Review of Club Lloyds Current Account

Written by Karen Bryan

lloyds bankWith the end of the 12 months introductory 5% fixed rate of interest paid on my Nationwide Flex Direct Current Account looming, I started looking for account which would pay the highest rate of interest. It appears that many of the best rates are now paid on current accounts e.g. we earn 3% (variable) if our Santander 123 Current Account balance is between £3,000 to £20,000.

The Club Lloyds Current Account looked good. It pays 4% (variable) if your balance is between £4,000 – £5,000. I was also attracted by the 4% (fixed) rate paid on the Club Lloyds Monthly Saver. I’d have been happier if the rate of interest paid on the current account was also fixed for the first 12 months.

However, you need to pay in at least £1,500 a month and pay at least two direct debits every month. to avoid the £5 monthly account fee and to earn the interest. I thought I could recycle most of the £1,500 minimum monthly payment, transferring some of it into the monthly savings account.

The two direct debits were a bit tricky. I need to pay the household direct debits from the Santander 123 Current Account in order to earn cashback to cover the £2 monthly fee. We both need to pay at least two direct debits a month in order to earn the £5 monthly bonus on our Halifax Reward Current Accounts.

New account holders can select a from three Lifestyle Benefits.

  1. Free Gourmet Society Membership
  2. 6 free Vue cinema tickets
  3. A printed or digital subscription to a magazine

I wasn’t that keen on any of these perks, but decided to plump for the cinema tickets.

Things didn’t get off to a great start with my online application. As I was entering the internet banking username and password, my laptop displayed an untrusted connection message. When I tried to phone Lloyds to ascertain if the account had been opened, I was informed that the relevant department had closed at 5pm and I’d need to call back the following day between 9am – 5pm. Now I think that’s pretty bad.  Lloyds really should be offering assistance with opening new online account until at least 8pm on weekdays.

The next morning just after 9am I phoned Lloyds. They informed me that there had been a technical issue at their end and that my application had been abandoned. They offered to put me through to set up the Club current account by phone. After waiting for a few minutes on hold, I put down the phone and had another attempt at opening the account online. On this occasion the online application was successful.

I was able to see my Club Lloyds current account when I logged into internet banking, but couldn’t set up direct debits or payments. I had to wait a few days for a User ID to arrive by post to gain full access to my current account.

I opened a Club Lloyd Monthly Saver account, which showed up in my account list immediately.