Lloyds Bank has spoken out to clarify some general rules that apply to customers accessing a basic service. It’s worth reading up on the limits that apply, as they can vary depending on your situation.
A question came in over social media from a customer about their current account. They wanted to know: “Is it still £500 I can withdraw a day from my Classic account at an ATM?”
The Classic account is a current account offered by Lloyds, designed for your everday banking needs, with no fee to pay. You can get cashback offers through the account and can apply for an arranged overdraft should you need this.
‘Limits can vary’
Responding to the question, Lloyds said that the daily limit may actually be more generous that the customer thought. The bank told the customer: “For most of our current accounts, including Classic accounts, the daily ATM cash withdrawal limit is £800, although limits can vary depending on the account type and card held.”
Guidance on the Lloyds website for debit card holders explains: “The amount you can withdraw at a cash machine is £800 per day if you hold a Lloyds Bank debit card.”
However, there is a £500 limit that may apply, if you want to take out cash with your credit card. Separate guidance from Lloyds sets out: “As cash transactions can incur more interest and fees than other transactions, credit card providers usually protect you by limiting the amount of cash you can withdraw.
“At Lloyds Bank, the daily cash machine limit is set at £500, but this may vary between credit card providers.” If you are thinking of switching banks, now is a good time to shop around.
Bonus payments
Several banks are currently offering one-off payments if you will switch to them. Martin Lewis recently spoke about some of the top accounts and urged people to look around for a better deal.
For example, at present you can pocket £220 if you’ll move over to HSBC, or get a £200 payment for switching to either First Direct, NatWest or Barclays.
You could also get a £180 payment from Santander. It’s worth acting soon if you see a switch incentive you like, as these offers can be withdrawn at short notice.