ customers with income or assets of more than £75,000 (excluding property) in the first half of this year. It wants a bigger slice of the estimated two million people in this bracket.

How many customers with significantly more than £75,000 (excluding property) (but held outside LBG) will Lloyds manage to upset by providing them with a poorer service?

If they want more business from wealthier customers then they need to provide worthwhile products and good quality service to all of them, not just the ones Lloyds can 'see' have more than £75,000 (excluding property).

[Deleted User]

I'm talking about HSBC, didn't I make that clear? I tried to switch to them to get the bonus and they turned me down on the basis that my income didn't meet the criteria. 

I was just pointing out that for some of us that is a massive issue. 

As for Lloyds, the "Rewards" are pretty rubbish, I certainly wouldn't dream of taking money out of another savings account each month just to obtain those. 0.6% up to £4000, and 1.5% between 4-5k? First direct knocks their socks off for regular saver rate though I admit, you don't get a free monthly magazine. Where do i sign?