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Lloyds Bank strikes again

Maroochydore
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Lloyds Bank strikes again

#133317

Postby Maroochydore » April 19th, 2018, 5:12 pm

They are reducing (again) the interest on Club Lloyds current account from 2% to 1.5% from 1 July.
So much for 'interest rates set to rise in May' being touted about, or do Lloyds just don't care? (Rhetorical question).
http://www.dailymail.co.uk/money/saving ... s-0-5.html

steelman99
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Joined: September 5th, 2017, 7:51 pm

Re: Lloyds Bank strikes again

#133622

Postby steelman99 » April 20th, 2018, 7:13 pm

the rate is getting so near a savings account rate ,its not worth bothering with any more - especially with the end of been able to use tesco's savings account for your direct debits

Closing my Lloyds Club & Bank of Scotland Vantage accounts as soon as I've got the interest on the 2nd May - moving it all to something like shawbrook at 1.25% - mainly because I cant be bothered with the hassle of trying to find new direct debits

On £20k I will loose £50 per year or £1 per week - just not worth the hassle

n

stewamax
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Re: Lloyds Bank strikes again

#133641

Postby stewamax » April 20th, 2018, 8:26 pm

I have had Shawbrook Easy Access and 120 day notice accounts (as well as FRBs) for some time, the only nuisance being Easy Access's limitation of £85,000 and a singe account.
And unlike Charter, they will accept account changes via their secure message service.
They are also helpful: as an example, my wife (who also uses them) recently tried to open a second Easy Access account to take advantage of an upward shift in interest rates. She wasn't able to do this because Easy Access wasn't offered to her (every other account was), She assumed this was system error and requested the account opening by a secure message instead. Shawbrook replied that the reason the system wouldn't offer an EA account to her was that she already had one, but instead did a product switch* that, in effect turned the existing EA account into the newer higher-interest one, and said "We have taken the liberty of...and trust that was what you wanted to achieve"

* Birmingham Midshires also allowed this, but their offers seem moribund these days


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