LLoyds ups rate to 6.25% on Club LLoyds

35har1old

But only for new customers

Who this account is for

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.
• You need to be aged 18 or over and a UK resident.
• Ideal if you want to save money every month and have instant access to it.

km1500

For clarity, it is 6.25% on the monthly saver

EarthBoy

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

However, you will only be able to put £400 in the new Club Lloyds Monthly Saver, so you need to find a home with a decent interest rate for the rest of your savings from the old account, or it might not be worth changing.  

The ordinary Lloyds Monthly Saver has now increased to 5.25 % (from 4.50%) and you can have that in addition to the Club Lloyds Monthly Saver.

Sea_Shell

EarthBoy said:

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

However, you will only be able to put £400 in the new Club Lloyds Monthly Saver, so you need to find a home with a decent interest rate for the rest of your savings from the old account, or it might not be worth changing.  

The ordinary Lloyds Monthly Saver has now increased to 5.25 % (from 4.50%) and you can have that in addition to the Club Lloyds Monthly Saver.

If that's the case, It's going to make my head hurt trying to work out what's best, when only 4-5 months into existing Lloyds RSs, with 3% available elsewhere for instant access!!!

😲


ETA - don't worry, I've just seen the other thread!!   

flaneurs_lobster

I have the CLMS & LMS, so if I do nothing then I have an effective RS paying 5.25% with a limit of £650/month for the next 7 months?

Is that right?

Calidad

I know the CL RS is fixed for 12 months, but it’s still disappointing that this has only been introduced for new customers. 

I have £2000 in RS now after 5 months (max allowed), so not sure what to do really. Probably see it out?

redux

EarthBoy said:

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

How does that fit with this condition?

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.

Does this so-called renewal cancel that the earlier account previously existed in that form?

Middle_of_the_Road

redux said:

EarthBoy said:

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

How does that fit with this condition?

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.

Does this so-called renewal cancel that the earlier account previously existed in that form?

It's just a process that's been used without any problems by some posters on here.
Although it goes against the conditions stated by Lloyds, it seems they don't enforce them.

EarthBoy

redux said:

EarthBoy said:

35har1old said:

But only for new customers

Also for existing customers if you "renew" your existing Club Lloyds Monthly Saver to an ordinary savings account (Club Lloyds Saver or Easy Saver) and then open a new Club Lloyds Monthly Saver. 

How does that fit with this condition?

• It's only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.

Does this so-called renewal cancel that the earlier account previously existed in that form?

That condition exists in theory only, because it's not how they actually work.  It's not the only Lloyds rule that says one thing but their practice does something different. 

phillw

flaneurs_lobster said:

I have the CLMS & LMS, so if I do nothing then I have an effective RS paying 5.25% with a limit of £650/month for the next 7 months?

Is that right?

The Lloyds monthly saver was 4.5% interest, fixed for 12 months.

My calculation is that it doesn't seem worth closing them, unless you opened them in the last three months. Though that assumes rates will stay the same as they are now.

masonic

I'm less than a month in, so easy decision to renew mine, and worked just fine.