A MAJOR high street bank with 27million customers is making a big change to fees.
Lloyds Bank is rolling out a shake-up to its Club Lloyds package bank account from today, after The Sun exclusively revealed the changes.
Club Lloyds is a type of current account that provides extra benefits compared to their standard account.
It runs like a typical account, allowing direct debits, standing orders, and other standard banking operations.
However, it also offers a range of lifestyle benefits such as a Disney plus subscription, cashback rewards, and access to linked savings accounts with preferential interest rates.
But Lloyds is rolling out several perks for Club customers from today.
Club Lloyds customers will no longer pay foreign currency or cash withdrawal fees when using their debit cards abroad.
Lloyds Bank will increase the interest-free allowance on Club Lloyds arranged overdrafts from today.
These services are already available for Club Lloyds Silver and Club Lloyds Platinum current accounts.
An overdraft enables you to borrow money through your current account if you run out of cash.
Typically, there's a fee for going overdrawn, which increases the more you borrow.
However, some banks, including Lloyds, provide interest-free buffers, meaning no interest is charged until your borrowing exceeds a certain threshold.
Also, from today, Lloyds is raising this threshold, so you won’t be charged daily interest on the first £100 you borrow - up from the current £50 limit.
That's not all - there are more changes afoot for Club Lloyds customers.
Currently, they're charged a £3 monthly fee, but this is waived if you deposit £2,000 or more into the account.
By June 2, this will be hiked to £5 for users of the service.
That means customers could end up paying an extra £24 a year if they do not meet the £2,000 threshold.
This change will also affect customers with Club Lloyds Silver and Club Lloyds Platinum current accounts, as they are charged the standard Club Lloyds monthly fee in addition to their respective account fees of £11.50 per month for Silver and £22.50 per month for Platinum.
Lloyds is not the only lender to announce changes.
The Sun revealed Co-op banking customers were subject to a number of "minor tweaks" .
This includes getting money back if they have been the victim of fraud.
Co-op customers could also see their account shut down immdiealty if the bank thinks you are at risk of going bankrupt.
Elsewhere, The Sun has also revealed that HSBC is shakng up its mobile banking app for the first time since 2012.
Come May, Nationwide also plans to make some changes for its current account and FlexDirect users.
That includes lowering the fee for sending large amounts of money to someone in the UK through CHAPS.
CHAPS stands for Clearing House Automated Payment System and it is used by customers who need to send money between banks in the UK.
Nationwide currently charges customers £20 to send large amounts of money between UK bank accounts but it said from May it will lower this to £15.
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
6,000.000+downloads/Free/Bengali/Version2.3.4
777 BDT IPL 2025 Sports First Deposit Bonus
