Lloyds Bank raises Club Lloyds monthly fee to £5

Lloyds Bank, which has around 27 million customers, is set to increase fees for its Club Lloyds account. Starting June 2, the monthly fee will change from £3 to £5. This increase could lead to an extra cost of £24 a year for customers who do not deposit £2,000 or more each month. The Club Lloyds account offers various lifestyle benefits, including a Disney+ subscription and cashback rewards. Customers can use it to manage direct debits and standing orders. The fee rise also affects Club Lloyds Silver and Platinum accounts, which have additional charges. In addition to the fee increase, Lloyds will introduce new perks. From April 14, all Club Lloyds customers can use their debit cards abroad without incurring foreign transaction fees. This benefit is expanding from Silver and Platinum accounts to all Club Lloyds customers. Lloyds will also raise the interest-free overdraft limit from £50 to £100 starting April 14. This means customers won’t pay interest on the first £100 they borrow. Other banks are also adjusting their services. Chase will cut its cashback offer on debit card spending from April 7, limiting eligible categories. Nationwide plans to reduce its fee for sending large amounts of money in the UK from £20 to £15 by May. Overall, these changes mean customers should review their banking options and ensure they understand new fees and services.