You could earn 0.60% AERAnnual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily. (0.60% grossCloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs. p.a.) variable credit interest on balances between £1 and £3,999.99, and 1.50% AERAnnual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily. (1.49% grossCloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs. p.a.) variable on any part of the balance from £4,000 up to and including £5,000. You won’t earn interest on any part of your balance over £5,000.
You just need to pay out two different Direct Debits from your Club Lloyds account each calendar month. Interest is variable, worked out daily and paid monthly.
For example, when you have £4,500 in your account, you could earn interest of 0.60% AERAnnual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily. (0.60% grossCloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs. p.a.) variable on the first £3,999.99 and 1.50% AERAnnual Equivalent RateThe Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and compounded each year. The AER allows you to compare different offers easily. (1.49% grossCloseGross rateGross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs. p.a.) variable on the rest.
Please note interest paid before 6th April 2016 will have been paid net (unless you registered the account with us to receive gross interest). Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (currently 20%).
From 6th April 2016 interest is paid Gross, meaning we will not deduct tax on your behalf. Dependant on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.
What do I have to do to earn the credit interest?
You need to pay at least two separate Direct Debits from your Club Lloyds current account each calendar month.
Please note, qualifying Direct Debits must come out monthly, quarterly Direct Debits are not eligible. Also Standing Orders do not qualify.
Can I earn credit interest on balances over £5,000?
No, credit interest is not payable on the amount of any balance over £5,000.
When is the credit interest paid?
If you earn the credit interest, it will be paid into your Club Lloyds current account by the second working day of the following calendar month.
If you do not earn the credit interest, you won't receive payment the following calendar month.
If I miss out on the credit interest one month, can I earn it the next month?
Yes, if in any month you miss out on the credit interest, you can still earn it in future months. Just make sure you pay out two separate Direct Debits in the next calendar month.
Do I have to pay out two separate Direct Debits each month?
No, there is no requirement on this account to pay out two separate Direct Debits each month. You only have to pay out two separate Direct Debits each month if you want to earn the credit interest on balances between £1 - £5,000.