Club Lloyds 4% interest current account
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Club Lloyds 4% interest current account

31
Found 30th Jan 2015
Overall having done some quick checking this is the highest rate of interest for a current account IF you have some cash liquidity. In this case you need £4000 in the account in cash to be at 4% rate. This for me however beats all ISA and other accounts for earning some interest on my cash.

Up to 4% AER variable credit interest

Earn credit interest on your whole balance up to £5,000, if you pay two Direct Debits each month.

- If your balance is £4,000 to £5,000, you'll earn 4% AER/3.93% Gross on it all.
- If your balance is £2,000 to £3,999.99, you'll earn 2% AER/1.98% Gross on it all.
- If your balance is £1 to £1,999.99, you'll earn 1% AER/Gross on it all.
- If your balance is over £5,000, you'll still earn 4% AER/3.93% Gross on the first £5,000, but 0% on anything over that.

It also comes with a range of extra benefits. One of the following

- 6 VUE cinema tickets.
- An annual magazine subscription.
- Annual Gourmet Society membership.

31 Comments

If you've over £6667 to leave in a current a/c, may be better to earn 3% on up to £20,000 with a Santander 1-2-3 a/c + other perks.
moneysavingexpert.com/ban…nts

yep, santander is better
in addition you will get cashback on council tax, gas & elect bill, water, broadband etc
monthly fee £2

mk-donald

If you've over £6667 to leave in a current a/c, may be better to earn 3% … If you've over £6667 to leave in a current a/c, may be better to earn 3% on up to £20,000 with a Santander 1-2-3 a/c + other perks.http://www.moneysavingexpert.com/banking/compare-best-bank-accounts


no its not better, you should have both, or nationwide/tsb offerings for 5%

Original Poster

vjpower

yep, santander is betterin addition you will get cashback on council tax, … yep, santander is betterin addition you will get cashback on council tax, gas & elect bill, water, broadband etcmonthly fee £2



Depends on your situation. There is no monthly fee with lloyds if you get regular payments in and it also seems like a better deal if you have between 4-7k sat around.

Is this a first 12 months of use deal?

Don't forget that if you are moneybags (more than £20k) you can actually open two 123 current accounts at Santander.
Edited by: "mudlouse" 30th Jan 2015

2 Accounts with TSB gives 5% interest on each up to £2000 in each account. Must pay in £500 per month but transfers count (from one to the other ) .
Edited by: "rogparki" 30th Jan 2015

mk-donald

If you've over £6667 to leave in a current a/c, may be better to earn 3% … If you've over £6667 to leave in a current a/c, may be better to earn 3% on up to £20,000 with a Santander 1-2-3 a/c + other perks.http://www.moneysavingexpert.com/banking/compare-best-bank-accounts



totally agree we managed to do that twice each (before they locked it to one account per person)

If you go for lloyds, already my bank, sign up for 'it's on us' too. Works a bit like tcb. Just a thought.

Work out all the details and I am sure
you will find that the Santander 123
Current Account is way out in front.It
is simple. ie. 3% on all you cash up to
£20.000. Santander has sorted out all
its problems and now is 2nd in the
satisfaction surveys.

Santander are fantastic for us...great service with your own personal banker....Credit cards on that account are great as well as they have no foreign transaction fees and use great exchange rates....you also get cash-back on normal household direct debits, like energy, home phone, broadband council tax....definitely a great account to have

you also need to pay in 1.5k per month or there is a £5 charge for the account per month
Edited by: "cyclone111" 30th Jan 2015

rogparki

2 Accounts with TSB gives 5% interest on each up to £2000 in each … 2 Accounts with TSB gives 5% interest on each up to £2000 in each account. Must pay in £500 per month but transfers count (from one to the other ) .



can you have two in personal name or does 2nd need to be joint?

ciaranf

can you have two in personal name or does 2nd need to be joint?



From what I've read the 2nd needs to be joint which is the downer for me! I would love to have another

joshp

From what I've read the 2nd needs to be joint which is the downer for me! … From what I've read the 2nd needs to be joint which is the downer for me! I would love to have another


No the second account can be in the same name . My 2 accounts are both single accounts in my name . Also no account fees . £13 a month interest on £4k after tax if you juggle your money around a bit . I would think if you are a couple you could have 2 accounts each .

