Mentioned in Sunday Time Money section
Interest on deposits of up to £2500 is now 6% (previously 4%), but they say existing customers have to telephone to get the higher rate????
I just did that and they said I'd get the new rate. How are ordinary punters supposed to know??
Toom
They're not. This is the standard customer abuse perpetrated by all financial institutions to attract the rate tarts and punish the loyal customers.
Tiddy Ogg.
To be fair, I did phone Lloyds today to get the higher rate. When I asked them why, as an existing customer, I had not been notified they said this promotion only started yesterday and they are mailing their customers in the next few days.
Rob Graham
Don't you pay extra each month for this account?
IIRC, I originally had a Classic account, and I think this started to pay a reasonable rate of interest about 4-5 years ago. I then moved to a Platinum account to take advantage of some of the goodies on offer, but which charged me 15 per month. This is now 17 (to claw back some of the charges that the pathetic toe-rags who can't manage their accounts properly levered the banks to repay). So yes, I do pay monthly charges on this account but not, I think, because of the interest on the balance.
Does that answer your question?
Rob
But they do a free account - unless you're making shed loads of interest it can't possibly be worth you having the account.
No, my point is that I'm paying for extra benefits on the account, not for the interest rate. As I said in my post, I was getting the good interest on a free account (Classic account) but wanted the benefits of a Platinum account, so moved to that (at a cost of 17 per month). So I'm still getting good interest plus other benefits, for which I pay.
I mentioned this paying account because of the way you phrased your question, but perhaps I shouldn't have!
Rob
See the URL of the Sunday Times article I referred to:-
"The account is free and requires monthly funding of £1,000. There is a charge of £17 a month if you want cheaper overdraft rates and motor, travel and mobile-phone insurance."
Toom
What benefits do you get?
What are the benefits?
Rob
Rob
Many of those "benefits" are what you'd get with any Bank Account IMHO. The AA cover can be bought directly for £108 pa so I'd go for that instead.
We have a joint a/c so some of the benefits are doubled eg Joint AA, joint Travel Insurance, Joint Sentinal. However at 17/month it is probably barely worthwhile but the first year or so were free.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.