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

Band7

Bridlington1 said:

The only thing is that they keep pestering me to try their personal wealth managers every time I log into internet banking. I'm flattered but have neither the income, nor the savings to qualify so don't know what their game is. Is anyone else getting this? It's been ever since I got the Club Lloyds account back in March 2022.

Can you suppress this in your Marketing preferences? I don't get these messages. Mind you, I don't log in regularly.

where_are_we

Zanderman said:

Bridlington1 said:

The only thing is that they keep pestering me to try their personal wealth managers every time I log into internet banking. I'm flattered but have neither the income, nor the savings to qualify so don't know what their game is. Is anyone else getting this? It's been ever since I got the Club Lloyds account back in March 2022.

We've had (Mrs Z-man and myself) Lloyds Club Accounts for years, never been pestered like you describe.  Maybe you should review your marketing preference settings?

As for all the stuff on here about whether the accounts are worth having we just use them now for the perks - mag subscription and films.  Haven't used them for getting interest for years as the rates have been so poor. And we don't use the Reg Savers either. We just pay in, and out, the 1500, to get the perk, and we'll be adding another 500 in and out soon to match the new 2000 requirement.

You mention interest rates being poor and don`t use regular savers. The Club Lloyds Monthly Saver offers 5.25%, £400 monthly payments, 13 total payments are ok and there is instant access with no penalty. This is in effect, an instant access account paying 5.25%.

Section62

Deleted_User said:

Could have stuck with Lloyds, had I put the maximum £400 a month in the regular saver I would have earned £135 in interest but I got £125 from the TSB with much less effort and hardly any waiting.

The point many of the folk on this forum would make is that it isn't a a question of either/or.  People can have both the £135 interest and the £125 switching bonus if a better strategy is adopted.

That you don't want to do that is a personal choice you've made, and you won't get any criticism for that.  But it isn't a valid reason for claiming the Club Lloyds account is "pretty crap".

Zanderman

where_are_we said:

Zanderman said:

Bridlington1 said:

The only thing is that they keep pestering me to try their personal wealth managers every time I log into internet banking. I'm flattered but have neither the income, nor the savings to qualify so don't know what their game is. Is anyone else getting this? It's been ever since I got the Club Lloyds account back in March 2022.

We've had (Mrs Z-man and myself) Lloyds Club Accounts for years, never been pestered like you describe.  Maybe you should review your marketing preference settings?

As for all the stuff on here about whether the accounts are worth having we just use them now for the perks - mag subscription and films.  Haven't used them for getting interest for years as the rates have been so poor. And we don't use the Reg Savers either. We just pay in, and out, the 1500, to get the perk, and we'll be adding another 500 in and out soon to match the new 2000 requirement.

You mention interest rates being poor and don`t use regular savers. The Club Lloyds Monthly Saver offers 5.25%, £400 monthly payments, 13 total payments are ok and there is instant access with no penalty. This is in effect, an instant access account paying 5.25%.

As we don't have excess money each month a regular saver makes little sense to use at present, unless the rate is much higher than 5.25%.  We can put a lump sum into a fixed rate saver earning less than that and do just as well, over the course of 12 months. So it is, to us, a poor rate.

[It is misleading to suggest, btw, that it is "in effect, an instant access account paying 5.25%" - because it is a Reg Saver so most of the money in it will get less than a year's worth of 5.25%]

And yes, before you point it out, I do know that we could put a lump sum into the best available easy access account and drip feed from there into the Lloyds Reg savers each month.  And that doing that would be better still.  But we played the multiple Reg Saver fed by easy savers game for many years in the past - it can become wearisome and overly obsessive!  

[Deleted User]

Section62 said:

Deleted_User said:

Could have stuck with Lloyds, had I put the maximum £400 a month in the regular saver I would have earned £135 in interest but I got £125 from the TSB with much less effort and hardly any waiting.

The point many of the folk on this forum would make is that it isn't a a question of either/or.  People can have both the £135 interest and the £125 switching bonus if a better strategy is adopted.

That you don't want to do that is a personal choice you've made, and you won't get any criticism for that.  But it isn't a valid reason for claiming the Club Lloyds account is "pretty crap".

You're right, it is a personal choice and like I've said so many times on here before, for me it's just a game, the difference you make is tiny and with regular savers on such a long length of time. I've just moved £200 from my Chase savings account (2.7%) to my current account as I have some bills to pay on Thurs/Fri. Now if I'd left it in the account until Thur/Fri I could have made another 3p in interest. How silly of me. The funny thing is, the people that these tiny amounts WOULD make a difference to are not the people that, in the main frequent this forum and certainly not the people that Lloyds want to attract.

I'll die with money in the bank, of that I'm quite certain of so the only difference I make with my wheeling and dealing is to those that follow. I'll have to apologise to them about the 3p shortfall.

