It could be a good option for savers who want to benefit from enhanced savings rates
Lloyds Bank has set out particular payment criteria that customers must follow to be eligible for one of its current accounts. Account holders might wish to explore the Lloyds Premier Account, which provides perks including boosted savings rates and mortgage rate discounts.
Nevertheless, there are specific requirements you will need to fulfil with this account. To be eligible, you must pay in £5,000 or more each month, or hold £100,000 in qualifying savings or investments with the bank. These savings and investments could include pre-packaged investment options, share trading, or digital retail investments via Lloyds.
A potential customer contacted Lloyds through social media about the £5,000 deposit stipulation. They enquired whether they could simply move £1,000 between Lloyds Bank and another savings institution five times to meet the conditions.
Lloyds replied: “To qualify for the Lloyds Premier Account, you’ll need to either pay in £5,000 each month or hold £100,000 in eligible savings/investments with Lloyds. Transferring £1,000 back and forth won’t meet the funding requirement the £5,000 must be a genuine deposit.”, reports Lancs Live.
The account carries a £15 monthly fee, although this is waived each month you meet either the £5,000 deposit or £100,000 savings requirement.
What are the advantages of the Lloyds Premier Account?
Account holders can access an enhanced 0.2 percent rate with the one-year Online Fixed Bond, increasing the rate from 3.35 per cent to 3.55 per cent. Your premier account must have been active for a minimum of 40 days to secure the enhanced rate.
You can also benefit from the Club Lloyds savings accounts, such as the Monthly Saver which currently provides a 6.25 percent interest rate, permitting deposits up to £400 a month. Premier account holders are also entitled to a 0.2 percent discounted rate off the initial rate for a Lloyds mortgage.
If you are already a mortgage holder with Lloyds, you might be able to obtain this discount when transitioning to a new mortgage deal. Additional perks include access to 1 percent cashback on certain debit card payments, up to a maximum value of £10 per calendar month.
Account holders can also enjoy superior exchange rates when purchasing travel money through Lloyds.
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