Does LTSB still do "interest until payment received"?

firsttimestudent

Hello,

I remember a few years ago, LTSB was hugely advertising their "continue to earn interest until your payment reaches the destination".

I wonder does it still apply now, and is there a upper limit to the BACS or Standing Orders that will continue to earn interest, i.e. is it £1000 or unlimited?

Thanks!

Milarky

I looked for you - but I couldn't find the previous page that summarised the features of their current account (which included paying interest on cheques paid in AND that interest would continue to be paid until the payment had reached its destination)

I am not aware that they have changed either of these however.

noah271007

firsttimestudent wrote: »

Hello,

I remember a few years ago, LTSB was hugely advertising their "continue to earn interest until your payment reaches the destination".

I wonder does it still apply now, and is there a upper limit to the BACS or Standing Orders that will continue to earn interest, i.e. is it £1000 or unlimited?

Thanks!

Lloyds TSB at present are still doing 'Instant Cheque Value' worth up to £1,000 to be earning interest when paying in straight away into the account.

If the cheque is worth more than £1,000 in a day, then it starts earning interest after 2nd working day.

For example,
A cheque worth £3,000 payed into the account on Monday
First £1,000 is earning interest straight away.

The rest of the amount, £2,000 start earning interest on Wednesday - after 2nd working day.

I believe Lloyds TSB still credit interest value of payments for the time it takes the money to leave the account and get into another account - this includes standing orders.

Hope this helps.