Club Lloyds customers will no longer need to pay foreign currency fees when withdrawing their cash abroad.
The new perk, which takes effect today, means subscribers will no longer be charged a debit card fee when they make payments in a foreign currency, withdraw money from an ATM, or take out money over the counter abroad.
The Club Lloyds account fee starts at £3 a month, although this will increase to £5 a month from 2 June.
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Customers who deposit £2,000 or more into their accounts a month will have this fee waived and can enjoy the perks associated with a basic ‘Club Lloyds’ account without the extra cost.
The removal of foreign transaction fees will make banking with Lloyds a more attractive option for frequent travellers. By waiving foreign currency fees for some customers, Lloyds now joins many ‘challenger’ banks who have done the same, including Monzo, Starling, and Chase.
What is Club Lloyds?
Club Lloyds is one of an increasing number of packaged bank accounts that allow users to enjoy some premium perks alongside their banking.
Club Lloyds account holders will receive the aforementioned removal of foreign currency fees, but can also get a choice of a subscription to Disney Plus, discounted cinema tickets, magazine subscriptions, and more.
More significantly, they are also given access to preferential rates on savings accounts, with interest rates up to 6.25%, making it among the best savings accounts on the market right now.
However, as mentioned previously, the perks come at a cost. The basic package costs £3 a month, the silver package costs £11.50 a month, and the platinum package costs £22.50 a month.
