Can I downgrade Club Lloyds Silver Account to Classic Account if I have a Club Lloyds Monthly Saver?

sgog

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

Ed-1

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

sgog

Ed-1 said:

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

Does it also mean it will be possible to keep depositing £400/month?

dealyboy

Hi @Ed-1 ...

Ed-1 said:

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

... well that's worth knowing, it's not what I expected ... it would have changed my switch account decision which was to the silver account followed by monthly saver.

On the product info for the Club Lloyds Monthly Saver page it states:

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

Maybe worth your mentioning on the RS thread as a 'loophole alert' if not already there.

Ed-1

sgog said:

Ed-1 said:

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

Does it also mean it will be possible to keep depositing £400/month?

Yes......

flaneurs_lobster

Ed-1 said:

sgog said:

Ed-1 said:

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

Does it also mean it will be possible to keep depositing £400/month?

Yes......

So I can stop the £2000 monthly hokey-kokey and forego the rubbish film rental but keep the CL RS by downgrading the current account? 

Ed-1

flaneurs_lobster said:

Ed-1 said:

sgog said:

Ed-1 said:

sgog said:

I think the title summarises it, but I was wondering what happens if you try downgrading your Club Lloyds Silver Account to Classic Account while having a Club Lloyds Monthly Saver open?

Would it automatically close? Transform into a Monthly Saver account (paying 5.25% instead of 6.25%)? Stay as is? (With reducing the allowed monthly payment to £250 or keeping it at £400?)

The CL monthly saver remains unaffected. You only need to have a Club Lloyds current account to open the CL monthly saver, not to keep it.

Does it also mean it will be possible to keep depositing £400/month?

Yes......

So I can stop the £2000 monthly hokey-kokey and forego the rubbish film rental but keep the CL RS by downgrading the current account? 

Indeed....