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Changes to Lloyds Club Account
Posted: January 30th, 2023, 10:05 am
by 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
Re: Changes to Lloyds Club Account
Posted: January 30th, 2023, 10:10 am
by 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
Re: Changes to Lloyds Club Account
Posted: January 30th, 2023, 10:29 am
by Stompa
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.
Re: Changes to Lloyds Club Account
Posted: January 31st, 2023, 12:39 pm
by 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.
Re: Changes to Lloyds Club Account
Posted: January 31st, 2023, 1:10 pm
by pochisoldi
raybarrow wrote: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.