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  • FIRST POST
    • quinquereme
    • By quinquereme 13th Apr 18, 9:29 PM
    • 2Posts
    • 37Thanks
    quinquereme
    Club Lloyds and BOS dropping rates to 1.5% on 1st July
    • #1
    • 13th Apr 18, 9:29 PM
    Club Lloyds and BOS dropping rates to 1.5% on 1st July 13th Apr 18 at 9:29 PM
    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.
Page 2
    • surreysaver
    • By surreysaver 14th Apr 18, 7:36 AM
    • 2,602 Posts
    • 1,502 Thanks
    surreysaver
    I'll keep for the time being - don't forget access to the monthly savers. If the BoE base rate goes up again, that will put my mortgage up to 1.5%, so using funds to offset that would be better as it won't then be taxable
    I consider myself to be a male feminist. Is that allowed?
    • eschaton
    • By eschaton 14th Apr 18, 8:24 AM
    • 1,846 Posts
    • 1,616 Thanks
    eschaton
    Looks like I'll be closing or emptying one of my two BOS Vantage accounts.

    Two of the DD's are funded by charity direct debits so one will have to go. The two charities will both be in my will so they won't lose out in the long term.

    I'll move the 5k into my Birmingham Midshires 1.45% account for the time being.

    A new switching bonus would be good but I don't think there are any that I haven't had.

    BOS has been my main Bank for over 25 years but they aren't offering much these days.
    • Hattie625
    • By Hattie625 14th Apr 18, 8:37 AM
    • 804 Posts
    • 691 Thanks
    Hattie625
    I'll keep for the time being - don't forget access to the monthly savers. If the BoE base rate goes up again, that will put my mortgage up to 1.5%, so using funds to offset that would be better as it won't then be taxable
    Originally posted by surreysaver

    You can have access to the (currently) 2% fixed BofS monthly saver without having a BofS current account. But access to the (currently) 3% fixed Club Lloyds MS depends on having a Club Lloyds current account. Worth holding the Club Lloyds current account, even with nil balance, to keep access to the MS. Just remember to fund the current account with 1500+ each calendar month (with immediate transfer out) to avoid 3 monthly fee,

    EDITED: Apologies, you do need a BofS current account to access the MS (I was thinking of the Halifax RS which isn't linked to a current account) But you would only need to keep one of your BofS current accounts open, with nil balance.
    Last edited by Hattie625; 14-04-2018 at 8:43 AM.
    • mollycat
    • By mollycat 14th Apr 18, 8:49 AM
    • 1,108 Posts
    • 2,209 Thanks
    mollycat
    "David Partington" will be on here in a minute asking us to phone Lloyds on mass to complain. *

    * Topical humour, may not be relevant to all readers!
    • PeacefulWaters
    • By PeacefulWaters 14th Apr 18, 9:48 AM
    • 8,318 Posts
    • 10,672 Thanks
    PeacefulWaters
    "David Partington" will be on here in a minute asking us to phone Lloyds on mass to complain. *

    * Topical humour, may not be relevant to all readers!
    Originally posted by mollycat
    He'll be saying they have no right to vary anything!
    • mjfp509
    • By mjfp509 14th Apr 18, 10:17 AM
    • 157 Posts
    • 55 Thanks
    mjfp509
    Not good news this. It wasn't too long ago this account was paying 4%
    • AndyPK
    • By AndyPK 14th Apr 18, 10:52 AM
    • 3,437 Posts
    • 1,008 Thanks
    AndyPK
    Tesco and BOS must be having a right laugh at us!

    Oh well. No point me worrying about my 3rd BOS account then.


