MSE News: Lloyds and Bank of Scotland interest rates cut on two top current accounts

Former_MSE_Callum · 2 July 2018 at 11:14AM

Two decent interest-paying current accounts from Lloyds and Bank of Scotland had their rates cut this weekend - while Halifax increased the monthly fee for its Ultimate Reward packaged account...

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'Lloyds and Bank of Scotland interest rates cut on two top current accounts'

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VT82 · 3 July 2018 at 9:02AM

Shame you didn't mention the Club Lloyds perks that you can still get. Six free cinema tickets (which can even be combined with Meerkat Movies), could potentially be worth more than the maximum interest in a year, depending on which cinema you go to and what time.

Well worth having the account as one of many in a portfolio of current accounts, even at the lower rate.

18cc · 3 July 2018 at 6:31PM

Yes I agree with you if it was just a matter of interest rate I would not bother but I get a magazine subscription which is worth quite a lot and for that alone it's worth keeping the account open

kidmugsy · 3 July 2018 at 11:38PM

The Club current account also gives you access to the Club regular saver, paying a decent 3% on up to £400 p.m.

Ben8282 · 4 July 2018 at 2:31AM

This is not news. I was advised of the cut in interest rates by Lloyds some time ago.
Incidentally, the monthly fee for the Club Premier account has also increased by 12p from £25 to £25.12!

adindas · 4 July 2018 at 6:16AM

VT82 wrote: »

Shame you didn't mention the Club Lloyds perks that you can still get. Six free cinema tickets (which can even be combined with Meerkat Movies), could potentially be worth more than the maximum interest in a year, depending on which cinema you go to and what time.

Well worth having the account as one of many in a portfolio of current accounts, even at the lower rate.

18cc wrote: »

Yes I agree with you if it was just a matter of interest rate I would not bother but I get a magazine subscription which is worth quite a lot and for that alone it's worth keeping the account open

Well I believe majority of people do not go to to cinema nowadays, neither do they need a magazine subscription. Home cinemas where you could choosee what to watch and when to watch; abundant online free resources will do these.

I never bother to claim any of Lloyds perks. I wonder how much do these perks cost LLoyds. Foar many of Lloyds customers, it would have been better if they scrap these perks and replace it with the things that could be used by everyone e.g higher interest, cashback (not voucher).

eskbanker · 4 July 2018 at 10:18AM

adindas wrote: »

I never bother to claim any of Lloyds perks. I wonder how much do these perks cost LLoyds. Foar many of Lloyds customers, it would have been better if they scrap these perks and replace it with the things that could be used by everyone e.g higher interest, cashback (not voucher).

You're answering your own question there, as it's clearly cheaper for Lloyds to offer perks (which won't be redeemed by everyone) rather than actual cash, which will undoubtedly be why First Direct have also now gone down the route of offering gifts rather than a cash switching incentive, plus M&S offering gift cards rather than real money, etc....

MSE News: Lloyds and Bank of Scotland interest rates cut on two top current accounts

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