Lloyds Cash Account

jameseonline

Had a message today that Lloyds are changing my Cash account to their Basic account, doesn't really seem any different to be honest, some fees are no longer a thing with Basic though.

What I don't get is why they've still let me have a cash/basic account in the 1st place, as I've already got their standard account AND Club Lloyds 🤣

Although not as bad as my TSB account list of Spend & Save (was Classic) , Classic Plus, Cash, Classic Essentials 😂

eskbanker

jameseonline said:

What I don't get is why they've still let me have a cash/basic account in the 1st place, as I've already got their standard account AND Club Lloyds 🤣

Presumably they're simply carrying out a bulk exercise of shifting holders of the obsolete Cash account over to a replacement Basic one, without revisiting eligibility?

jameseonline

eskbanker said:

jameseonline said:

What I don't get is why they've still let me have a cash/basic account in the 1st place, as I've already got their standard account AND Club Lloyds 🤣

Presumably they're simply carrying out a bulk exercise of shifting holders of the obsolete Cash account over to a replacement Basic one, without revisiting eligibility?

You would think they'd be like J you already have better accounts you don't need this anymore🙄, think it was my 1st account with them as well, Ahh well, at least it's not held me back.

Unlike the basic HSBC account, having that stopped me getting the regular saver, even though I quickly got the HSBC standard not long after, had to ditch their basic to get the regular.

Only use my Club Lloyds accounts (current & regular saver) these days.

GrumpyDil

Rather than looking at what other accounts you have they will have decided on a one size fits all approach. It's a lot cheaper than a  tailored approach in this scenario where they would have to assess on an individual basis and still might get complaints about closed accounts if customers particular wanted to retain the account for some reason unknown to the bank. 

WillPS

jameseonline said:

Had a message today that Lloyds are changing my Cash account to their Basic account, doesn't really seem any different to be honest, some fees are no longer a thing with Basic though.

What I don't get is why they've still let me have a cash/basic account in the 1st place, as I've already got their standard account AND Club Lloyds 🤣

Although not as bad as my TSB account list of Spend & Save (was Classic) , Classic Plus, Cash, Classic Essentials 😂

What's the problem with holding both a basic and non-basic account? Just because Lloyds don't allow new applications to Basic accounts from people with regular ones doesn't mean that one can't potentially hold both. Some other banks have no such restriction.

As others have pointed out from the perspective of improving operation simplicity it makes sense to move everyone over to one similar account rather than try and figure out individually what the best fit would be.

GrubbyGirl_2

Just curious as to why you need so many accounts?

jameseonline

GrubbyGirl_2 said:

Just curious as to why you need so many accounts?

I don't "Need" so many accounts with Lloyds/TSB but at same time it can be useful to have at least 1 spare for budgeting &/or possibly switching.

I've built up a collection because never closed & better accounts come along.

Had several Nationwide current accounts but other than my FlexDirect account (my main Nationwide account) they were all setup so as & when switch offers became available to me I could just purely switch those accounts that were never used & get free cash.