Club Lloyds and BOS dropping rates to 1.5% on 1st July

quinquereme
quinquereme Posts: 3 Newbie
First Anniversary
in Budgeting & bank accounts
Just noticed this on Lloyds website:
Please note: From the 1st July 2018, we will be changing the interest you can earn on Club Lloyds current accounts. The current interest rate of 2% AER/1.98% Gross variable, payable on balances between £1 and £5,000, will reduce to 1.5% AER/1.49% Gross variable. You will still need to pay at least two different Direct Debits each calendar month to earn interest.

Checked BoS and same with Vantage:
Please note: From the 1st July 2018, we will be changing the interest you can earn on Vantage accounts. The current interest rate of 2% AER/1.98% Gross variable, payable on balances between £1 and £5,000, will reduce to 1.5% AER/1.49% Gross variable. To earn interest, you will still need to pay at least two different Direct Debits each calendar month, pay at least £1,000 into your account during the calendar month, and stay in credit (above £0) during the monthly billing period.

(Can't post links as a newbie.). Sad times.
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Comments

  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    Looks true sadly. Its quite prominent on here. Top of page.

    https://www.lloydsbank.com/current-accounts.asp?WT.ac=Products/Navigation/CurrentAccounts
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    B.ugger

    https://www.bankofscotland.co.uk/bankaccounts/vantage/
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    Only worth keeping for the free cinema tickets really.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Looks like some changes to packaged accounts too, with £2 per month increases along with a cut in some benefits.

    This has also been applied on Halifax Ultimate Reward which now costs £17 per month.

    Can't see anything about a cut in the Reward payment at Halifax.
  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    Can Halifax reward go any lower?
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    veryintrigued wrote: »
    B.ugger

    Double B.ugger.... just as rearranged DD's thanks to Tesco were about to kick in.
    "In the future, everyone will be rich for 15 minutes"
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    YorkshireBoy wrote: »
    Looks like some changes to packaged accounts too, with £2 per month increases along with a cut in some benefits.

    This has also been applied on Halifax Ultimate Reward which now costs £17 per month.

    Can't see anything about a cut in the Reward payment at Halifax.

    That was cut from £5 to £3 a few months ago, cant really cut it any further.

    Got my last 3 x £3 rewards this month, unable to replace the tesco direct debits and not worth transferring some real bills across as they earn a decent cashback with Child & Co Reward Account via RBS.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    veryintrigued wrote: »
    B.ugger
    My thoughts too!

    I could put the £20K in my PO Online Saver (or Tesco for the same 1.30% rate...for the remainder of the bonus year) and only be the equivalent of £38 a year worse off. Maybe it's time to call it a day on these two providers. I haven't even been to the flix this lifestyle year either...and it's nearly up!
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
    Name Dropper First Anniversary First Post Photogenic
    YorkshireBoy wrote: »
    My thoughts too!

    I could put the £20K in my PO Online Saver (or Tesco for the same 1.30% rate...for the remainder of the bonus year) and only be the equivalent of £38 a year worse off. Maybe it's time to call it a day on these two providers. I haven't even been to the flix this lifestyle year either...and it's nearly up!

    Mine are going into Premium Bonds. Nice and simple with everything in one account. Always the slim chance of a nice win. Only about 10% of my cash is in taxable accounts, will be close to zero after this. No cash ISA, just a S&S ISA.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Herbalus wrote: »
    Can Halifax reward go any lower?
    £1 was out of the question...may as well have withdrawn the account. Could have gone to £2 I suppose.
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