Lloyds and Bank of Scotland to cut current account interest on up to £4,000 - MSE News

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  • DennisTenus
    DennisTenus Posts: 483 Forumite
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    Is the overdraft free to £99 then?
  • Descrabled
    Descrabled Posts: 433 Forumite
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    https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.asp

    "Arranged Overdraft
    Setting up an Arranged Overdraft is free.
    You'll only pay a daily arranged overdraft fee if you use it.
    You can apply for an Arranged Overdraft, where up to the first £100 is fee-free.
    All overdrafts are subject to our assessment of your circumstances and are repayable on demand."

    "Representative example:
    If you use an Arranged Overdraft of £1,200 on your Club Lloyds Account, then we’ll charge you a daily arranged overdraft fee of £1.83. For Club Lloyds, the daily arranged overdraft fee on the first £100 is 0p."
  • oldagetraveller
    oldagetraveller Posts: 3,653 Forumite
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    crumpetman wrote: »
    But you don't need to maintain a balance in the club Lloyds account to make use of the regular saver.
    Who said you did?
  • adindas
    adindas Posts: 6,815 Forumite
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    edited 11 July 2019 at 6:11PM
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    Descrabled wrote: »
    https://www.lloydsbank.com/current-accounts/all-accounts/club-lloyds.asp

    "Arranged Overdraft
    Setting up an Arranged Overdraft is free.
    You'll only pay a daily arranged overdraft fee if you use it.
    You can apply for an Arranged Overdraft, where up to the first £100 is fee-free.
    All overdrafts are subject to our assessment of your circumstances and are repayable on demand."

    "Representative example:
    If you use an Arranged Overdraft of £1,200 on your Club Lloyds Account, then we’ll charge you a daily arranged overdraft fee of £1.83. For Club Lloyds, the daily arranged overdraft fee on the first £100 is 0p."

    I have not read the overdraft T&C yet. From this quotation, it seems up to the first £100 is fee-free. But what about daily interest. Do not you need to pay the daily interest ??

    I am aware that the interest of £100 is tiny bit so is the money you will be making by using this overdraft.
  • crumpetman
    crumpetman Posts: 339 Forumite
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    oldagetraveller wrote: »
    Who said you did?

    No one, but the implication of using the regular saver to make up for the drop in rate on the current account. You can have the regular saver anyway (as I do already) so it makes no difference to the drop in interest rate on the club current account.

    You may as well say, "spend less money on shopping to offset the drop in interest earned"
  • ScoobyZ
    ScoobyZ Posts: 487 Forumite
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    Another account to close. Thats:

    3x RBOS
    2x Tesco
    1xT SB
    1x Natwest after getting reward.

    and now Llyods.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    ScoobyZ wrote: »
    Another account to close. Thats:

    3x RBOS
    2x Tesco
    1xT SB
    1x Natwest after getting reward.

    and now Llyods.
    You sure...? ;)
  • ScoobyZ
    ScoobyZ Posts: 487 Forumite
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    YorkshireBoy wrote: »
    You sure...? ;)


    Yep they cut rates so I closed accounts and paid off Mortgage and will be putting some extra cash in a SIPP to get some Tax Relief :)
  • colsten
    colsten Posts: 17,597 Forumite
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    ScoobyZ wrote: »
    Yep they cut rates so I closed accounts and paid off Mortgage and will be putting some extra cash in a SIPP to get some Tax Relief :)
    I believe the question was whether you are sure that you had 3 RBOS accounts.
  • ScoobyZ
    ScoobyZ Posts: 487 Forumite
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    colsten wrote: »
    I believe the question was whether you are sure that you had 3 RBOS accounts.

    Good point Bank of Scotland :)
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