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

flaneurs_lobster

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?

I opened a Club Lloyds account (and got the bonus for switching into it) by giving my annual income of £6,800  three months ago.

[Deleted User]

flaneurs_lobster said:

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?

I opened a Club Lloyds account (and got the bonus for switching into it) by giving my annual income of £6,800  three months ago.

I'm not talking about Lloyds. I give up.

Section62

UKSBD said:

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.

That's the case already.  It is part of KYC to ask how much you intend to deposit, and separately banks ask about annual income.

Your son was asked how much he will deposit each month, not how much he has as income.

Banks already reject applications from potential customers who don't fit the criteria they are looking for.  Lloyds could set a minimum income threshold of £50k a year for the Club Lloyds account if they wished, and not tell applicants about it.  If they wanted to do something like that they wouldn't necessarily put the Club Lloyds fee avoidance figure up by £500, just as they wouldn't increase their overdraft interest rate, or fees for duplicate statements.  If they want to filter out applicants they can happily do that in the background, and none of us need know the hows and whys.

Section62

Deleted_User said:

I'm talking about HSBC, didn't I make that clear?

No, unfortunately you didn't.  The thread is about the Club Lloyds account.  The comments you were replying to were about why the £500 increase in the fee avoidance monthly deposit figure isn't a major issue.

Deleted_User said:

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?

Access to the Club Lloyds current account interest is unlikely to be the reward most of us are after.  It isn't "just" that which is offered.

Of far more value is the 5.25% regular saver account which only Club Lloyds members can have.  Having the FD regular saver doesn't prohibit someone from having the Club Lloyds one as well.

The free magazine subscription or cinema tickets is also a useful perk for very little effort or cost.

flaneurs_lobster

Deleted_User said:

flaneurs_lobster said:

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?

I opened a Club Lloyds account (and got the bonus for switching into it) by giving my annual income of £6,800  three months ago.

I'm not talking about Lloyds. I give up.

The HSBC switch deal needed you to open an Advance current account and qualify for a £1000 overdraft. That's a pretty high bar to entry and not even I bothered with that one.

[Deleted User]

Section62 said:

Deleted_User said:

I'm talking about HSBC, didn't I make that clear?

No, unfortunately you didn't.  The thread is about the Club Lloyds account.  The comments you were replying to were about why the £500 increase in the fee avoidance monthly deposit figure isn't a major issue.

Deleted_User said:

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?

Access to the Club Lloyds current account interest is unlikely to be the reward most of us are after.  It isn't "just" that which is offered.

Of far more value is the 5.25% regular saver account which only Club Lloyds members can have.  Having the FD regular saver doesn't prohibit someone from having the Club Lloyds one as well.

The free magazine subscription or cinema tickets is also a useful perk for very little effort or cost.

I said HSBC in my initial post. 

My comments regard the throwaway line that "the rise is pretty meaningless". It's not for everybody.

As for Lloyds, not my cup of tea. Regular savers are okay but they are yearly and restrictive, not worth the bother (for me) I prefer my capital to be more "fluid". That is of course MY OPINION. You are entitled to yours.

PloughmansLunch

flaneurs_lobster said:

The HSBC switch deal needed you to open an Advance current account and qualify for a £1000 overdraft. That's a pretty high bar to entry and not even I bothered with that one.

Oh I forgot about that part. I qualified for the £1k overdraft but declined it when completing the application as I have no need for it - have I shot myself in the foot for the switch bonus, or has anyone else been in the same situation and landed the £200 bonus?


On topic: I used to have Lloyds Premier and got the cinema tickets back in October. I have since downgraded to a boggo Club Lloyds as I realised I was paying about £30 a month for basically AA membership. I'm hoping these tickets will still be valid now as I was told I could keep using the old debit card, otherwise I'll have a pretty expensive trip to the cinema coming up.

flaneurs_lobster

PloughmansLunch said:

flaneurs_lobster said:

The HSBC switch deal needed you to open an Advance current account and qualify for a £1000 overdraft. That's a pretty high bar to entry and not even I bothered with that one.

Oh I forgot about that part. I qualified for the £1k overdraft but declined it when completing the application as I have no need for it - have I shot myself in the foot for the switch bonus, or has anyone else been in the same situation and landed the £200 bonus?

Nope, should be OK. Just need to qualify for the overdraft, not apply nor accept.

Section62

Deleted_User said:

I said HSBC in my initial post. 

My comments regard the throwaway line that "the rise is pretty meaningless". It's not for everybody.

The rise is "pretty meaningless" for anyone with a Club Lloyds account, which is what the comment was about.

There is no suggestion (yet) that Lloyds will use the £2000/month as a minimum income threshold.

On the basis of what we know, nobody needs to be concerned that their Club Lloyds account will be closed, and there's no indication people without a Club Lloyds account won't be able to get one.

Your issue with HSBC is a valid one, but one for a different thread because it is a different bank and a different use of thresholds.

MACKEM99

brucefan_2 said:

Thanks for drawing this to our attention.

That scuppers about an hour and a half's work I did this morning planning on a reshuffle of some DDs and SOs to maximise my usage of accounts feeding Regular Savers.

Typical!

David

I have a spreadsheet and do the money go round stuff manually on first few days of month.  Maybe some would find this a pain but it works for me. Of course this is just money in and outs not for savings.