Club Lloyds - Refused

[Jennykenny]

Applied to have a Club Lloyds account, in branch. Spent about an hour with the assistant, answering questions, showing ID, other bank statements, passport, utility bills, and then she made a longish phone call, more questions asked about where I lived previously to the nearly five years in present house, and then she refused my application and wouldn't give me a reason.
I have never been in debt, (been with Barclays for 39 years), no mortgage, pay off credit cards immediately. I am totally stumped.
About six months ago I asked Experian for a credit check, only because I had never done one, and was curious. As far as I can understand it, (and I have to say it looked complicated), there didn't seem to be any problems, do why was I refused. It's really upsetting me.

[hc4361]

Probably because you pay off your credit cards at the end of each month. There's no profit in it for Lloyds to give you a credit card.

Another possibility is that the total available credit on your other cards is quite a large sum. You could go mad one day and max out on the lot.

[Buenchico]

Banks (unsurprisingly) want to make money. They'll only give you an account that offers some freebies if the amount of money that they'll make from that account considerably exceeds what it costs them to provide those freebies.

So you either need to have a lot of money in your account (so that they can use it to generate profits for the bank) or indulge in a lot of chargeable activities (such as taking out overdrafts).

If you've only got a (relatively) small amount in the account and don't do anything that they can charge you for, you won't be offered any account which offers freebies.

[Jennykenny]

Hc, the assistant kind-of hinted at this, so maybe.

Buenchico, I was able to open an account with Santander with £20,000, but obviously Lloyds don't feel the same.
Am trying, without getting into stocks and shares to generate some money from current accounts, and lloyds was the last piece in the puzzle, moving money around to get the best interest rates.
Thank you both for your insight.
I'm just going to write it off as a bad experience and move on.

[ubasses]

From your sentence below, I am going to make an assumption in that you have been touring the Banks recently opening accounts to get best rates. The problem is that they all carry out a credit register search and too many searches from different organisations in a short space of time will go against you. Unfortunately the systems do not seem to differentiate between the reasons for opening accounts.

''Am trying, without getting into stocks and shares to generate some money from current accounts, and lloyds was the last piece in the puzzle, moving money around to get the best interest rates. ''

If my assumption is wrong, sorry, just ignore.

[Jennykenny]

Ubasses, you are absolutely correct. That is exactly what I was doing.
I was following Martin Lewis' advice in one of his recent columns, and it seemed to be working until I hit the barriers at Lloyds.
I was hoping to generate about £1,000 of interest in a year, but that's not going to happen now.
Nothing that I did was wrong in any sense, but obviously the banks look at it from a different point of view.

[samuel23]

I think you'll find that one of the criteria for opening this account is the minimum payment of £1,500 per month (usually in the form of a wage)into the account. More info here http://www.lloydsbank.com/current-accounts/club-lloyds.asp
Hope it helps.