Millions of Lloyds customers have HOURS before a major change to bank's fees – here's how to act

Scottish Sun

2 days ago

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MILLIONS of Lloyds customers will be hit in the pocket if they fail to take immediate action.
The banking giant is hiking fees for selected current account.
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Millions of Lloyds customers will see fees rise
Credit: Getty
Customers feeling the sting are those signed up to the Club Lloyds account.
The packaged account provides extra benefits including a Disney plus subscription, cashback rewards, and access to linked savings accounts with preferential interest rates.
In return, a membership fee is charged.
This currently stands at a monthly £3, but is waived when £2,000 or more is deposited into the account each month.
However, from today this fee is being hiked to £5 for users.
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.
These users are charged the standard Club Lloyds monthly fee, as well as respective account fees of £11.50 per month for Silver and £22.50 per month for Platinum.
But as part of wider changes Club Lloyd customers no longer pay foreign currency or cash withdrawal fees when using their debit cards abroad.
An overdraft enables you to borrow money through your current account if the balance hits zero.
These services were already available for Club Lloyds Silver and Club Lloyds Platinum current accounts.
The bank has also increased the interest-free allowance on Club Lloyds arranged overdrafts.
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What do Club Lloyds accounts offer?
Club Lloyds (£5 a month) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets
Exclusive savings and mortgage rates
Earn interest on current account balance
Get up to 15% cashback on debit card purchases in selected retailers
Club Lloyds Silver (£11.50 a month + £5) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets
Exclusive savings and mortgage rates
Earn interest on current account balance
Get up to 15% cashback on debit card purchases in selected retailers
European and UK family travel insurance
AA breakdown cover
Mobile phone insurance
Fee-free spending and cash withdrawals abroad
Club Lloyds Platinum (£22.50 a month + £3) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets
Exclusive savings and mortgage rates
Earn interest on current account balance
Get up to 15% cashback on debit card purchases in selected retailers
Worldwide family travel insurance
AA breakdown cover
Mobile phone insurance
Lloyds is not the only provider shaking up its offering.
The Co-operative Bank announced it would be increasing the monthly charge on its Everyday Extra package bank account in July.
Currently, customers pay a monthly fee of £15, totalling £180 a year.
But starting from July 1, this fee will increase to £18 a month—an extra £36 annually.
What to do if your perks are being being cut
If your bank account becomes more expensive or loses some of its perks, it's a good time to see if you could be better off with another provider.
Price comparison sites such as moneysavingexpert.com or moneyfactscompare.co.uk show the top accounts on the market.
But it's worth considering what is most important to your individual circumstances.
Some banks offer interest-free overdrafts, while others unlock top savings accounts.
You may get cashback and other money rewards or benefits such as cinema tickets or insurance.
When you find an account you want switching 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 it 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.