Club Lloyds waiver

The_Groat_Counter

https://forums.moneysavingexpert.com/discussion/comment/82163281#Comment_82163281

This. If someone has a spare 5k floating about, there are a very great many better places to keep it than a Club Lloyds current account.

Yorkie1

I don’t think you can activate that challenge. It gets done automatically. It also shows as “not met” for ages, even if the waiver has already happened

That's correct. I get the waiver automatically each month - having paid in my salary, which covers the deposit requirements - no need to go to Challenges or Rewards. It just gets credited to the account.

Whilst I realise there are other accounts with better rates of interest, I've had Lloyds as my main bank account since I was an adult, I had the benefit of the Club Lloyds Regular Saver at good interest rates (I realise those days are now gone, specifically), and I get a free magazine each month to read as part of the benefits of the account (other benefits are available if you prefer). It suits me.

My higher interest rate accounts are elsewhere.

Plus I like the colour green 🤣

friolento

https://forums.moneysavingexpert.com/discussion/comment/82164721#Comment_82164721

Even if you enjoy the perks that come with the Club Lloyds (magazines, cinema tickets etc), I don't think there has ever been any need to leave any money in the CL current account for more than a few seconds. The CL CA interest rates have always been uncompetitive.

Yorkie1

Well there's just a couple of £K in there and it's my main bills / credit card payment account. In the grand scheme of things, and for peace of mind, I'm happy with that 😊

friolento

https://forums.moneysavingexpert.com/discussion/comment/82164740#Comment_82164740

The MSE in me wouldn't allow me to keep a couple of £K in CL when I can easily get 5% or more on the same, and higher amounts in easy / instant access accounts.

Interest rate	Interest earned	Total after 1 year
0.75% AER	£15	£2,015
5% AER	£100	£2,100

You’d earn £85 more per year with the 5% AER account.

I have also always been getting the full range of the CL benefits, whilst keeping near £0 the CL CA. I do actually leave £5 in there after cycling my monthly £2k through the account, just in case the crediting of the monthly account fee fails (which it hasn't done once to date) as I don't want to go overdrawn.