Lloyds and Halifax reducing interest on Club and Rewards

PRAISETHESUN

wmb194 said:

I'm not seeing anything about this reduction applying to Lloyds Premier accounts so perhaps this is an attempt to increase the differentiation between the two?


https://www.lloydsbank.com/current-accounts/all-accounts/lloyds-premier.html

My experience with Premier is that Lloyds seems to treat it as a CL account with a few extra perks on top, so I wouldn't be surprised if it also gets reduced.

Section62

steven141 said:

Section62 said:

Unsurprisingly the same also applies to BoS Vantage accounts.

My fault probably. Following the loss of cashback on my 123Lite account I'd been consolidating my direct debits onto a BoS Vantage account to scrape a little interest off the float kept there to avoid DD's failing.  The last DD move completed this month.

There is always Kroo which still pay interest 2.65% AER the only thing is that you would have to manually change your direct debits as they aren't part of the current account switching service but are fcs protected. I use them for storing my spending money. They have pots as well which all earn the same interest rate.

Thank you for the suggestion.  The amounts involved are too small for it to be worth setting up a new account for the purpose.  And Kroo being app only doesn't suit my needs.

General_Grant

https://forums.moneysavingexpert.com/discussion/comment/81847750#Comment_81847750

You write "avoid the fee by not setting up DDs". So if you don't have DDs, you don't pay a fee?

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81864101#Comment_81864101

More or less. From the Edge T&Cs:

We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback.

You qualify for cashback by paying in £500 AND having 2x DDs pay out in the same month. If you do only one of those things then you're fine. Unless you want to limit yourself to paying up to £499 per month, then easiest way is to not set up any DDs (or 1x at the absolute maximum).