Switching to Club Lloyds without 2k income

Mishomeister

Has anyone successfully opened the Club Lloyds account whilst not earning £2,000 pm? A friend of mine is attracted to this account because for Disney Plus and £175 incentive as she currently pays for Disney +, so even with £3 pm fee it is still worth it. However she is concious of them not really being interested in accepting these accounts for those not earing enough?

WillPS

There is no £2k income requirement. There is a fee-waiver (an incentive, if you like) if you pay in £2000/month, which doesn't have to be income.

My fiancee has a personal income of a little under a fifth of that and she was accepted no problem. She ensures she doesn't have to pay a fee by cycling some money from savings through the account (multiple times if neccessary).

Bear in mind that the free Disney+ is now only the 'with ads' tier, with no option to upgrade. If you pay the £3 fee you're only saving £2/month vs paying Disney directly.

tallac

So you can't get the basic tier of Disney Plus through Lloyds and then pay the difference to upgrade to a higher tier?

boingy

As stated above 2k income is not a requirement. I transfer in 2k each month to avoid the fee then transfer out £1600 of it the next day. The other £400 goes into their regular savings account. Tbh I'm not that bothered about the Disney - we rarely watch it. It's the regular savings account I'm there for but the principle is the same. Put 2k in and take it back out each month and you avoid the fee. It may even be possible to transfer, eg, the same £500 in and out 4 times to qualify - I'm sure someone else will be able to say if that works.

Dizzycap

I have a club lloyds account for bills and use £500 from my standard lloyds current account to pay in and instantly out of my club lloyds account 4 x at the beginning of the month. I've also done this using a different current account from another bank. 1 minutes work to get the fee waived each month and then all the free perks:-)

There is absolutely no need to keep the money in the account over night. The stipulation is to pay £2,000 into the account each month, not keep any money in the account.

WillPS

tallac said:

So you can't get the basic tier of Disney Plus through Lloyds and then pay the difference to upgrade to a higher tier?

Newp, sadly not:
https://www.lloydsbank.com/current-accounts/club-lifestyle-benefits.html

"At this time, you are unable to upgrade your Disney+ subscription to Standard or Premium."

jameseonline

As long as you pay in £2000 in a month you won't pay the monthly fee, you could put in £200 take it out, put it back in, take it back out, as long you hit £2000 in the month you'll be fine. Don't keep the money in the account overnight as long as the credits are showing in your transactions list you'll be fine.

jameseonline

boingy said:

As stated above 2k income is not a requirement. I transfer in 2k each month to avoid the fee then transfer out £1600 of it the next day. The other £400 goes into their regular savings account. Tbh I'm not that bothered about the Disney - we rarely watch it. It's the regular savings account I'm there for but the principle is the same. Put 2k in and take it back out each month and you avoid the fee. It may even be possible to transfer, eg, the same £500 in and out 4 times to qualify - I'm sure someone else will be able to say if that works.

Oh boingy you can transfer in & out the same day,

Other than that I do the same, £2000 in, £400 to Club Lloyds Regular, £1600 out (that £1600 funds other regulars so can't be leaving it in Club Lloyds overnight).

Yeah you should be able to do £500 4X, pretty sure it doesn't matter what amounts of money you put in as long as the account credits add up to at least £2000 in the monthly period.

When I started with Club Lloyds I broke up the deposit using the same money due to not having enough available funds, Club Lloyds used to be £1500 a month then.

goatfaced

Yes my son who is in college with no job got this account just using his pocket money of 100 a month. He pays in 500 4 times, all in the same day. 

boingy

jameseonline said:

boingy said:

As stated above 2k income is not a requirement. I transfer in 2k each month to avoid the fee then transfer out £1600 of it the next day. The other £400 goes into their regular savings account. Tbh I'm not that bothered about the Disney - we rarely watch it. It's the regular savings account I'm there for but the principle is the same. Put 2k in and take it back out each month and you avoid the fee. It may even be possible to transfer, eg, the same £500 in and out 4 times to qualify - I'm sure someone else will be able to say if that works.

Oh boingy you can transfer in & out the same day,

Haha! I'm tight, but not tight enough to care about losing one day of interest on the £1600. Years ago I had an argument with NatWest where they paid out a Standing Order a day early and then charged me an outrageous overdraft fee for being overdrawn that day, even though it was their fault. So I'm happy to be a tad more cautious, especially as that money pings through several other accounts each month. Each to their own.

WillPS

boingy said:

jameseonline said:

boingy said:

As stated above 2k income is not a requirement. I transfer in 2k each month to avoid the fee then transfer out £1600 of it the next day. The other £400 goes into their regular savings account. Tbh I'm not that bothered about the Disney - we rarely watch it. It's the regular savings account I'm there for but the principle is the same. Put 2k in and take it back out each month and you avoid the fee. It may even be possible to transfer, eg, the same £500 in and out 4 times to qualify - I'm sure someone else will be able to say if that works.

Oh boingy you can transfer in & out the same day,

Haha! I'm tight, but not tight enough to care about losing one day of interest on the £1600. Years ago I had an argument with NatWest where they paid out a Standing Order a day early and then charged me an outrageous overdraft fee for being overdrawn that day, even though it was their fault. So I'm happy to be a tad more cautious, especially as that money pings through several other accounts each month. Each to their own.

Definitely doesn't matter with LBG. My wife and I manually ping money between accounts, 6 Halifax, 3 Lloyds, normally on the morning of the 1st of each month. It'll be in each for a few seconds, minute at most. Never had a problem with it.

I can see why you'd need to leave it a day if automating via standing orders tho.