Interesting new current account launching soon from Lloyds with additional benefits. Won't be for everyone (for many people TSB Plus will be better instead) but for people chasing rates, this will be another good one to get.
4% interest (tiered) up to £5,000
1% on £1-£1,999
2% on £2,000-£3,999
4% on £4,000-£5,000
0.2% discount on mortgage rate.
Access to a 4% regular saver.
Also included is one of three benefits each year;
- 6 Vue cinema tickets
- Annual Gourmet Society membership
- Annual magazine subscription (digital [iPad only] or printed)
You may change at around the anniversary of your account opening each year.
Once opened change your benefit within 30 days of account opening at https://www.clublloyds.com/ (currently 404 while they prepare for launch)
Hoops:
- Requires two direct debits paid out monthly to gain interest
- Requires £1,500 paid in to account each month otherwise £5/mo charge (don't forget that this is in total, so £500 sent backwards and forwards three times between this account over a matter of minutes will suffice; or £1 sent back and forwards 1,500 times).
That's not usually how tiered interest works. Usually it means that if there's between £4000-£5000 in the account, you'll get 4% (or 3.2% after tax) on the whole lot.
All comments (82)
Jonnyblock
28 Mar 14#1
Hot but santander 123 is probably better overall.
BustaLinx to Jonnyblock
28 Mar 141#3
Depends on how much you have in your account, but this is the better of the two accounts in pure interest terms up to just over £6,500. For larger amounts or cashback on direct debits it gets more complex, but there's no reason why you can't hold several different current accounts to make the most of each of them.
Allowing for 20% tax you're still looking at needing an ISA with a rate greater than 3.2% to beat this. Even the 5 year fixes don't offer that. And you'd be hard-pressed to find many ISAs beating even 2.4% (the 40% tax rate equivalent), though some people remain optimistic to see what the NISA rates will be.
deets
28 Mar 14#2
not tax free so compare to your isa etc etc etc
pantaiema to deets
29 Mar 14#16
At the moment there is not any ISA which pays 3.2% interest in the market
rowly73
28 Mar 14#4
Lloyd's and they are a bunch of cee you next tuesdays
oddballjamie
28 Mar 142#5
I have an old vantage account that gives me 4% interest without any conditions or charges if you don't pay your monthly income into it.
Everytime I'm in the branch they try to get me to change accounts to a newer one. No thanks Lloyds.
dankuvermach to oddballjamie
29 Mar 141#10
Just like our ISP
We have a 1 month contract, they keep trying to manipulate us into an 18 month contract, claiming it will be 'cheaper' or that our router is 'broken'
Keep it up
kar999 to oddballjamie
29 Mar 14#11
I thought the 4% vantage offer only lasted a year and went back to 3% last October. It did on mine.
chefjeegar to oddballjamie
29 Mar 14#30
I opened 3 ac's last year and int. is 3% how do i make it go to 4%? Am still able to switch to this 4%
mutley1
28 Mar 14#6
sounds good, may look into it as i have a halifax reward current account that i could ditch.
deets
28 Mar 14#7
nope just pointing it out, especially for 40% folk :smiley:
dmiller280867
28 Mar 14#8
Heard the Vantage is going soon so Club Lloyds will be better. Also will get discount on mortgage rate.
kar999
29 Mar 14#9
Vantage rates will be cut from 3% to 1.5% from July so I'll need to do something with mine and the missus' 7 accounts!
Opening post
4% interest (tiered) up to £5,000
1% on £1-£1,999
2% on £2,000-£3,999
4% on £4,000-£5,000
0.2% discount on mortgage rate.
Access to a 4% regular saver.
Also included is one of three benefits each year;
- 6 Vue cinema tickets
- Annual Gourmet Society membership
- Annual magazine subscription (digital [iPad only] or printed)
You may change at around the anniversary of your account opening each year.
The account will be available from http://www.lloydsbank.com/club-lloyds (when it launches) or in branches.
Once opened change your benefit within 30 days of account opening at https://www.clublloyds.com/ (currently 404 while they prepare for launch)
Hoops:
- Requires two direct debits paid out monthly to gain interest
- Requires £1,500 paid in to account each month otherwise £5/mo charge (don't forget that this is in total, so £500 sent backwards and forwards three times between this account over a matter of minutes will suffice; or £1 sent back and forwards 1,500 times).
Further info TBA
Top comments
https://apply.lloydsbank.co.uk/personal/a/apply_current_account/clubaccountLTB
All comments (82)
Allowing for 20% tax you're still looking at needing an ISA with a rate greater than 3.2% to beat this. Even the 5 year fixes don't offer that. And you'd be hard-pressed to find many ISAs beating even 2.4% (the 40% tax rate equivalent), though some people remain optimistic to see what the NISA rates will be.
Everytime I'm in the branch they try to get me to change accounts to a newer one. No thanks Lloyds.
We have a 1 month contract, they keep trying to manipulate us into an 18 month contract, claiming it will be 'cheaper' or that our router is 'broken'
Keep it up