Upgrade current account from basic account

vodkaqueen75

we have 2 accounts with lloyds one my husbands wages get paid into and one for tax credit and child benefit money, unfortunatly with them going into seperate accounts we dont pay in £1000 a month

Thanks anyways

jonesMUFCforever

fayraz wrote:

Just wants to convert her Cardcash account into a Current account.

Well is it a current account or a student current account?

Poppy9

vodkaqueen75 wrote:

we have 2 accounts with lloyds one my husbands wages get paid into and one for tax credit and child benefit money, unfortunatly with them going into seperate accounts we dont pay in £1000 a month

Thanks anyways

Easy to get around. With internet banking you can move money instantly from one account to the other. Therefore move your tax credits to oh wages account for 1 minute then move all of it back to your tax credit account for 1 minute then transfer just oh wages back to his account. Technically you've paid in £1000 per month to each account.

I used to do this a few years ago with Halifax who had the £1000 rule for interest. I transferred in an extra £50 from my savings account and then transferred it straight back out. A member of staff from Halifax told me to do it.

vodkaqueen75

oh wow, i am going to do that then!!!! cant believe (well can actually ) that i didnt think of that!

my brain is doing overtime now lol!!

actually we get paid weekly so how would i do it,

heres what we get

weekly: hubs wages 180.00 (crap i know but he has csa taken direct from wages)
into account 1

weekly: tax credits 104.00
monthly: child benefit 159.00
into account 2

please can you advice how to get the 1000+ into one account does it have to show weekly or monthly? sorry to sound stupid but i am a person who needs something explaining a few times before it actually sinks in lol

many thanks

Poppy9

It doesn't matter how often you do it so long as within 1 month there has been a credit of £1000. Therefore in theory you could transfer the same amount of money in numerous times on one day. It only works if you have two accounts with the same bank though as it takes days to transfer money between banks. If necessary open a savings account with the same bank that only needs min. of £1 in.

I'll try and give an example.

Account 1 Lloyds total wages/benefit paid in by week 4 of month £700
Account 2 Lloyds total wages/benefit paid in by week 4 of month £570

transfers (assuming you are spending all weekly wages):
9am on week 4 pay day transfer £180 to account 2.
9.01am transfer back £180 to account 1.
9.02am transfer back £180 to account 2
9.03am transfer back £180 to account 1

Account 1 has now had total credits in the month £1060

Account 2 has only had £940 so transfer £60 between accounts.

Should take less than 5 mins to do once a month. You may only get a few quid interest a year but look after the pennies and the pounds will look after themselves.