What does renew account mean?

paul_liverpoolfc

Hi

I've made too many withdrawals on my Club Lloyds Advantage Saver account and the rate's gone down.

Rather than open another one, transfer the money to the new account and then close the old account, can I just 'renew' it to get the standard rate back?

Is renew the same as close and open?

Thanks.

surreysaver

No idea. Why don't you have a look and see? It may change it to a different type of account and enable you to open a new Advantage Saver?

wmb194

https://forums.moneysavingexpert.com/discussion/6659366/what-does-renew-account-mean

With Lloyds, Halifax and BoS when you "renew" your account keeps the same sort code and account number but the type changes e.g., from a Club to a standard.

Barkin

You could always just withdraw everything, and put it elsewhere. You can get a considerably better rate than that, without the limited withdrawals.

Just a thought…

EarthBoy

If you go through the renewal process in the app, It will tell you which accounts you can renew, i.e. change, it to. I doubt whether it will let you renew it to the same as it already is, but if it doesn't, then just renew it to an Easy Saver, which is their basic savings account. Then log back in and try and renew the Easy Saver back to a Club Lloyds Advantage Saver again. If that doesn't work, just open a new Club Lloyds Advantage Saver and close the Easy Saver if you don't want it.

flaneurs_lobster

Might you consider another easy access account, the 2.75% rate for the Lloyds account is easily beaten elsewhere?