How is daily interest calculated with Lloyds ?

NoOneReally

Hi,
I have a Lloyds Vantage account, and I try to maintain the £7000 to get the 4% Interest, now if I buy something at say £50 with my debit card then my balance is still £7000 but my available balance is £6950, do I still get interest calculated on the £7000 each day until the debit comes off in a few days, or is it calculated on the available balance of £6950 right away ?.

Thanks.

Mikeyorks

On the actual balance that remains in the account ...... i.e your £7k

naijapower

Mikeyorks wrote: »

On the actual balance that remains in the account ...... i.e your £7k

Yes thats correct. It is done on the actual balance that remains on the account

firsttimestudent

How about the thing LTSB heavily promoted a while ago, that any standing orders/BACS payments will continue to receive interest until it reaches its destination?

Say you have 5500 in your account, and you pay 2000 out, making you with only 3500. Do you earn the 4% or the 3% in this case, and do you continue to earn any interest on the 2000?