Lloyds Bank Insurance
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Club Lloyds Account
Club Lloyds Account. BEWARE. Beware, Lloyds Customers, that the Club Lloyds Account offers tiered (variable) interest, as I just discovered to my cost. The information printed on the monthly statement is not the same as on their website. Why bother reading a written monthly statement if it is inaccurate, misleading or ambiguous? For clarity, interest is paid at 1.5% on balances up to £4000. Interest of 3% is paid on balances up to £5000 BUT ONLY on the balance above £4000. No interest is paid on any balances above £5000. To be clear; NONE. Should you believe that, if your balance is higher that £4000, you will receive 3% on the entire balance at a 3% interest rate. YOU WON'T. Imho, this is grossly misleading. I will be reporting this (discrepancy) to the FCA. I am not annoyed about my lost interest. Clearly, the 3% is just an attention grabber; click bait, perhaps. As no-one holds more than £5000 in such an account. I did ! Not tomorrow though. Or is/was this just, what I believe, is a marketing led deliberate ambiguity to mislead the public ?