Lloyds Bank - interest rate on current accounts being reduced. (1 Viewer)

[Minxy]

There are some changing afoot at Lloyds Bank wef July this year which could affect funsters, what's annoying is that this message doesn't show up when you actually log-in to online banking, only if you go to the general Lloyds site! We've been with Lloyds for donkey's years as it's our main bank, but now we'll be looking elsewhere!

Please note: From the 1st July 2018, we are making some changes.
The Platinum monthly account fee will increase from £17 to £19 per month.
For Platinum accounts the Mobile Phone Insurance excess will also change to £100 for all handsets.
You will also be limited to 2 successful Mobile Phone Insurance claims per account holder in a 12 month period.
Additionally, 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.
Full details of these changes and others can be found in the .
​

I have to admit that I don't like Lloyds on-line banking interface since they split from TSB as it's not so easy to do things like change several standing orders, direct debits etc as it was previously, TSB on the other hand have stuck with the old website system which is much more user friendly.

 

[injebreck99]

We are in the same position, been with TSB/Lloyds since 1972, but where else can we get a better interest rate these days, already have maxed out premium bonds.

 

[Stealaway]

We have Santander 123 accounts that paid interest - recently been severely reduced.

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[kelv]

I have been with loyds for years the interest used to just about cover the account fee but not anymore so changing to Santander 123 account fed up with the service at loyds only downside is I will lose the club loyds benefits

 

[martin2603]

Have both Lloyd’s and Santander 123 both have reduced rates. At least Santander will pay on 20k in the current Account. Never bother with the other ad ons phone etc .

 

[gus-lopez]

There are some changing afoot at Lloyds Bank wef July this year which could affect funsters, what's annoying is that this message doesn't show up when you actually log-in to online banking, only if you go to the general Lloyds site! We've been with Lloyds for donkey's years as it's our main bank, but now we'll be looking elsewhere!

Please note: From the 1st July 2018, we are making some changes.
The Platinum monthly account fee will increase from £17 to £19 per month.
For Platinum accounts the Mobile Phone Insurance excess will also change to £100 for all handsets.
You will also be limited to 2 successful Mobile Phone Insurance claims per account holder in a 12 month period.
Additionally, 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.
Full details of these changes and others can be found in the .
​

I have to admit that I don't like Lloyds on-line banking interface since they split from TSB as it's not so easy to do things like change several standing orders, direct debits etc as it was previously, TSB on the other hand have stuck with the old website system which is much more user friendly.

They don't pay me any. reading that I suppose that it is because I haven't any dd's.

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[Minxy]

If you need DDs you can always open a couple of B&M savings accounts and set up a DD to pay money into them each month, you can only have one 'linked' account per saver hence why you'd need 2 if you need 2 DDs.

I'm not totally on-top of the rates that banks are giving now for current accounts seeing as the last time the rates got slashed we pulled a load of money out from Santander et al and bought 2 lodges but I think the below are still on the go:

Tesco CA - 3% fixed int >£3,000 (guaranteed until April 2019) [in: £750 pcm, out: 3 DDs ]
Nationwide CA - 5% fixed int >£2,500 for 1 year [in: £1,000 pcm, out: 0 DDs]
TSB CA - 3% int + £5* pcm for 2 DDs > £1,500 [in: £500 pcm, out: 2 DDs] (*until Dec 2018)

Co-op, Danske and Barclays have reward accounts

If you have a Nationwide CA you can also have a Regular Saver which pays 5% for 1 year (equates to 2.71% pa)

 

[Lenny HB]

Our main accoutis with Lloyds as the boss spent all her working life working for them, at least we only pay half the monthly fee.
We have so many accounts now its ridiculous.

Mel your figures for Tesco are wrong you don't have to pay any monthly amout in or have any DD, just dump £3k in the account and forget about it. We have 2 Tesco accounts.

 

[Minxy]

Our main accoutis with Lloyds as the boss spent all her working life working for them, at least we only pay half the monthly fee.
We have so many accounts now its ridiculous.

Mel your figures for Tesco are wrong you don't have to pay any monthly amout in or have any DD, just dump £3k in the account and forget about it. We have 2 Tesco accounts.

Not now you can't ... We have 2 of the original ones that don't need any in-going cash or DDs but the new ones have a requirement: https://www.tescobank.com/current-accounts/

To earn 3% AER credit interest on balances up to £3,000 until 1 April 2019, simply pay in at least £750 and pay at least three Direct Debits each statement month (excluding Direct Debits to Tesco Bank savings accounts)
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[SpeedyDux]

I'm assuming you were not mis-sold this premium account when all you wanted was the free Classic current account?

Otherwise you could claim back all those fees. Just a thought.

 

[jdk62]

We have been with Lloyds for years and had a Premier account which is no longer available and was costing £25 per month- for that we got emergency home breakdown cover, mobile phone cover, AA Breakdown recovery, worldwide travel insurance and card protection.

The AA cover would not cover our motorhome (8.0m long and 4500kg) and I get 3 years full cover from my car manufacturer, so the Lloyd breakdown cover was a waste of space, unless I paid an extra £275 to the AA. Lloyds then told me they were stopping the emergency home cover...

So decided to look around and I opened a Nationwide flex plus account which pays 3% on first years £2500, breakdown cover (UK and Europe) for our large Motorhome, mobile phone cover and travel insurance.

It costs £13 per month which is a saving of £144 per year over Lloyds and am getting interest.

We also had British Gas annual heating system cover package which on renewal was jumping from £295 per annum to £424... (on a 2 year old boiler that BG installed). So I found another company to provide emergency home cover (boiler servicing, boiler breakdown, heating system faults, electrical faults, drainage and water faults and leaks) - this costs £310 per annum

So overall am better off by £273... get more coverage for emergency cover and interest better interest on our current account...

 

[gus-lopez]

If you need DDs you can always open a couple of B&M savings accounts and set up a DD to pay money into them each month, you can only have one 'linked' account per saver hence why you'd need 2 if you need 2 DDs.

You would have to be a UK resident to open & I am not.

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[Lenny HB]

One area where Lloyd does excell is the travel insurance. It has the longest list of problems you don't need to declare I've seen and it covers you up to 80 years old (NW 75). A friend had a serious head injury in Barbados, Lloyds were brilliant at dealing with it.

 

[busby]

At 72 years old interest rates are not very important to me,,More interested in spending it than saving it..Found out that you can't take it with you,,BUSBY

 

[carolyn]

One area where Lloyd does excell is the travel insurance. It has the longest list of problems you don't need to declare I've seen and it covers you up to 80 years old (NW 75). A friend had a serious head injury in Barbados, Lloyds were brilliant at dealing with it.

I agree, that's why we have kept our Premier account. The travel insurance even covers children in full time education, they can travel without a parent. The only proviso is that they travel with another adult. I phoned to clarify this as one son was travelling in South America with his mate when they were 18 and that was ok. He also has a kiwi allergy and carries an epipen. I did notify them but even that was covered without additional premiums? I did look at Nationwide but every illness seemed to result in extra premiums.
We had to claim for a cancelled holiday and they could not have made it easier.

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[Anthea M]

News says 49 branches nationwide to close .