Ah so it is, I was confused with insurance which I feel should be included in premier.
In 2023, when I had my salary paid into Barclays, it used to be deposited at 00:02am or something similar.
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The problem is Premier doesn’t actually cost anything if you have the income. I haven’t paid for it at all. If they started offering insurance too it would be a massive loss for them.
On another note, not sure if this is a common thing but £100 to open a savings account:
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Yeah, I was sent this offer in January.
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I don’t earn £5k a month to turnover 
No but I mean if you did they would be offering an entire packaged account, perk (cinema vouchers/Disney+/magazine) interest, reduced fees on some things and 1% cashback with free overseas spending for nothing!
I’m not the client for them, but even then I’m not sure there’s anything overly premier about it.
I guess if I could turn 5k then it’s possibly a nice account to have.
Oh there’s nothing premier about it but the amount needed in income.
To be fair I’ve just been utilising the cashback from overseas spending. If I combined Chase and Lloyds I’d be getting 1% on pretty much everything for no cost.
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Do you cycle the £5k each month?
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I shove £1,500 into Chase and back out yes. I haven’t had to use them for the cashback yet. Currently using my Amex to pay rent and travel to get my £15,000 annual spend for a voucher but then will use Chase when I might be close to £10 cashback with Lloyds.
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I meant for the Lloyds premier unless you pay the fee and it’s only ~£5 once you get all the cashback?
I mean…Lloyd’s Premier costs money if you’re not parking money with Lloyds or depositing actively.
I’ve moved the majority of my assets to Barclays and no longer deposit funds to Lloyds, so they are rightfully charging me now for holding a Premier account with them.
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What proposition does Barclays offer vs Lloyds?
You don’t have to park money. Just have £5,000 and that’s it. You could transfer back and forth and keep the balance £0 and you’d not pay. You’d get the benefits though.
I don’t pay the fee. I get up to £10 cashback. I get interest from my balance (for now, admittedly).
Not sure where the £5 comes from?
My earnings generally meet the criteria if I’m doing overtime but those months I don’t it would just be cycle in whatever needed from either the same income or just from another bank account.
Even if I earned £1,500 a month I could easily set it up to get to £5,000 over the month, if I wanted it to.
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You’re hand waving over this. You are still depositing to Lloyds, then transferring out. I know that’s a loophole some people do, but I just can’t be bothered.
My point earlier was that Lloyds Premier isn’t fee free unless you’re depositing money, or you keep a large balance with them - neither of which I do since fully switching to Barclays.
If you either can’t fund the account nor want to transfer the money then the account isn’t for you at all though.
If you do anything then you won’t pay the fee. If you effectively have and use the account it’s free.
It’s the same as when I had an account that refunded the £3 fee if I paid in something like £1,000 a month. It was never charged and always effectively free as I actually used the account.
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For me it was trust, though the Avios perks are nice.
Lloyds broke my trust enough times locking my account erroneously that I didn’t feel comfortable with them holding a majority of my assets.
I also didn’t enjoy some of my CX experiences with the fraud and general support teams at Lloyds, so I went to Barclays. So far they’ve have been trouble free.
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I mean I’m certainly not defending any bank here. It’s irrelevant which bank it is; with a fee if you’re paying it then generally you shouldn’t have the account (unless it’s not optional) - be it Lloyds, Barclays or Virgin.
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I earn well beyond the requirements for Lloyds Premier, my comment is centred around the fact that I still have a Lloyds Premier account that I’m now paying out of pocket for while dormant and no funds move through the accounts. Once I use the rest of the ODEON vouchers I’ll drop the account fully as I don’t care to shuffle money around just to keep it active and fee free.
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Maybe we’ve crossed wires here but my point stemmed from Carl mentioning not getting insurance with a Premier account.
You can’t opt out of the fees for packaged accounts. My point was that if you use Lloyds Premier it was effectively free, so they wouldn’t be able to afford insurance etc as part of the account
That was all I was referring to with it being effectively free. Lloyd’s Silver or whatever it is called, can never be effectively free.
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