Lloyds Bank has moved to clarify its account rules after a customer query sparked confusion over daily withdrawal limits. The bank confirmed that for most current accounts, including its Classic account, the daily ATM cash withdrawal limit is £800, not the £500 figure the customer had assumed.
Customer Question Prompts Clarification
A Lloyds customer took to social media to ask: "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 designed for everyday banking, offering cashback rewards and the option to apply for an arranged overdraft.
Responding to the query, 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." The bank's website further confirms that debit card holders can withdraw up to £800 per day at cash machines.
Credit Card Withdrawal Limit Remains £500
However, the £500 limit does apply to credit card cash withdrawals. Lloyds explains: "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."
Switch Incentives Available
With many banks offering switching bonuses, Lloyds customers may consider moving their account. Current offers include £220 from HSBC, £200 from First Direct, NatWest or Barclays, and £180 from Santander. Martin Lewis has urged consumers to shop around for better deals, noting these incentives can be withdrawn at short notice.
