About to apply for a Lloyds TSB Current Account

capehorn

I have the application form for a Lloyds TSB Current Account (regular, not plus), because in a couple of months I plan to apply for their 8% regular saver. It says:

"You must deposit £500 per month into your account. If you fail to deposit the required amount per month into your account, the Bank reserve the right to convert the account into a standard cheque account".

I only work part time, earning around £350 per month. According to their website, there is no minimum requirement. I've also read many posts on this great site of people saying they maintain one of these accounts and rarely fund it.

Does anyone think that there is a serious chance that they will convert my account if I don't pay enough in? I do plan on using it as my main current account. Answers would really be appreciated because my savings plan for the next 2 1/2 years depends on this.

Thanks

jonesMUFCforever

No. If that is the total amount of your income you may not get offered a classic account but a cash account. You really don't want one of those so I would say find a way of bumping up your wages on the application to the £500 level. Saying that you wil pay in £500 and doing are two different things.
This will not affect your credit score with the bank as it will be based on the actual amounts going in and the amounts going out.

capehorn

Sorry, the thread title was misleading.

I've already disclosed my income on the online application form I submitted a couple of weeks ago. I have received a letter telling me that my application has been accepted (they even offered me a £250 overdraft). The paperwork which they have sent me only requires me to sign it and return it. The reason I'm curious is because the paperwork is the only place it says I should pay in £500 a month. The website says "If you apply for a Classic account, you’ll get 0.10% AER interest on your balance. (you don't need to pay in a minimum each month and Internet banking is optional)"

Are you saying that if I manage to pay in £500 in some other way, finding the rest from another account then I will be OK, or do you mean that if I've been accepted it shouldn't matter? I'll have little problem bumping it up to the £500 mark by transferring money back and forth between other accounts (I have three so it will be hard to trace), I was just wondering whether I needed to go to the effort.

jonesMUFCforever

If you have been accepted then forget my posting it looks like you are ok.