Changes to Lloyds Club Account

[steelman99]

Just had notification from Lloyds that the minimum monthly deposit to avoid the £3 a month charge will increase to £2000 per month from April 2023

They have increased their interest rates as well if you pay 2 DD out of the account ,1.5% for the first £4k, then 3% on between £4&5K

guess this will affect a lot of those on lower incomes or pensions

[pje16]

Another example of a bank not wanting the “man on street” as a client
bank closures being the prime instance
having to make appointments as opposed to just walking in etc

[Stompa]

Just had notification from Lloyds that the minimum monthly deposit to avoid the £3 a month charge will increase to £2000 per month from April 2023

They have increased their interest rates as well if you pay 2 DD out of the account ,1.5% for the first £4k, then 3% on between £4&5K

guess this will affect a lot of those on lower incomes or pensions

Presumably there's nothing (apart from it being a nuisance) to stop you moving funds out to an external account then back again in order to comply with the increased deposit requirement.

[raybarrow]

Hi Folks,

steelman99 wrote:
Just had notification from Lloyds that the minimum monthly deposit to avoid the £3 a month charge will increase to £2000 per month from April 2023

They have increased their interest rates as well if you pay 2 DD out of the account ,1.5% for the first £4k, then 3% on between £4&5K

guess this will affect a lot of those on lower incomes or pensions


Presumably there's nothing (apart from it being a nuisance) to stop you moving funds out to an external account then back again in order to comply with the increased deposit requirement.

That's what a lot of us have been doing for years for these 'You must pay in £xxx a month' accounts. Set up two standing orders, one in and one out for the same day, five minutes, job done, relax.

Ray.

[pochisoldi]

Hi Folks,

steelman99 wrote:
Just had notification from Lloyds that the minimum monthly deposit to avoid the £3 a month charge will increase to £2000 per month from April 2023

They have increased their interest rates as well if you pay 2 DD out of the account ,1.5% for the first £4k, then 3% on between £4&5K

guess this will affect a lot of those on lower incomes or pensions


Presumably there's nothing (apart from it being a nuisance) to stop you moving funds out to an external account then back again in order to comply with the increased deposit requirement.

That's what a lot of us have been doing for years for these 'You must pay in £xxx a month' accounts. Set up two standing orders, one in and one out for the same day, five minutes, job done, relax.

Ray.

I've got two "£X a month" accounts with different providers and the usual flow at the beginning of the month is Main>£1500>Lloyds>£750>"Other">£750>Lloyds>£1500>Main
That way of working the two accounts that need funding receive £2250 (for lloyds) and £750 ("other").
The money then lands back in the main account on the same day.
The only automatic transfer is the £1500 to Lloyds - every other payment is done by online banking on the first working day of the month.
I guess there's no need to change my arrangement.