PS: I still think the Lloyds account is crap.

Bridlington1

Olinda99 said:

Don't be flattered - a personal wealth manager is just a fancy name for a salesman so they can try and sell you their products

I tend to regard it as a sign that they think I'm going up in the world or that I'm slightly posh. I regard both these things as compliments. It's certainly more complimentary than being pestered about loans at extortionate rates, or even worse life insurance.

Besides even if they did give me a personal wealth manager they won't end up selling me their products unless they're the most competitive on the market, largely because A) I'm a perfectionist, who does not stop till every penny of my money is getting as much interest/reward bonuses as it possibly can. I have a habit of becoming ever more stubborn if people or banks try to push me to do something, largely because I grow suspicious. 

If they mentioned personal wealth management or whatever once every month or so I wouldn't mind. I'd just take it as a compliment every now and then and move on, but every time I log into online banking just seems too crawly to me.

Band7 said:

Bridlington1 said:

The only thing is that they keep pestering me to try their personal wealth managers every time I log into internet banking. I'm flattered but have neither the income, nor the savings to qualify so don't know what their game is. Is anyone else getting this? It's been ever since I got the Club Lloyds account back in March 2022.

Can you suppress this in your Marketing preferences? I don't get these messages. Mind you, I don't log in regularly.

I tried doing that last week. Hopefully they'll tone it down a bit in the near future. This morning I got a "try our personal tax service" instead so something seems to be happening. I rarely use the Lloyds app, preferring to use online banking with LBG banks. I only ever use the Lloyds app if I need to pay in a cheque.

I'm just baffled as to why they're even bothering to pester me in the first place about this. Surely they must realise just from looking at my income that I am ineligible for personal wealth management whether I wanted it or not.

Band7

Deleted_User said:

PS: I still think the Lloyds account is crap.

As has been pointed out, it might be so for your requirements but not for others, many of whom have given examples for how the account works in their favour. May be you don't want to be known for your objective views.

Bridlington1

Zanderman said:

where_are_we said:

Zanderman said:

Bridlington1 said:

The only thing is that they keep pestering me to try their personal wealth managers every time I log into internet banking. I'm flattered but have neither the income, nor the savings to qualify so don't know what their game is. Is anyone else getting this? It's been ever since I got the Club Lloyds account back in March 2022.

We've had (Mrs Z-man and myself) Lloyds Club Accounts for years, never been pestered like you describe.  Maybe you should review your marketing preference settings?

As for all the stuff on here about whether the accounts are worth having we just use them now for the perks - mag subscription and films.  Haven't used them for getting interest for years as the rates have been so poor. And we don't use the Reg Savers either. We just pay in, and out, the 1500, to get the perk, and we'll be adding another 500 in and out soon to match the new 2000 requirement.

You mention interest rates being poor and don`t use regular savers. The Club Lloyds Monthly Saver offers 5.25%, £400 monthly payments, 13 total payments are ok and there is instant access with no penalty. This is in effect, an instant access account paying 5.25%.

As we don't have excess money each month a regular saver makes little sense to use at present, unless the rate is much higher than 5.25%.  We can put a lump sum into a fixed rate saver earning less than that and do just as well, over the course of 12 months. So it is, to us, a poor rate.

[It is misleading to suggest, btw, that it is "in effect, an instant access account paying 5.25%" - because it is a Reg Saver so most of the money in it will get less than a year's worth of 5.25%]

And yes, before you point it out, I do know that we could put a lump sum into the best available easy access account and drip feed from there into the Lloyds Reg savers each month.  And that doing that would be better still.  But we played the multiple Reg Saver fed by easy savers game for many years in the past - it can become wearisome and overly obsessive!  

I suppose the regular saver is (I say only) worth £48/yr compared to keeping the money in Coventry at 3.25%. Throw in stoozing the £50 0% overdraft you're looking at nearly £50/yr for little effort. I choose to take it myself. Though I agree that compared to the ease of getting £180/yr out of 3 Halifax reward accounts, the Club Lloyds account does seem the poor relation. Having said that, it is amazing compared to the £2.20/mth you get from Co-op.

UKSBD

I would hazard a guess the majority of people who have Club accounts are not your moneysaver type who switch and change for the sake of a little bit of extra interest.

I would think most are people who just wanted a day to day bank account and the Club one looked better than the basic one.

I would imagine a lot don't even know about the fee waiver, most would be getting it automatically due to £1500 of wages being paid in.

Lloyds upping it to £2,000 could very well catch a lot of people out and earn them £millions in fees that a lot of people wont even notice.

UKSBD

Looking at the figures it's a cynical move by Lloyds

Average pay of all workers in UK is approx £27,000 giving take home pay of £1,800

In just one move they are now charging these people £3.00 a month if they don't notice.