A customer asked Lloyds how the rules would apply for their account
Lloyds Bank has stepped in to clarify some key account restrictions that apply to customers accessing an everyday service. It’s worth familiarising yourself with the limits in place, as these can differ depending on your circumstances.
A customer raised a query via social media regarding their current account, asking: “Is it still £500 I can withdraw a day from my Classic account at an ATM?” The Classic account is a current account provided by Lloyds, designed for everyday banking requirements, with no monthly charge. The account offers cashback deals and allows customers to apply for an arranged overdraft if needed.
‘Limits can vary’
In response, Lloyds confirmed that the daily limit may actually be more favourable than the customer had assumed. The bank informed the customer: “For most of our current accounts, including Classic accounts, the daily ATM cash withdrawal limit is £800, although limits can vary depending on the account type and card held.”
Guidance on the Lloyds website for debit card holders states: “The amount you can withdraw at a cash machine is £800 per day if you hold a Lloyds Bank debit card.” However, a £500 limit may apply if you want to withdraw cash using your credit card.
Additional guidance from Lloyds outlines: “As cash transactions can incur more interest and fees than other transactions, credit card providers usually protect you by limiting the amount of cash you can withdraw. At Lloyds Bank, the daily cash machine limit is set at £500, but this may vary between credit card providers.”
If you’re considering changing banks, now is an ideal opportunity to explore your options.
Bonus payments
A number of banks are currently dangling one-off cash incentives to try and entice you into switching to them. Consumer expert Martin Lewis recently spoke about some of the leading accounts, urging people to seek out a better deal.
For instance, you can currently pocket £220 by moving over to HSBC, or receive a £200 payment for switching to First Direct, NatWest or Barclays. Santander is also offering a £180 switching bonus.
It’s advisable to act promptly if you spot an incentive that appeals to you, as these offers can be pulled at short notice.