Edited by: "rogparki" 30th Jan 2015

rogparki

No the second account can be in the same name . My 2 accounts are both … No the second account can be in the same name . My 2 accounts are both single accounts in my name .



I think you're wrong. When did you open them? I was informed that they changed their terms.
forums.moneysavingexpert.com/sho…303

Edited by: "joshp" 30th Jan 2015

joshp

I think you're wrong. When did you open them? I was informed that they … I think you're wrong. When did you open them? I was informed that they changed their terms. http://forums.moneysavingexpert.com/showthread.php?t=4998303


Opened them last year when they came out ,been working great since then . I tend to believe in what I read on the Banks T&Cs - not on what I read on uninformed comment on here or on other blogs . Sorry I'm right - read TSBs T&Cs - Got 2 accounts myself - not speaking from hearsay but from personal experience .

rogparki

Opened them last year when they came out ,been working great since then . … Opened them last year when they came out ,been working great since then . I tend to believe in what I read on the Banks T&Cs - not on what I read on uninformed comment on here or on other blogs . Sorry I'm right - read TSBs T&Cs - Got 2 accounts myself - not speaking from hearsay but from personal experience .



From TSB site
Restrictions
You can have 1 Plus account in your sole name, and another Plus account in joint names

I have one at the moment myself, and another with nationwide + a halifax reward account. Might open a santander or club lloyds. hmm

joshp

I think you're wrong. When did you open them? I was informed that they … I think you're wrong. When did you open them? I was informed that they changed their terms. http://forums.moneysavingexpert.com/showthread.php?t=4998303


Think that blog you refer to is the Santander 123 account - Not the TSB accounts to which I refer .

joshp

I think you're wrong. When did you open them? I was informed that they … I think you're wrong. When did you open them? I was informed that they changed their terms. http://forums.moneysavingexpert.com/showthread.php?t=4998303


Just checked - According to T&cs its one sole and one joint now ,they apparently changed it in October . As long as they don't change mine I'm happy .

rogparki

Opened them last year when they came out ,been working great since then . … Opened them last year when they came out ,been working great since then . I tend to believe in what I read on the Banks T&Cs - not on what I read on uninformed comment on here or on other blogs . Sorry I'm right - read TSBs T&Cs - Got 2 accounts myself - not speaking from hearsay but from personal experience .



I thought you was wrong as I know I've looked before. So I am correct in that you can only have 1 single account, the 2nd needs to be joint with both Santander and TSB.

Original Poster

iand123

Is this a first 12 months of use deal?



No it's a lifetime deal!

kinnth

No it's a lifetime deal!

how longs a lifetime?

Comment

af191

how longs a lifetime?



Until your dead I suppose.

Anyone know if you can meet the £1500 monthly funding via standing order?

kinnth

No it's a lifetime deal!



Thanks, might be worth a closer look then

iand123

Thanks, might be worth a closer look then



Don't believe so, they can lower interest at any time.

Found out the Aa version free with my lloyds bank has an associated £80 call out fee per call out, that's more than annual membership, the bank like its traders are trying a fast one, better going with a Spanish bank santander

tj9at_jp

Anyone know if you can meet the £1500 monthly funding via standing order?



I would like to know this. Could bounce the money in and out and set up 2 direct debits and get 2% interest as well as the ClubLloyds benefits.

KongDonkey

I would like to know this. Could bounce the money in and out and set up 2 … I would like to know this. Could bounce the money in and out and set up 2 direct debits and get 2% interest as well as the ClubLloyds benefits.



​you don't have to do a standing order. just transfer the 1500 to another account before the month is over and then transfer it back during the next month.

akaa47

you don't have to do a standing order. just transfer the 1500 to another … you don't have to do a standing order. just transfer the 1500 to another account before the month is over and then transfer it back during the next month.



I don't have any other Lloyds accounts though. I think It would be easier to have a standing order from my other bank into Lloyds for £1500 then back to my bank via standing order for £1500 a few days later.
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