Lloyds want you to ditch your free current account - and pay £60
Vantage account holders at Lloyds are being persuaded to get rid of their free current account and replace it with another current account which could charge up to £60 a year. WHAT A GREAT DEAL!
The ‘incentive’ is rather dubious, too –basically if you don’t quit your Vantage account and take the new ‘Club Lloyds’ account, you’ll have your interest rates cut to as low as 0.5% - or, if you have less than £1000, you won’t earn any interest at all.
But if you become a fully paid up member of Club Lloyds, you might find yourself getting charged. Because unless you have a minimum of £1,500 in your account, you'll incur a fee of £5 a month.
By calling it ‘Club Lloyd’s’ - as if it’s some kind of exclusive country club featuring smiling people with boat shoes and lemon yellow jumpers casually draped round their shoulders - Lloyds think that you will automatically want to take them up on their lousy deal. But if you earn less than £22500 a year, you’d be better off keeping your money in a jam jar at the bottom of your wardrobe.
But it’s OK – because it’s easy to switch to a host of better deals out there, some of which offer cash incentives to join, rather than charging you £60 just to stay...