Club Lloyds is a current account that gives you additional perks for a monthly fee – and this charge is rising from £3 to £5 a month from April 2
Lloyds Bank is hiking the monthly fee on its Club Lloyds package bank account from this June.
Club Lloyds is a current account that gives you additional perks for a monthly fee – for example, you can choose between a Disney+ subscription, six cinema tickets, a magazine subscription, or 25% off certain food and drink brands.
You also get access to exclusive savings accounts, including the Club Lloyds Monthly Saver which pays 6.25% gross/AER on up to £400 a month, and up to 15% cashback at selected retailers. The account currently comes with a monthly fee of £3 – but this is rising to £5 from June 2, so an extra £24 over a 12-month period.
The monthly fee is still waived if you pay in £2,000 or more each month. Club Lloyds Silver and Club Lloyds Platinum current account holders will also be affected by this update, as they are charged the Club Lloyds monthly fee in addition to their respective account fees of £11.50 a month for Silver and £22.50 a month for Platinum.
But in some good news, Lloyds is removing debit card foreign currency fees from April 14. From the same date, the interest-free allowance on Club Lloyds arranged overdrafts will increase to £100. This is up from the current limit of £50.
A Lloyds spokesperson said: “Our Club Lloyds range offers our customers lifestyle benefits including Disney+, cinema tickets, and magazine subscriptions, and access to market leading mortgage and savings rates. From April 14, customers will be able to spend on debit card abroad without any fees. Almost 90% of our customers get these benefits for free each month.”
It comes after Lloyds, Halifax and Bank of Scotland customers were hit with new overdraft charges from last month. The banking group previously had three overdraft rates, with the cheapest being 27.5% and this was available to some Club Lloyd members.
The other rates that were available were 39.9% – this was the standard rate that the majority of customers were on – and 49.9%. Under the new system, the 39.9% remains in place and continues to be the rate most customers are on, and there is also still be a higher rate of 49.9%.
But the banking group has also introduced new rates of 19.9% and 29.9%. It means someone who was on the cheapest rate of 27.5% as a Club Lloyds member, could have now been moved to the highest rate of 49.9% – but some customers have also seen their rate go down to the 19.9% rate.
