LLoyds ups rate to 6.25% on Club LLoyds

Band7

Tom_Hendo said:

k_man said:

Tom_Hendo said:

Can someone explain the 'renew' process to me.

From what I read you can effectively close your account, gain the interest accrued so far, and open a new account seemlessly. Which seems risk free?

Others seem to be commenting on the loss of interest and how it would track when putting the 'excess' from £400 into an easy access. Why would this matter if you already gained the interest for the current deposits?

Am I missing something?

You can't transfer the balance from the old RS to the new one, so you are starting from zero again, only topping up monthly, so while the interest rate is higher, the balance is lower.

Ahh got it now of course! Thanks.

Still seems tempting to me even though I'm 4 months in. I actually closed my Club Lloyds so it's going to be a lot of effort to get this sorted. Wonder whether the effort for the pennies difference is worth it at this point! 

At only 4 months in, it could be worth it. Just check the spreadsheet/create your own spreadsheet to validate.

Money_Grabber13579

I was 6 months into mine and I’ve closed them all and reopened. I figured it was worth it as I’ve put the lump sums into the 4.25% virgin isa, which would need an interest rate of c.5.3% in a taxable savings account to match it (I’m assuming that I’ll be paying tax on my savings this year).

Bridlington1

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

soulsaver

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

dcs34

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

Oct, Nov, Dec, Jan, Feb & Mar 1st is 6 payments, no?

Band7

soulsaver said:

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

Yes exactly, as of March 1, I have £2,400 in my Club Lloyds account. 

Bridlington1

soulsaver said:

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

I'm not denying that you can have 6 payments in by now (I am living proof of that) but that's still not the same as having the account open for 6 months.

If it was someone could have opened the account on 28th Feb made a deposit there and then and then funded it again on 1st of March. They would have made 2 payments into the account as of 1st March but they wouldn't have had the account for 2 months would they?

35har1old

Band7 said:

soulsaver said:

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

Yes exactly, as of March 1, I have £2,400 in my Club Lloyds account. 

How are losing anything when you are getting paid the interest now and you would have the same problem finding a home for £4800 in 6 months time

masonic

Bridlington1 said:

soulsaver said:

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

I'm not denying that you can have 6 payments in by now (I am living proof of that) but that's still not the same as having the account open for 6 months.

If it was someone could have opened the account on 28th Feb made a deposit there and then and then funded it again on 1st of March. They would have made 2 payments into the account as of 1st March but they wouldn't have had the account for 2 months would they?

Most people won't remember the date they opened their account, so are using the balance as a guide. The number of months is just being used as a proxy for the balance in the preceding discussion anyway.

Sea_Shell

masonic said:

Bridlington1 said:

soulsaver said:

Bridlington1 said:

I'm not trying to be pedantic here but how can anyone have had the 5.25% Club Lloyds monthly saver for 6 months? They launched those rates around mid October so the most anyone could have had them for is around 4 1/2 months.

It doesn't make much difference in the case of the Club Lloyds monthly saver as you'd still likely be better off staying put at 5.25% but for the BOS monthly saver it just about tips the balance in favour of renewing for the better rate in my case.

They could have 6 payments,£2.4k in it: 16 October 1st of N D J F M

I'm not denying that you can have 6 payments in by now (I am living proof of that) but that's still not the same as having the account open for 6 months.

If it was someone could have opened the account on 28th Feb made a deposit there and then and then funded it again on 1st of March. They would have made 2 payments into the account as of 1st March but they wouldn't have had the account for 2 months would they?

Most people won't remember the date they opened their account, so are using the balance as a guide. The number of months is just being used as a proxy for the balance in the preceding discussion anyway.

I'd guess most of us here are "rate chasers", so will have probably maxed out our monthly contributions to Regular Savers.