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

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  • s88
    s88 Posts: 60 Forumite
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    This is rather annoying. After a few months failed experimenting with Netflix and Spotify subscriptions in order to enable interest payment, I come here to get information on DD's and find this golden nugget of info, d'oh!
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    ValiantSon wrote: »
    Why didn't you wait until the rate actually changed? All you have achieved is to reduce the amount of interest you will earn over the next couple of months. The Nationwide Loyalty ISA will pay you 1.4%, rather than 2% and the money in the Tesco accounts will pay you 1.3%, rather than 2%, so you have cost yourself £52.74:

    BOS to Nationwide = £37.98 (BOS = £126.58; Nationwide = £88.60)
    Lloyd's to Tesco = £14.76 (BOS = £42.19; Tesco = £27.43).

    This rather seems like cutting off your nose to spite your face.

    Why now. We will wait and see in the fullness of time but I think when this rate cut filters through to LBG customers, there will be many 5,10 and 15K parcels of money looking for a new home. Sure some will stay put, but when you include the DD requirements and customers see easy accounts at 0.1% less the influx of new money will force a rate drop. I am gambling on new issues being considered as apposed to cutting the rate for existing customers.
  • Gordon_the_Moron
    Gordon_the_Moron Posts: 1,472 Forumite
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    colsten wrote: »
    I'll be moving the £15K from my BOS accounts into the Nationwide Loyalty ISA @ 1.4%. May be also the Club Lloyds.

    I'm going to bin the BOS accounts for the same Nationwide account for simplicity, I will keep Club Lloyds though just to give me £5000 to access as and when I need it with no withdrawal restrictions, you might want to think about doing that as if you put all your spare cash in the Nationwide single access account you can only access it once a year or lose the attractive rate!
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

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  • Nicholas
    Nicholas Posts: 630 Forumite
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    edited 16 April 2018 at 6:12PM
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    Deleted_User wrote: »
    and access to the 3pc Club Lloyd's RS on £400 pcm.

    I take it the 2 Direct Debit requirement only applies to the current account in order to get any interest? I would still get interest on the regular saver without the DD's?
  • Gers
    Gers Posts: 12,033 Forumite
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    I'm going to take my 15K and put it towards a new car!
  • eschaton
    eschaton Posts: 2,024 Forumite
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    Gers wrote: »
    I'm going to take my 15K and put it towards a new car!


    You could give it to Dave King to invest :D
  • ceredigion
    ceredigion Posts: 3,709 Forumite
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    Nicholas wrote: »
    I take it the 2 Direct Debit requirement only applies to the current account in order to get any interest? I would still get interest on the regular saver without the DD's?

    That is how I read it. You still need to fund by £1500 per month to avoid the fee though.
  • Gers
    Gers Posts: 12,033 Forumite
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    eschaton wrote: »
    You could give it to Dave King to invest :D

    The weatherman?
  • eschaton
    eschaton Posts: 2,024 Forumite
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    Gers wrote: »
    The weatherman?

    That's the one ;)
  • Herbalus
    Herbalus Posts: 2,634 Forumite
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    ceredigion wrote: »
    Why now. We will wait and see in the fullness of time but I think when this rate cut filters through to LBG customers, there will be many 5,10 and 15K parcels of money looking for a new home. Sure some will stay put, but when you include the DD requirements and customers see easy accounts at 0.1% less the influx of new money will force a rate drop. I am gambling on new issues being considered as apposed to cutting the rate for existing customers.

    Its pleasant to see some original thinking and movement against the current. Though I would be tempted to tweak your idea to secure the new accounts now but leave the majority of funds with BOS/LBG whilst the 2% lasts, its refreshing to see some difference in thought.

    There is sometimes too much tendency for everybody to find a deal on here and pile into it, to the detriment of the product itself, and also the loss of satisfaction of finding some good deal for yourself.
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