Lloyds Bank has clarified its account restrictions following a customer query about daily ATM withdrawal limits. The bank confirmed that for most current accounts, including the Classic account, the daily cash withdrawal limit at ATMs is £800, though limits can vary depending on the account type and card held.
Customer Query and Bank Response
A customer asked on social media: "Is it still £500 I can withdraw a day from my Classic account at an ATM?" The Classic account is a fee-free current account for everyday banking, offering cashback deals and optional arranged overdrafts. In response, Lloyds stated: "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."
Differences Between Debit and Credit Cards
Guidance on the Lloyds website for debit card holders says: "The amount you can withdraw at a cash machine is £800 per day if you hold a Lloyds Bank debit card." However, a £500 limit applies for credit card cash withdrawals. Lloyds adds: "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."
Switching Incentives from Other Banks
Many banks are offering cash incentives to encourage switching. Consumer expert Martin Lewis has urged people to seek better deals. Current offers include £220 from HSBC, £200 from First Direct, NatWest or Barclays, and £180 from Santander. These offers can be withdrawn at short notice, so prompt action is advised.