    A charity was getting the interest from one of my BOS accounts too
    • surreysaver
    • By surreysaver 14th Apr 18, 10:53 AM
    • 2,602 Posts
    • 1,502 Thanks
    surreysaver
    DITED: Apologies, you do need a BofS current account to access the MS (I was thinking of the Halifax RS which isn't linked to a current account) But you would only need to keep one of your BofS current accounts open, with nil balance.
    Originally posted by Hattie625
    Ha! You had me worried there - I thought I had mis-remembered my T&Cs! I have Halifax and BoS Regular / Monthly Savers - I was aware of the Halifax one not requiring a current account. I also have both Lloyds Monthly Savers - the one requiring a current account, and the one not.
    I suppose it is always worth people (for the time-being) treating these 1.5% accounts as instant access savers from July, as long as the direct debit and minimum pay-in requirements are met.
    I consider myself to be a male feminist. Is that allowed?
    • surreysaver
    • By surreysaver 14th Apr 18, 10:57 AM
    • 2,602 Posts
    • 1,502 Thanks
    surreysaver
    I think June/July time will be bad for me - three BoS and one Lloyds account dropping from 2% to 1.5%, Nationwide drops from 5% to 1%, and the 10pm cashback on my TSB account finishes!
    I consider myself to be a male feminist. Is that allowed?
    • Sea Shell
    • By Sea Shell 14th Apr 18, 12:31 PM
    • 1,051 Posts
    • 1,678 Thanks
    Sea Shell
    Well that's pants news for a Saturday morning.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • gocat
    • By gocat 14th Apr 18, 1:12 PM
    • 5,404 Posts
    • 62,078 Thanks
    gocat
    That saves me worrying about the DD's . Had set some up but they dont seem to be taking any money at the moment. Just says frequency "not known" and nothing deducted. But was suppose to start 1st April. Ah well. Another few charities losing out
    • MarkFromCornwall
    • By MarkFromCornwall 14th Apr 18, 1:43 PM
    • 772 Posts
    • 503 Thanks
    MarkFromCornwall
    Well that's pants news for a Saturday morning.
    Originally posted by Sea Shell
    Yes: strange that none of the rolling news channels are leading on the Lloyds story today.
    • surreysaver
    • By surreysaver 14th Apr 18, 2:00 PM
    • 2,602 Posts
    • 1,502 Thanks
    surreysaver
    Tesco and BOS must be having a right laugh at us!
    Originally posted by AndyPK
    It does make me wonder if there's been some sort of collusion behind closed doors to make it more difficult and less attractive for people to play the system, whilst still trying to attract genuine customers. They'll probably start to offer 500 switching bonuses now, after all us serial switchers have no more accounts to switch to!
    I consider myself to be a male feminist. Is that allowed?
    • oldagetraveller
    • By oldagetraveller 14th Apr 18, 2:10 PM
    • 3,207 Posts
    • 1,703 Thanks
    oldagetraveller
    It is my main current account and I keep the balance at 5000 for the maximum interest.
    However, come July, I will just be maintaining a balance sufficient to cover Direct Debits and everyday bills etc..
    I suppose it couldn't last forever.
    Their loss, another's gain.
    Did you hear about the politician who had a backside transplant? It rejected him.
    • timmy963
    • By timmy963 14th Apr 18, 4:41 PM
    • 74 Posts
    • 60 Thanks
    timmy963
    This makes me feel a bit better seeing as the Tesco Bank are cancelling DD payments into their saver accounts which were used to fuel the DD requirement of these BOS accounts.

    I bet Santander will change their interest to 1.23% or something silly.
    • 18cc
    • By 18cc 14th Apr 18, 5:15 PM
    • 899 Posts
    • 604 Thanks
    18cc
    Very annoying - however I suppose I am still getting my monthly magazine which is worth something so won't leave just yet.
    • kidmugsy
    • By kidmugsy 14th Apr 18, 6:44 PM
    • 12,187 Posts
    • 8,632 Thanks
    kidmugsy
    I bet Santander will change their interest to 1.23% or something silly.
    Originally posted by timmy963
    Brilliant suggestion.
    Free the dunston one next time too.
    • AndyPK
    • By AndyPK 14th Apr 18, 6:58 PM
    • 3,437 Posts
    • 1,008 Thanks
    AndyPK
    I'm fine with 1.5 thank you !!
    • surreysaver
    • By surreysaver 14th Apr 18, 8:28 PM
    • 2,602 Posts
    • 1,502 Thanks
    surreysaver
    I'll have to dust off my standing order to my NatWest Savings Builder. Although it only needs 50pm now
    I consider myself to be a male feminist. Is that allowed?
    • Sea Shell
    • By Sea Shell 15th Apr 18, 6:52 AM
    • 1,051 Posts
    • 1,678 Thanks
    Sea Shell
    We'll probably just withdraw the 15k we've got with these, and put it in our S&S ISA's. We're probably too cash heavy anyway. Surely that'll return more than 1.5% (fingers crossed)
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
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